The transaction marks the first European LBO in 2023 and is the largest bond issue in the Nordic high-yield bond market to date.
CVC Capital Partners and Scan Global Logistics have successfully issued senior secured bonds of EUR 750 million. Pareto Securities acted as Sole Global Coordinator and Bookrunner in the transaction.
As announced on 6 February 2023, CVC has entered a SPA with the existing shareholders of Scan Global Logistics for the purpose of acquiring a majority stake in the company. Proceeds from the bond issue will, as such, be applied towards partly financing the acquisition.
The transaction saw strong demand from a broad base of international investors from more than 20 countries and more than 500 roadshow participants, ultimately resulting in an oversubscribed book.
This deal shows that the bond market is working perfectly well, despite being volatile. We always try to work long-term with investors and companies to prevent entering bad market conditions to optimize the outcome for our clients.
Markus Wirenhammar, Head of Investment Banking Sweden at Pareto Securities
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