The launch of a $5 billion chunk of First Data’s LBO financing on September 17 brought some sense of normality back to the loan market in mid-September – albeit a very different normality to that previously experienced.
The $26 billion buyout of First Data by Kohlberg Kravis Roberts had been stymied by the seizing up of the loan market in the summer, and was part of the massive deal overhang that has subsequently been such a headache for underwriting banks in this market.
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