This article appears courtesy of Institutional Investor
Source: Corporate Financing Week
Matthew Craft
The recent wave of large leveraged buyouts in Europe is putting strains on credit markets and prompting concern that participants may be planting the seeds of their downfall. Leverage for LBOs larger than €500 million ($605 million) has climbed to 5.9X EBITDA compared to 4.7X in the U.S, according to data from Standard & Poor’s.
“Europe is just going a little further out on the limb,” said a partner at a well-known buyout shop.
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