A collective sigh must have fallen across weathered European collateralized loan obligation (CLO) managers when news emerged about H.J. Heinz Co.’s decision to forgo selling a European portion of its $12 billion LBO financing in mid-March.

The financing to support the U.S. ketchup company’s $28 billion buyout by Warren Buffet’s Berkshire Hathaway and 3G Capital was originally slated to include $12 billion in mostly term debt, including up to $1.4 billion in euros and $600 million in sterling. Managers of the three European CLOs completed so far this year as well as those prepping offerings currently in the pipeline were likely eyeing the loan hungrily.

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