The Wall Street Journal: Citrix debt deal prices with large losses for banks

by | Sep 23, 2022 | Stock Market

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.
CTXS,
+0.06%
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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