由Gowri Gurumurthy撰写：知情人士称，银行已启动一项相当于47亿欧元（53亿美元）的杠杆贷款交易，以支持贝恩资本（Bain Capital LP）收购大众汽车集团旗下重型柴油机业务的控股权。
Banks have kicked off a €4.7 billion-equivalent ($5.3 billion) leveraged-loan deal for Bain Capital LP’s acquisition of a controlling stake in Volkswagen AG’s heavy diesel-engine unit.
知情人士透露，此次融资包括总计23.5亿欧元的欧元和美元双币种贷款。由于未获授权公开谈论此事，该人士要求匿名。初步价格洽谈显示，其利润率分别比各自基准利率高出3.5个百分点和3.75个百分点，按面值的99.5%发行。
The financing involves €2.35 billion loans in both euros and dollars, according to a person familiar with the matter. Initial price talk is margins 3.5 and 3.75 percentage points above respective benchmarks, offered at 99.5% of face value, the person added, asking not to be identified because they’re not authorized to speak publicly.
彭博社汇编的数据显示，在全球借贷成本不断上升的背景下，此次发行进一步加剧了近期涌入市场的杠杆收购融资热潮。按美元金额计算，9月份美国发行的杠杆贷款中有三分之一涉及收购或买断。周一还推出了10.5亿美元的贷款，以为收购Flow Control Holdings控股权提供资金。
The offering adds to a flurry of leveraged-buyout financings hitting the market recently, at a time when borrowing costs are rising globally. A third of September’s US leveraged-loan launches by dollar amount involved acquisitions or buyouts, according to data compiled by Bloomberg. Monday also saw a $1.05 billion loan launch to help fund the purchase of a controlling stake in Flow Control Holdings.
贝恩资本于6月同意收购Everllence 51%的股份，这笔交易预计将为大众汽车带来约74亿欧元的收益。今年，由于私募股权公司寻求避开其长期青睐的软件行业的波动，它们对工业资产表现出了更大的兴趣。
Bain Capital agreed in June to buy a 51% stake in Everllence, a deal that is expected to generate proceeds of about €7.4 billion for Volkswagen. Private equity firms have shown increased appetite for industrials assets this year as they seek havens from volatility in their long-favored software sector.
与此同时，大众汽车的这一举措是这家德国汽车制造商重组努力的一部分，旨在提高盈利能力，以应对其最重要市场中国不断加深的经济低迷。
Volkswagen’s move, meanwhile, is part of the German automaker’s restructuring efforts to boost profitability amid a deepening downturn in China, its most important market.
穆迪评级（Moody's Ratings）给予该贷款产品B1的评级，比投资级低四个级距。穆迪在周一给客户的一份报告中表示，交易完成后，Everllence的杠杆率预计为收益指标的6.4倍，较高的融资成本“为运营表现不佳留出了有限的空间”。
Moody’s Ratings assigned the loan offering a B1 rating, or four steps below investment grade. Everllence’s leverage is seen at 6.4 times a measure of earnings after the transaction’s conclusion, with higher financing costs “providing limited headroom for operational underperformance,” Moody’s said in a Monday note to clients.
投资者须在10月13日之前对该交易进行认购，巴克莱银行和高盛集团是该交易的牵头簿记行之一。
Investors have until Oct. 13 to place orders on the transaction, which has Barclays Plc and Goldman Sachs Group Inc. among the physical bookrunners.