M&A Bankers Saying No to More Junk

Banks collected a record $5.4 billion in fees from buyout loans in 2015, according to consultancy Freeman & Co. Banks still have tens of billions of dollars of debt to sell for announced takeovers, such as Western Digital Corp.'s $19 billion purchase of SanDisk Corp. and Dell Inc.'s $6...

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Bibliographic Details
Published inDow Jones DBR High Yield
Main Authors By Matt Wirz; Liz Hoffman; Emily Glazer, By Matt Wirz, Hoffman, Liz, Glazer, Emily
Format Trade Publication Article
LanguageEnglish
Published New York Dow Jones & Company Inc 21.03.2016
Subjects
Acquisitions & mergers
Breweries
Debt financing
Investment bankers
Investments
Junk bonds
LBO
Leveraged buyouts
Loans
Prices
Profits
United States > US
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Summary:Banks collected a record $5.4 billion in fees from buyout loans in 2015, according to consultancy Freeman & Co. Banks still have tens of billions of dollars of debt to sell for announced takeovers, such as Western Digital Corp.'s $19 billion purchase of SanDisk Corp. and Dell Inc.'s $67 billion buyout of EMC Corp. In November, a group including Bank of America Corp., Morgan Stanley, UBS Group AG and Jefferies struggled to sell about $5 billion of loans and bonds they had guaranteed for Carlyle Group LP's $8 billion buyout of Symantec Corp.'s Veritas data-storage unit, according to people familiar with the matter.\n