(Updates with leveraged loan prices in third paragraph.)
June 22 (Bloomberg) -- Banks including Goldman Sachs Group Inc. are seeking buyers for a client selling about 300 million euros ($432 million) of leveraged loans such as Formula One Holdings Ltd., Eircom Group Ltd. and ProSiebenSat.1 Media AG, according to two people with knowledge of the trade.
Goldman Sachs, Barclays Capital, Royal Bank of Scotland Plc and Credit Suisse Group AG are inviting bids for senior and second-lien loans from 66 European companies, said the people, who couldn’t be identified because the auction is private. The deadline for bids is Friday at 2 p.m. London time.
Investors are shedding riskier assets on rising concern that Greece’s debt burden will further roil Europe and depress the global economy. Actively-traded credits in Standard & Poor’s Leveraged Commentary & Data composite for Europe fell 42 basis points last week to an average 99.25 percent of face value.
The debt is being sold in a so-called “bid wanted in competition,” or BWIC, process, whereby buyers submit auction- type bids and the highest above the reserve price wins.
Leveraged loans are typically those to buyout targets that have been saddled with debt by their private-equity firm owners. Included on the list are loans to Apax Partners LLP’s Trader Media Group and Gala Coral Group Ltd., the U.K. gaming company run by creditors led by Apollo Global Management LLC. Irish phone company Eircom plans to start talks with creditors this month to restructure 3.75 billion euros of debt.
Barclays Capital spokesman Jon Laycock declined to comment. Officials at Goldman Sachs, RBS and Credit Suisse didn’t immediately return calls and emails.
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