LevFin

OCI expands refi bond issue to $1.4bn

LevFin

OCI expands refi bond issue to $1.4bn

Dutch chemicals company OCI is issuing almost $1.4bn of senior secured notes to repay outstanding debt, with a long term aim of simplifying its capital structure and deleveraging.

Other news

  • Acquisition target Low & Bonar asks for covenant holiday

    Acquisition target Low & Bonar asks for covenant holiday

    Low & Bonar has asked its lenders to waive covenant testing on its credit facility, as the UK polymers company battles through a tough trading period and tries to ensure its acquisition by a German rival goes ahead.

  • Mizuho picks up four HY bankers

    Mizuho picks up four HY bankers

    A clutch of traders and sales bankers are joining Mizuho International within fixed income, focusing on high yield, investment grade, securitization and SSA.

  • Capital Four unveils CLO debut with ESG slant

    Capital Four unveils CLO debut with ESG slant

    Danish sub-investment grade boutique Capital Four has unveiled its long-rumoured CLO debut, a €359m deal with ESG investment criteria, an increasingly popular approach in European CLO structures.

  • Deal-hungry EG Group unveils latest acquisition financing for Cumberland

    Deal-hungry EG Group unveils latest acquisition financing for Cumberland

    TDR Capital’s EG Group, formerly known as Euro Garages, started marketing high yield bonds in dollars and euros this week to part-fund its takeover of US peer Cumberland Farm, its largest acquisition during a two year spree that has left investors holding billions of the group’s debt. The Cumberland purchase has pushed EG’s bonds issued in May around five points lower.

  • Italy's Nexi switches to unsecured capital structure with €825m deal

    Italy's Nexi switches to unsecured capital structure with €825m deal

    Nexi, the Italian payments company, is marketing a dual-tranche refinancing bond, its first issue since it floated on the Milan Stock Exchange in April. With Advent, Bain Capital and Clessidra now mid-way through realising their investments, the company is changing its approach to the debt markets, switching to unsecured bonds and giving up callability.

  • Updated: Bharti Airtel tackles debt load with $750m hybrid deal

    Updated: Bharti Airtel tackles debt load with $750m hybrid deal

    Indian telecommunications company Bharti Airtel’s efforts this year to deleverage were capped with the issuance of a subordinated perpetual $750m bond on Tuesday. The deal, alongside further stake sales planned for the rest of 2019, puts the company on track for a more stable debt profile. Morgan Davis reports.

  • ‘Net short’ clause might fail, but win anyway

    ‘Net short’ clause might fail, but win anyway

    Clauses to stop investors who are ‘net short’ a particular credit influencing any restructuring or default are becoming more common, with buyout debt for Bain Capital’s Kantar spinout and Blackstone’s Merlin take-private including the new terms. These may not be watertight, but that doesn’t matter — the point is to make it awkward for investors taking this approach.

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  • ‘Net short’ clause might fail, but win anyway

    Clauses to stop investors who are ‘net short’ a particular credit influencing any restructuring or default are becoming more common, with buyout debt for Bain Capital’s Kantar spinout and Blackstone’s Merlin take-private including the new terms. These may not be watertight, but that doesn’t matter — the point is to make it awkward for investors taking this approach.

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
1 12,231.44 43 7.87%
2 11,436.15 73 7.36%
3 9,527.66 51 6.13%
4 9,316.08 48 6.00%
5 8,114.41 42 5.22%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
1 5,724.46 33 7.79%
2 5,359.18 41 7.30%
3 5,276.24 42 7.18%
4 4,998.98 31 6.81%
5 4,978.03 33 6.78%