Goldman Sachs offers Citrix debt at 14pc yield

A group of banks led by Goldman Sachs Group launched a £3.84bn deal to offload the riskiest chunk of financing from last year’s Citrix Systems buyout, according to people with knowledge of the matter. fter being saddled with the debt for months, the banks are offering the 6.5-year second-lien notes at a coupon of 9pc, said the people, who asked not to be named discussing a private transaction. The bonds are initially being marketed at a heavily discounted price of 78 cents, bringing the all-in yield to roughly 14pc, said the people. Goldman Sachs and others previously floated a yield of 13pc-14pc in February.

Representatives for Goldman Sachs, Citrix and buyout sponsors Vista Equity Partners and Elliott Investment Management didn’t respond to requests for comment on the initial pricing. This last major portion of the Citrix financing is considered the riskiest because investors won’t be given first priority should the company ever go bankrupt. It’s also the first subordinated debt offering to come to the high-yield market this year, according to data compiled by Bloomberg.

The current bond sale means banks are within striking distance of unhooking themselves from the biggest piece of remaining debt supporting Vista and Elliott’s acquisition of Citrix. It would also put a bow on the deal that was expected to net banks hefty fees but instead underscored the difficulty of offloading mistimed financing commitments. Lenders had originally provided £15bn of debt financing for the buyout, but only managed to sell £8.55bn of bonds and loans at rock-bottom prices before the transaction closed.

They have pared that amount over the past few months, including a £271.6m portion offloaded earlier this year.

Banks have been struggling to sell debt languishing in their books from high-profile deals such as the take-private of Twitter and the combination of NielsenIQ and GfK. 

aybl listed on couponmatrix.ukcycle-plan listed on couponmatrix.ukpaignton-zoo listed on couponmatrix.ukthe-jewellery-channel listed on couponmatrix.ukvitabright listed on couponmatrix.ukzavvi listed on couponmatrix.uk
aybl listed on couponmatrix.ukThe AYBL collection is packed with comfortable basics and bold splashes of colour to motivate your fitness journey. Whether you’re a runner, yogi or gym enthusiast, you can’t go wrong with stretchy AYBL leggings to move your body more freely or a premium-quality sports bra for your workouts. AYBL gym wear hits the sweet spot between quality and affordability, especially when you use an AYBL discount code from Groupon. Thanks to student discounts, AYBL Rewards and amazing sales, AYBL remains the best place to revive your activewear wardrobe on a budget.
cycle-plan listed on couponmatrix.ukKeep yourself covered whenever you’re on two wheels with Cycleplan, the comprehensive bike insurance provider. Whether you commute on an electric model or prefer to climb peaks on a meaty mountain bike, a Cycleplan discount code will help protect you and your bike whilst barely making a dent in your bank balance. Put concerns like theft, loss or accidents aside and protect yourself wherever you ride with Cycleplan. Check out our latest discount codes on site now. At Groupon, we understand that saving money is important to our customers. That's why we work hard to find the best deals and discounts on CyclePlan products and services. Whether you're looking for insurance for your bicycle or a new bike to ride, we've got you covered with our selection of CyclePlan promo codes. Check back often for the latest deals and discounts to help you bag a bargain on your next order. If you know a fellow cyclist who’s also looking for easy and affordable insurance, know that you can make their day whilst saving yourself a pretty penny by referring them to Cycleplan. Once you’ve sent a unique referral code via your account, the lucky individual will get 30% off their quote. Meanwhile, you’ll be treated to a £25 voucher at one of a dozen online stores – an amazing deal for something that takes two minutes!
paignton-zoo listed on couponmatrix.ukWith nearly one hundred years since it first opened its gates, Paignton Zoo has made a name for itself as one of the UK’s leading animal attractions, with fun for all the family all year round. There’s so much to discover, with over 2,500 animals across 80 acres of land, so pick up one of our Paignton Zoo vouchers and explore this awesome animal kingdom for less. From rubbing shoulders with giraffes to monkeying about with gorillas, there’s so much to see and do at Paignton Zoo!
the-jewellery-channel listed on couponmatrix.ukTune in to The Jewellery Channel’s online marketplace and live TV channel to indulge your inner magpie and stock up on baubles for prices that won’t bust your budget. Don’t forget to use a TJC discount code from us when you browse glittering rings, twinkling earrings and show-stopping necklaces to complement any look, and you could spoil yourself or that certain special someone while keeping your bank balance firmly in the black.
vitabright listed on couponmatrix.ukLive life to the fullest with VitaBright, the high-quality health supplement brand made in Britain. VitaBright makes supporting your health simple – whether you’re focusing on bones and teeth, brain and memory, energy, heart health or sleep and relaxation. VitaBright’s supplement selection includes B12, collagen, biotin, turmeric and hyaluronic acid, which are both affordable and packed with the most effective ingredients. You can use a VitaBright discount code from Groupon to save at one of the nation’s favourite supplement brands, and you’ll enjoy free delivery when you spend just £30 online.
zavvi listed on couponmatrix.ukFor those who reminisce the days of shopping on the high-street for CDs, DVDs and games - meet Zavvi. The online entertainment giant is the place to visit if you want a great price on all things entertainment. Think Zavvi PS4 items, Blu-Rays and much more for less when you pick up your Zavvi discount code from Groupon first! With the recent upsurge in vinyl, it’s a great store for bulking up vinyl collection, while if you're looking to improve your home audio setup, Zavvi can be of assistance too! From classic movie posters, graphic novels and Bluetooth speakers to Zavvi Steelbooks for those who are serious about their movie collection - checkout the home to all things marvellous at Zavvi!