投资者在杠杆贷款市场就支付公司 Moneris Solutions Corp. 的一笔债务交易争取到了一系列广泛的让步，该公司正在筹集 6.6 亿美元资金，以支持其被 Francisco Partners 收购。
Investors in the leveraged loan market have extracted a wide range of concessions on a debt deal for payments firm Moneris Solutions Corp., which is raising $660 million to support its acquisition by Francisco Partners.
据知情人士透露，此次收购——一项价值 20 亿加元（约 14 亿美元）的交易，收购方为加拿大皇家银行和蒙特利尔银行——的部分修订条款包含 Pluralsight 条款和 Xerox 条款，这些条款限制了借款人将有价值资产转移给债权人之外的能力。
Some revisions on the acquisition — a C$2 billion ($1.4 billion) purchase from Royal Bank of Canada and Bank of Montreal — include Pluralsight and Xerox clauses, which reduce the borrower’s ability to move valuable assets away from creditors, according to people familiar with the matter.
知情人士还表示，Moneris 还将举行季度电话会议，让投资者及时了解其业绩表现，并且公司同意对其向私募股权所有者支付股息的金额实施更严格的限制。这些人士因信息属私密而要求不具名。他们补充说，在投资者与公司及其承销商高盛集团就最新变动进行谈判后，该贷款预计将于今天下午定价，比原定截止日期推迟了三天。
Moneris will also hold quarterly calls to keep investors abreast of its performance, and the company is agreeing to tighter limits over how much it can pay its private equity owner in dividends, said the people, who asked not to named because the information is private. The loan is due to price this afternoon, three days past the original deadline, after investors negotiated with the company and its bankers at Goldman Sachs Group Inc. over the latest changes, they added.
知情人士称，这笔为期七年的贷款预计将以担保隔夜融资利率（SOFR）加 4.75 个百分点的价格发行，原始发行折扣为面值的 98 美分。Moneris 曾试图通过纳入与其杠杆率挂钩的定价阶梯下调条款来降低借贷成本，但在更新后的条款中该条款被移除。
The seven-year loan is expected to price at 4.75 percentage points over the Secured Overnight Financing Rate and an original issue discount of 98 cents on the dollar, the people said. Moneris had sought to lower its borrowing costs with the inclusion of pricing step-downs tied to its leverage levels, but this was removed in the updated terms.
该收购融资还包括一笔 2.5 亿美元等值的加元定期贷款，将以私募方式发行。
The acquisition financing also includes a $250 million-equivalent term loan in Canadian dollars that is being privately placed.
高盛集团（Goldman Sachs）的一位代表拒绝置评。Francisco Partners 和 Moneris 的代表未回复置评请求邮件。投资者正向高杠杆公司要求更大幅度的让步，这些公司正寻求为交易融资或债务再融资，因为对通胀的担忧以及人工智能繁荣的可持续性给经济前景蒙上阴影。据彭博汇编的数据，上个月至少有七家进入美国杠杆贷款市场的公司被迫改善条款才能完成交易，这是自 2025 年 10 月以来的最多纪录。
A representative for Goldman Sachs declined to comment. Representatives for Francisco Partners and Moneris did not respond to emails requesting a comment Investors are demanding greater concessions from highly leveraged companies seeking to fund deals or refinance debt, as concerns about inflation and the sustainability of the artificial intelligence boom cloud the economic outlook. At least seven firms tapping the US leveraged-loan market were forced to sweeten terms last month to get their deals past the finish line, the most since October 2025, according to data compiled by Bloomberg.
投资者还希望防范激进手段，例如债务管理操作，此类操作有时会导致资产被从债权人手中剥离，或债务持有人在重组发生时被降低偿还优先级。
Investors also want protection from aggressive tactics such as liability management exercises, which can sometimes result in assets being stripped away from creditors or debt holders being shuffled lower in repayment priorities if a restructuring takes place.
例如，Autokiniton US Holdings Inc. 本周改善了 10.5 亿美元融资的条款，以修改并延长其现有的 2028 年到期定期贷款。这家汽车零部件供应商将拟议的贷款延期缩短一年至 2030 年，提供了更大的折扣（发行价为面值的 97.5 美分），并加强了贷款人保护条款。
Autokiniton US Holdings Inc., for example, sweetened the terms on a $1.05 billion financing this week to amend and extend its existing 2028 term loan. The automotive-component supplier shortened the proposed loan extension by one year to 2030, it offered a bigger discount of 97.5 cents on the dollar and boosted lender protections.