There have been 14 leveraged buy-outs (LBOs) of $1 billion or larger in Europe so far this year and the total value of announced deals in the year to mid-November was up 15% on the the figure for the whole of 2001.
Banks are developing new ways of distributing the senior and subordinated debt needed to complete seemingly ever-larger deals in a credit-sensitive marketplace. In the process, they are also taking the pressure off their own balance sheets.
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