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LONDON, Sept 5 (IFR) - Hearing-aid maker Sivantos is expected to launch a high-yield bond of between €600m and €700m in the coming weeks, according to a source close to the deal.
The source said the deal would launch in late September at the earliest, but most likely in October.
The bond is part of the financing package backing Sivantos’ merger with Danish peer Widex, which is valued at over €7bn. It follows a loan deal, in which Sivantos issued seven-year term loans, raising US$1.2bn and €1.7bn at 375bp over Libor and 400bp over Euribor respectively.
Funds of Swedish private equity firm EQT, including co-investors, will own a majority of the merged group.
Deutsche Bank led the euro-denominated loan and JP Morgan led the US dollar tranche. (Reporting by Yoruk Bahceli; editing by Alex Chambers)