A EUR 7.8 billion buyout doesn't pay for itself. Advent and FedEx leaned on six banks to underwrite the debt in February, and now those banks are passing the risk along.
Bloomberg reported Thursday that Advent is preparing to sell up to $1.5 billion of the InPost buyout loan to other lenders. That's the syndication phase, where lead banks sell pieces of the loan to credit funds and smaller investors to free up their balance sheets.
Advent and FedEx agreed in February to take Polish parcel-locker company InPost private at a value of EUR 7.8 billion, roughly $9.3 billion. The offer came at a 50% premium to InPost's trading price and ranks as one of the biggest European take-privates of the cycle.
The financing package runs to about EUR 4.95 billion in committed debt, including euro and Polish zloty term loans, a secured bridge facility, and a multi-currency revolver. Up to $950 million of bonds could be layered on top.
About six banks led the underwriting, and selling down $1.5 billion of that exposure now frees up capacity for whatever buyout comes next.
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Loan syndications sit at the middle of every big buyout, where banks commit the cash upfront so the deal can close on time and then sell pieces of that loan to credit funds and other lenders to recycle their capital.
When syndications go smoothly, it tells investors that lenders still have appetite for leveraged deals. When they stall or get repriced, it tends to be an early warning for the rest of private equity.
The InPost loan is one of the largest European take-private financings this year, so how cleanly $1.5 billion finds new buyers will say a lot about the state of leveraged credit.
Closing on the buyout still needs approval from 80% of InPost shareholders, with about 48% of equity already committed. The transaction is targeted to close in the second half of 2026.
The next signal is pricing. If Advent's banks clear the $1.5 billion at tight spreads, the leveraged loan market is open for business, and if they need to widen, it's a different story.
A smooth syndication keeps the InPost machine on track.
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