Johnson Controls jumpstarts leveraged finance mart

The $10.2bn debt package backing the buyout of Johnson Controls’ Power Solutions unit by Brookfield and CDPQ will set the tone for leveraged capital markets in the first half of 2019. But despite high hopes for more investor-friendly deal terms after successful buy-side resistance on last week’s loans, the Power Solutions covenants package sees the pendulum swing back again, writes Owen Sanderson.