Stockholm-based Assemblin Caverion executed a massive €1.53 billion FRN refinancing, capitalizing on robust investor demand for floating-rate paper during the busiest European high yield session of the year.
Assemblin Caverion's upsized €1.53B FRN refinances a higher-cost €780M E+350 tranche at E+300, reducing interest costs and supporting a dividend to Triton.
Assemblin Caverion successfully priced a €1.53 billion floating-rate note, marking the largest euro-denominated FRN since 2017. The transaction, part of a record-breaking €4.53 billion market day, refinances existing debt at a lower margin of E+300 while facilitating a dividend payment to owner Triton.
The company upsized the deal to €1.53 billion to refinance a higher-cost €780 million FRN and provide a dividend to its private equity owner, Triton.