Loan primary in Europe is gradually filling up as two new LBOs from Intertek and Network Plus started syndication this week. Other jumbo deals – Everllence and InPost – are around the corner since both are actively premarketing new issues. Activity is picking up but is still at the beginning of the five-year high that was forecast to land on buysiders desk after summer break.

“All we hear from banks is how big the pipeline is, so we were expected to be bombarded by deals after Labour Day,” said one buysider. “Because the Iran war continues and rates are coming up, some opportunistic repricings were moved.”

Primary leveraged finance market activity was expected to be robust with an increased amount of new money issuance. Recent loan and bond selling in secondary also points to accounts freeing up cash to invest in new issuance, said the buysider.

“I expect the onslaught of new deals and market getting busier to fully start from next week,” he said.

 

Premarketing

Everllence might be the next in line to satiate buyside hunger for new issues. The Germany-based engine and turbine maker has started pre-sounding investors on a term loan offering, Debtwire reported earlier today (Friday).

The deal will back Bain Capital’s acquisition of a 51% stake in the company from Volkswagen. In late June, Bain Capital announced it is acquiring the stake for EUR 7.4bn, with Volkswagen retaining the remaining 49% stake in the firm.

The total debt package is roughly EUR 4.7bn in size and will include term loans issued in euros and US dollars, with pro forma net leverage marketed at 5.3x, according to one source familiar. Guarantee lines were also planned to be included in the debt package.

BNP Paribas and UBS were among the banks expected to participate in the underwriting.

Everllence had been marketed off around EUR 750m-EUR 780m in adjusted EBITDA in the Goldman Sachs- and JPMorgan-led process, as reported. The firm produces around EUR 4.9bn in revenue and has around 16,000 employees, according to the deal announcement.

InPost is also pre-marketing a debt package, including a euro-denominated leveraged loan and high yield bond, Debtwire reported earlier today.

The Polish parcel-locker company is being acquired by a consortium led by Advent and FedEx. The consortium has agreed on a recommended all-cash offer for all issued and outstanding InPost shares at an offer price of EUR 15.60 per share, which values the company at EUR 7.8bn, according to a release from FedEx. The offer period has been extended due to pending competition clearances from the European Commission and Vietnam and will end today (18 September), as reported.

Debt financing package is expected to include term facilities denominated in euros and Polish zloty, senior secured bridge facilities and a multi-currency revolving credit facility, the FedEx release states.

The debt package includes an approximately EUR 2.3bn TLB with 3.8x pro forma net leverage and banks involved in the deal include Barclays and JPMorgan, as reported. The total deal size for the debt financing could amount to about EUR 4.2bn.

 

In market

Intertek already joined the primary with a sizeable offering. The UK-based product testing, inspection and certification firm is marketing a triple-currency GBP 3.565bn-equivalent term loan B alongside a GBP 535m-equivalent delayed draw term loan B to be sold as pro-rata strip.

Alongside GBP 865m-equivalent from other secured debt and GBP 6.4bn in equity, proceeds will be used to finance the acquisition of Intertek by an EQT-led consortium.

The euro-denominated GBP 1.34bn-equivalent TLB is talked at Euribor+ 325bps and 99.75 OID. The US dollar-denominated GBP 2.015bn-equivalent is talked at SOFR+ 300bps and 99.5 OID. An Australian dollar GBP 210m-equivalent TLB will be separately placed.

Network Plus, a UK-based infrastructure services provider, entered the primary with confidence as it has already accelerated the commitments deadline on its GBP 435m-equivalent (c. EUR 507.5m) euro-denominated term loan B by a day to Monday (21 September) at 12pm UKT. The transaction has been pre-marketed, as Debtwire reported.

Price guidance is at Euribor+ 350bps-375bps and 99.5 OID.

Proceeds, alongside a GBP 70m TLB and GBP 70m delayed-draw term loan, both privately placed, will be used to finance the acquisition of Network Plus by Warburg Pincus from OMERS and shareholders, as well as for general corporate purposes, M&A and transaction-related fees and expenses.

A potentially trickier syndication waits for the euro-dollar EUR 2.8bn-equivalent first-lien term loan package backing the purchase of Peranel, Nestlé’s water and premium beverages business, by a 50:50 joint venture between Platinum Equity and Nestlé.

The deal comprises a EUR 1.2bn TLB, guided at Euribor+ 325bps-350bps, and EUR 1.6bn-equivalent US dollar TLB, talked at SOFR+ 300bps-325bps, with both tranches offered at a 99.5 OID.

A second buysider has declined the deal because of a lack of financial documentation and governance concerns about one of Nestlé Waters’ brands Perrier, which faced a major contamination and regulatory controversy in 2024.

Heavy rainfall near the Vergèze spring in southern France led to contamination in one of Perrier’s water sources. French health authorities reported the presence of fecal bacteria prompting the suspension of the affected well and the destruction of more than two million bottles as a precaution.

Investigations further discovered that Nestle had used treatments such as UV disinfection and activated carbon filtration on water marketed as natural mineral water. Under European and French regulations, manufacturers of natural mineral water are not permitted to use disinfection processes that alter its natural character.

Additionally, Nestlé Waters is to face a new trial over alleged illegal dumping near its bottled water plants in the Vosges region after an appeals court reinstated key scientific evidence excluded from the original proceedings, RFI reported earlier today. The company previously paid a EUR 2m fine following a settlement over illegal water drilling and unauthorised treatments for its mineral waters.

“I would not solely decline a deal on ESG. It is a good performing business but if they were hiding contamination it is a concern,” said the first buysider.

The deal is marketed at 4.7x total net leverage based on EUR 580m LTM June Adjusted EBITDA that includes EUR 76m of forward-looking savings, said the first buysider.

Pushback is also on the covenant package for the deal that does not include ticking fee, J-Crew, Chewy or Serta blocker, added the first buysider.

Sophos, a UK-based software company, made documentation changes to appeal more buysiders on its USD 1.66bn and EUR 350m term loan B amendment and extension (A&E). More palatable changes included reducing incremental debt provisions, restricted payments and investment capacity, tightening of certain language for LME provisions and adding quarterly lender calls and NDAs for ongoing disclosures and reporting, said the issuer on the lender call during syndication.

The USD 1.66bn and EUR 350m term loan B are talked at SOFR+ 500bps-525bps and Euribor+ 500bps-525bps, with 97 OID for both tranches.

The deal also includes USD 300m junior PIK facility which was privately placed.

The Thoma Bravo-owned company was pre-marketing an A&E transaction, Debtwire reported at the start of of August.

The deal is marketed at the first lien and total net leverage of 3.5x and 4x, respectively, based on the LTM 1Q27 short-term cash EBITDA of USD 537m. Proceeds from the USD 300m junior PIK and USD 98m of cash from balance sheet will de-lever the first lien from 3.9x to 3.5x, with total net leverage unchanged at 4x.

RCF is proposed to be upsized to USD 220m and extended by two years to September 2029. This will give Sophos at least USD 426m liqduity, comprising of anticipated RCF capacity and USD 206m cash on balance sheet.

Thoma Bravo is not taking out any dividends and and the USD 2.4bn cash equity remains in the business.

Sophos generated USD 1.5bn of sales at LTM June. EBITDA for the same period was USD 537m. Total pro forma net leverage is 4.5x.

“They had slightly higher churn for a while but they have performed relatively well and performance is stable. They have good topline growth, stable margins and FCF generation is there,” said the second buysider.

Rehlko, a US-based energy resilience solutions provider formerly known as Kohler Energy, has set final price on its USD 1.059bn and EUR 350m term loan B repricing at SOFR+ 250bps and Euribor+ 300bps, both at par.

Final terms landed on the tight end of the initial talk at S+ 250bps-275bps and E+ 300bps.

Proceeds will be used to reprice its existing term loan B facilities of USD 1.159bn (minus USD 100m paydown) and EUR 350m, which were repriced in January this year at S+ 300bps and E+ 350bps.

 

In focus

Biogroup’s management colour on French laboratory pricing discussions seems better than expected as its credit story is solid. Management of the France-based medical diagnostics firm noted on the 2Q26 earnings call, held on 16 September, that pricing discussions between French labs and Caisse Nationale de l’Assurance Maladie (CNAM), the national health insurance fund, have begun, with CNAM suggesting a 1.7% net envelope effect middle-ground scenario.

Biogroup reported 2Q26 EBITDA increasing 15.5% year-on-year (YoY) to EUR 119m, with 2Q26 revenue up 5.2% YoY at EUR 421m. Net senior secured and net total leverage stood at 5.4x and 5.5x, respectively, based on LTM 2Q26 leverageable EBITDA of EUR 504m, while it had a EUR 430m liquidity position, comprising EUR 250m of available cash and EUR 180m available under its EUR 280m capacity RCF.

The company’s EUR 1.4bn Euribor+ 450bps August 2031 term loan B tranches were indicated at 101.02-mid earlier today (18 September) on IHS Markit.

Amedes, a German/Belgian diagnostics group, has extended its EUR 135m revolving credit facility to July 2028, bringing the maturity closer to that of its EUR 820m November 2028 term loan B. The gap is now sufficiently narrow to allow the company to begin discussions on a broader refinancing of both facilities during 2027.

Although the refinancing timetable has become less pressing following the RCF extension, investors are likely to remain focused on the potential reimbursement impact of the German regulatory reform of the Gebührenordnung für Ärzte and Amedes’ ability to improve earnings.

The company’s LTM sales and cash EBITDA have shown improvement. Revenue for 1H26 rose 5.4% to EUR 338m, and EBITDA was around EUR 70m on an adjusted basis and closer to EUR 60m on a non-adjusted basis, up 29% YoY. Its LTM June 2026 revenue reached around EUR 660m and LTM EBITDA on an adjusted basis was circa EUR 129m, with the margin for the period at 19.7%. Leverage is seen at around 7x–7.5x, but depending on one’s view of the EBITDA, leverage could be closer to 10x.

Amedes’ EUR 820m E+ 375bps TLB was today quoted at 91.15-mid on IHS Markit, and its EUR 135m RCF was indicated at around 88-mid.

Danish building materials company Stark Group and its lenders have teed up advisers in anticipation of forthcoming debt talks. Stark is working with longstanding legal advisor Freshfields in connection with the expected debt talks. Certain term loan lenders are working with law firm Milbank, and if and when a lender group is formalised, the group is expected to mandate the firm.

Stark’s capital structure includes a EUR 1.345bn E+ 350bps TLB and a EUR 450m E+ 500bps TLB, both due May 2028. It also has a EUR 371m RCF due November 2027, as well as EUR 886m in lease liabilities.

The EUR 1.345bn TLB was indicated at 87.25-mid earlier today on IHS Markit, and the EUR 450m loan was quoted at 88.21-mid.

 

Loans Snapshot

The leveraged loan pipeline features four deals in general syndication totalling EUR 3.62bn in institutional volume. There was EUR 103.8bn worth of estimated debt financing based upon 223 early-stage auctions situations in the M&A Calendar as of 14 August.

To access the Debtwire Europe Large-Cap Origination Pipeline, please click here.

 

Early Stages

Buyout firm Luxempart and other shareholders of French facilities services group Evariste are studying growth options for the company, including a potential sale. M&A boutique Bucephale Finance has been mandated to guide this process. Luxempart, which has been invested in Evariste for almost five years, has already distributed information memoranda (IMs) to prospective suitors should it decide to go ahead with a sale. Evariste is being marketed off an EBITDA of EUR 100m-plus.

IK Partners is close to launching the sale of Finland-headquartered industrial machinery rental business Renta Group. Information memoranda (IMs) are expected in the coming days, and sale teasers have already been circulated. Sellside advisor JP Morgan had arranged fireside chats last month. Renta has a run rate 2026 EBITDA of EUR 260m. It could be valued at an EV/EBITDA multiple of 6.5x to 7x. Renta is likely to attract interest from large sponsors that are comfortable with asset-heavy companies, with Cinven, CVC, Nordic Capital, and Triton fitting this profile. Industrial buyers who may find Renta a good fit could include France-based Kiloutou and US-based United Rentals.

 

In Syndication

Name	Sponsor(s)	Country	Issuer Rating (S&P/M/F)	Purpose	Inst €m	Pricing	OID	Bookrunner	Bank Meeting	Commitments
Sophos	Thoma Bravo	UK	B-/B3/B	A&E	350	E+ 500bps-525bps	97	GS	10-Sep-26	22-Sep-26
Peranel	Platinum Equity, Nestle	France	B+/B1/-	LBO	1,200	E+ 325bps-350bps	99.5	DB	9-Sep-26	22-Sep-26
Network Plus	Warburg Pincus	UK	B/B2/B+	LBO	508	E+ 350bps-375bps	99.5	ING, Santander	14-Sep-26	21-Sep-26
Intertek	EQT	UK	BB-/B1/B+	LBO	1,563	E+ 325bps	99.75	Barclays, CA, DB, MS	17-Sep-26	29-Sep-26

Allocated

Name	Sponsor(s)	Country	Issuer Rating (S&P/M/F)	Purpose	Inst €m	Pricing	OID	Bookrunner	Close Date
Rehklo	Platinum Equity	USA	B/B1/-	Repricing	350	E+ 300bps	100	BofA	17-Sep-26

 

Weekly leveraged loan issuance

 

Term loan B weighted average margin

 

Flex activity

Debtwire Europe composite of most liquid loans

Debtwire composite	This week	vs. 1 Month	vs. 3 Months	vs. 6 Months
	96.85	-0.52%	-0.85%	0.38%