(Bloomberg) -- German eye-care firm Veonet Group has shelved a 795 million euro ($891 million) leveraged-loan sale due to market volatility in the wake of Russia's invasion of Ukraine, according to people with knowledge of the matter.
The transaction, which was due to fund the acquisition of the business by Ontario Teachers' Pension Plan Board and PAI Partners, was withdrawn as key gauges of credit-risk initially flared following the attack. Protein shake maker BellRing Brands Inc. also shelved a junk-bond offering that it had started marketing earlier this week.
Read more: Bond Sales Freeze, Prices Drop After Russia Attacks Ukraine
Representatives for UBS Group AG, the lead manager of the loan offering, Veonet and Ontario Teachers' didn't immediately respond to requests for comment. A representative for PAI declined to comment.
| More on Veonet Loan: |
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* EU795m-equivalent (EUR/GBP split TBA) 7Y TLB * Price talk: E+450-475bps, 0%, 99.5 * Price talk: S+550-575bps, 0%, 99 |
Commitments on the Veonet loan, comprised of euro and sterling debt, were due Friday. U.S. leveraged loan prices fell by as much as a full point in secondary trading Thursday, according to other people familiar with the matter, while market participants say some high-yield debt sales could be on pause for the near future if the risk-off tone persists.
Veonet, formerly Ober Scharrer Group, provides ophthalmologic care and outpatient treatment for major causes of blindness and visual impairment.
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