The banks syndicating the financing backing a Clayton, Dubilier & Rice portfolio company have been forced to improve the terms on the loans, demonstrating a reversal of fortunes in the leveraged loans market.

A CD&R-led acquisition group, agreed to buy French engineering company Spie from PAI Partners in May. At €2.1bn, the leveraged buyout was the biggest leveraged buyout in France since the onset of the financial crisis.