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随着埃科尼取消交易,欧洲垃圾市场又有一笔贷款被撤回Europe’s Junk Market Sees Another Loan Pulled as Iqony Axes Deal

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在更广泛的市场动荡中未能获得足够的投资者兴趣后,负责为欧洲能源基础设施和服务公司埃科尼(Iqony)营销一笔5.5亿欧元(约合6.16亿美元)贷款再融资的银行已取消了这笔交易。

Banks marketing a €550 million ($616 million) loan refinancing for European energy infrastructure and services company Iqony have pulled the deal after failing to garner enough investor interest amid wider market turmoil.

知情人士透露,这笔贷款由高盛集团和桑坦德银行牵头,已从银团贷款中撤回。因讨论的是一项保密交易,知情人士要求匿名。这是过去一周内欧洲杠杆金融市场第二笔被取消的交易,此前贷款机构放弃了出售旨在资助合伙人集团(Partners Group Holding AG)收购Aroma-Zone的贷款计划。

Goldman Sachs Group Inc. and Banco Santander SA led the loan, which was withdrawn from syndication, according to people familiar with the matter who asked not to be identified discussing a confidential transaction. It’s the second deal to be pulled from Europe’s leveraged finance market in the past week, after lenders scrapped plans to sell a loan intended to finance Partners Group Holding AG’s purchase of Aroma-Zone.

今年秋季,疲软的风险胃纳打击了欧洲垃圾债务市场,评级最高与最低的债务之间的利差达到了2009年以来的最高水平,因为投资者对人工智能颠覆、高利率和飙升的能源成本对该地区负债最重的企业借款人的影响感到焦虑。

Weak risk appetite has hurt Europe’s junk debt market this autumn, with spreads between the best- and worst-rated debt hitting their widest levels since 2009, as investors fret about the impact of artificial intelligence disruption, high interest rates and soaring energy costs on the region’s most indebted corporate borrowers.

知情人士补充说,埃科尼的所有者阿斯特里昂工业合伙公司(Asterion Industrial Partners)是一家知名度较低的保荐人,这一事实也可能妨碍了需求。

Demand may also have been hampered by the fact that Iqony’s owner, Asterion Industrial Partners, is a less well-known sponsor, the people added.

(注:此处原文Sponsor在金融语境下指私募股权机构/发起人)知情人士补充说,尽管这是一笔再融资,但这家总部位于德国埃森的公司的拟议贷款对投资者来说是一笔新交易,因为它旨在对来自银团的债务进行再融资。现有的债务将继续保留。

Despite being a refinancing, the proposed loan for the Essen, Germany-based company was a new deal for investors as it was meant to refinance debt from a club of banks. That existing debt will remain in place, the people added.

市场参与者表示,这笔交易是一次投机性的尝试,由银行在尽最大努力的基础上进行,这意味着它没有获得承销,也没有动用资产负债表。然而,一笔BB级评级的交易被取消实属罕见。

The deal was an opportunistic play, conducted by banks on a best-efforts basis, meaning it wasn’t underwritten and no balance sheet had been put to work. However, it’s unusual for a BB-rated deal to be pulled, markets participant said.

阿斯特里昂和埃科尼的发言人没有立即回应置评请求。高盛和桑坦德银行的代表拒绝置评。

Spokespeople for Asterion and Iqony didn’t immediately respond to requests for comment. Representatives of Goldman Sachs and Santander declined to comment.

这些银行于上个月启动了再融资,投资者的认购承诺本应于10月23日到期。西班牙基础设施投资机构阿斯特里昂于2023年收购了埃科尼。

The banks launched the refinancing last month and commitments from investors had been due on Oct. 23. Asterion, a Spanish infrastructure investor, bought Iqony in 2023.

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