Morpho's $2.1 billion loan financing from the blocks

A two billion euro ($2.14 billion) leveraged loan financing to back Advent International’s acquisition of French aerospace firm Safran's (SAF.PA) biometrics and security company Morpho has launched to earlybird traders, banking sources stated on Wednesday.

A meeting took place on November 15 to demonstrate the financing to banking institutions along with a decide on group of institutional traders, ahead of it launches to standard syndication on November 28, the sources explained.

It's a hugely anticipated deal for the leveraged loan market place, which has been deprived of event-driven financings. It is actually anticipated to draw major tickets from each banking institutions and funds seeking to invest in new paper, for any powerful business with interesting yields, the sources said.

The first-lien loan might be split in between euros and dollars, with all-around half to two-thirds denominated in euros, the sources explained.

Pricing is expected to get in line using the market place, at all-around 425bp over Libor/Euribor with a 1% floor.

Goldman Sachs is left lead around the dollar tranche and is also active bookrunner around the euro tranche alongside Morgan Stanley and Deutsche Financial institution. Other bookrunners are BNP Paribas, Citigroup, Credit Agricole, HSBC, Lloyds, JP Morgan, Natixis, Nomura, Societe Generale and UBS.

Together with the first-lien, there will probably be about €500m of subordinated paper. The pre-placed preferred equity piece is expected to get very similar to a shareholder loan, but presented by third celebration lenders.

Advent declined to comment.
Advent will combine Morpho with Oberthur Technologies, which it majority owns, to make a major firm in identification and safety, based mostly in France, with in excess of €2.8bn in income.
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