The leveraged buyout of Italian telecom operator Wind has broken a number of European capital markets records: not least it is the largest-ever European buyout deal. It has not been the easiest of refinancings; syndication of the €6 billion senior loan took a very long time over the summer, and in the autumn the arrangers were forced to pay up and restructure the second lien loan.
Adversity often spawns innovation and last month Wind became the basis for the first credit default swap on a non-investment grade name, aside from former fallen angels.
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