Cutting groups back/out of syndicated deals
I'm on the buyside and recently got cut out of a club deal.
Granted, our cheque size was the smallest, but we were also the first to go binding by a mile. The banker told us we had "guaranteed supply," and then 3 months later (after the full process had finished) we were told we got no fill as the deal was oversubscribed.
I totally get protecting the lead/group that gives the most cash but it's pretty unethical to cut someone out completely instead of reducing everyone pro rata.
I feel it was a real "F U" and unnecessary. Curious if anyone has any stories/insight.
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