A syndicate of banks who helped finance the Citrix Systems buyout to the tune of $15 billion have seen an oversubscription of interest among investors. The syndicate discounted the debt to around 92 cents on the dollar in response to rising interest rates. In response, investors have swarmed like bees to honey. It is not yet known whether the discount will be adjusted, or whether the syndicate will look to offload more of the debt than originally planned. Either way, it is a sign that investors still want the sugar rush of a sweet deal in leveraged finance.
