2022-10-05 00:33:02
Citrix debt deal prices with large losses for banks | Thepinkstocks | Stock Market Today | Stock Market Live News Update
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Wednesday, October 5, 2022

Citrix debt deal prices with large losses for banks

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Investment banks including Bank of America Corp., Credit Suisse Group AG and Goldman Sachs Group Inc. are on track to collectively lose more than $500 million on debt backing the largest U.S. leveraged buyout of the year after it was sold to investors at a steep discount.

The $4 billion in bonds backing the $16.5 billion take-private deal for Citrix Systems Inc.

were auctioned off Tuesday at a 16% discount, netting around $500 million in losses alone for underwriting banks, according to people familiar with the matter and pricing term sheets viewed by The Wall Street Journal.

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