Leveraged Loans - All Articles

  • Adira Dinamika opens for $200m

    Adira Dinamika Multi Finance launched its $200m facility to the market on Friday, February 28, pricing the deal at 175bp over dollar Libor — and managing to save 5bp over its previous loan.

    • 28 Feb 2014
  • Asian leveraged loans in brief, February 28, 2014

    Kreuz $275m LBO to close — Boiler Corp and Brightoil seek acquisition loans

    • 28 Feb 2014
  • Seek and you shall find enough: A$770m sealed

    Australian employment website Seek has sealed its loan of A$770m ($692.1m) after strong demand from lenders during syndication allowed it to increase the final deal size from the planned A$565m.

    • 28 Feb 2014
  • Oberthur to refinance €465m of loans early

    Oberthur Technologies, the French smart card maker, is seeking to take advantage of improved market conditions by refinancing €465m-equivalent of loans, only five months after raising the debt.

    • 28 Feb 2014
  • Leveraged loans - news in brief, February 28, 2014

    Stena cuts $100m - Accelya pays dividend - Cinven syndicates LBO loan

    • 28 Feb 2014
  • Indo Exim back for more: sends $400m RFP

    Indonesia Eximbank has issued a request for proposals for a $400m dual-tranche facility, with the possibility of increasing the final deal size to $600m.

    • 28 Feb 2014
  • Diaverum mandates banks, lead undecided

    Diaverum, the Swedish operator of dialysis clinics, has mandated five banks to arrange €708m of senior credit facilities, but has yet to pick a left lead.

    • 28 Feb 2014
  • BAML closes transatlantic deal, another coming

    Metaldyne, a US car parts maker, closed a $671m-equivalent transatlantic leveraged loan facility last week. Bank of America Merrill Lynch, which led it, was set to launch another large deal later this week, GlobalCapital has learned.

    • 28 Feb 2014
  • Adira Finance returns for yet another $200m

    Indonesian company Adira Dinamika Multi Finance has picked four banks to arrange a $200m three year loan, just three months after closing a similar sized facility.

    • 28 Feb 2014
  • Spain’s Grifols to launch jumbo $4.8bn refinancing

    Grifols, the Spanish pharmaceuticals company, is due to launch $4.8bn of senior loans on Friday, making it the second borrower so far this year to rely at least in part on institutional lenders for a jumbo facility, after Ziggo’s €3.7bn deal late last month.

    • 28 Feb 2014
  • Alternative funds look beyond UK

    Borrowers in Europe’s peripheral countries are likely to increase demand for alternative forms of lending, as small and medium-sized companies across the continent turn away from traditional bank debt, according to a new study by Deloitte.

    • 28 Feb 2014
  • Ceva sticks with dual currency for cov-lite

    The European market will have to wait. After talk that Ceva Santé Animale, the French maker of veterinary vaccines, would raise the first euro-only covenant-lite leveraged loan since the financial crisis, it has now emerged that the €700m transaction will also include a dollar tranche.

    • 28 Feb 2014
  • Thinning ranks in BAML’s Levfin biz as Murphy heads to Goldman

    Two bankers have left Bank of America Merrill Lynch’s leveraged finance team in New York to join rival banks. Neither has yet been replaced.

    • 28 Feb 2014
  • Oberthur to refinance €465m of loans after only five months

    Oberthur Technologies, the French smart card maker, is seeking to take advantage of improved market conditions by refinancing €465m-equivalent of loans, only five months after raising the debt.

    • 27 Feb 2014
  • Indo Exim back for more: sends $400m RFP

    Indonesia Eximbank has issued a request for proposals for a $400m dual-tranche facility, with the possibility of increasing the final deal size to $600m.

    • 27 Feb 2014
  • Nine banks underwrite PSA Peugeot Citroën loan

    PSA Peugeot Citroën is in syndication with a €2.7bn loan, underwritten by a group of nine banks.

    • 26 Feb 2014
  • CVC hires MD to grow European private debt business

    CVC Credit Partners has hired Neale Broadhead as managing director to develop its debt business in Europe.

    • 26 Feb 2014
  • Goldman Sachs hires global head of levfin origination

    AJ Murphy has joined Goldman Sachs to head its global leveraged finance origination team from New York.

    • 26 Feb 2014
  • BAML closes Metaldyne transatlantic loan, another coming

    Metaldyne, a US car parts maker, closed a $671m-equivalent transatlantic leveraged loan facility last week. Bank of America Merrill Lynch, which led it, is set to launch another large deal later on Wednesday.

    • 26 Feb 2014
  • PSA Peugeot Citroën seeks €2.7bn of loans

    PSA Peugeot Citroën is raising €2.7bn of syndicated loans to replace a €2.4bn credit line set up in July 2010 and originally due to mature in July 2014.

    • 26 Feb 2014
  • March of the blue chips amid perfect conditions

    Bond bankers love an orderly market, and this week's European corporate bond space has been the epitomy of that. Three large companies issued big European deals in the first two days of the week, with no sense of investor strain.

    • 26 Feb 2014
  • Banks developing Citic HK$5bn fundraising

    Banks are busy getting internal credit approvals to join Citic Pacific’s loan of HK$5bn ($644m) almost a month since the company invited around 10 lenders to form the top level group.

    • 26 Feb 2014
  • Loans business still strong in Turkey, poll shows

    Market participants remain confident in the state of the Turkish loan market in the face of economic and political turmoil, according to the latest EuroWeek poll.

    • 25 Feb 2014
  • Alternative investment funds look beyond the UK

    Borrowers in Europe’s peripheral countries are likely to increase demand for alternative forms of lending, as small and medium-sized companies across the continent turn away from traditional bank debt, according to a new study by Deloitte.

    • 25 Feb 2014
  • Cinven syndicates dollar loan for Medpace LBO

    Cinven is raising a syndicated loan to back its $915m takeover of a majority stake in Medpace, the US clinical research outsourcing firm.

    • 25 Feb 2014
  • Ceva sticks with dual currency model for cov-lite

    The European market will have to wait. After talk that Ceva Santé Animale, the French maker of veterinary vaccines, would raise the first euro-only covenant-lite leveraged loan since the financial crisis, it has now emerged that the €700m transaction will also include a dollar tranche.

    • 25 Feb 2014
  • Seek and you shall find A$770m

    Australian employment website Seek has increased its loan to around A$770m ($692.1m) from the planned A$565m, after seeing enough demand from lenders in syndication.

    • 25 Feb 2014
  • Companies line up for acquisition loans

    Asia Pacific Boiler Corp is seeking a $300m standby line of credit to fund its proposed acquisition of Million Place Investments. Separately, Brightoil Petroleum, which is acquiring Kerr-McGee China Petroleum, is also funding some of its acquisition via bank loans.

    • 25 Feb 2014
  • Kreuz $275m LBO loan to close soon

    Kreuz Holdings, a Singapore-listed subsea services provider to the offshore oil and gas industry, is close to wrapping up its $275m five year loan, which will help fund the buyback of its shares by holding company SEA9.

    • 25 Feb 2014
  • Chequers receives dividend payment from Accelya

    Paris-based private equity firm Chequers Capital is set to receive a dividend payment from its portfolio company the Accelya Group, after closing a $190m-equivalent loan.

    • 24 Feb 2014
  • Stena trims $100m off cov-lite loan, sweetens terms

    Swedish shipping company Stena has closed a covenant-lite refinancing loan, having reduced it by $100m to $650m.

    • 24 Feb 2014
  • Diaverum mandates five banks, left lead up for grabs

    Diaverum, the Swedish operator of dialysis clinics, has mandated five banks to arrange €708m of senior credit facilities, but has yet to pick a left lead.

    • 24 Feb 2014
  • Alliance wraps up $120m with eight

    Alliance International Development Corp has wrapped up syndication of its $120m five year financing, with allocations now being determined.

    • 24 Feb 2014
  • Banks ready to press play on Giant $850m loan

    Banks are making progress in obtaining credit approvals to underwrite online game developer Giant Interactive’s leveraged buyout loan of $850m, which was reduced from the original target of around $1bn.

    • 21 Feb 2014
  • Astra Sedaya replicates FIF tactic on $330m

    Astra Sedaya Finance has opened up its $330m three year loan to the general market, with the aim of getting at least $500m from lenders.

    • 21 Feb 2014
  • Solocal's deal reveals the complicated future of refinancing

    Solocal’s refinancing deal announced last week may be complicated, pressured and messy, but for many issuers across the capital markets whose business models — and not just their balance sheets — are under increasing pressure, it may be a sign of things to come.

    • 21 Feb 2014
  • Fosun mulls two for €500m acquisition loan

    Two banks are expected to arrange a €500m ($686.2m) bridge loan for Fosun International to part fund its acquisition of stakes in three insurance companies in Portugal.

    • 21 Feb 2014
  • Gaining sets sail for $200m seven year loan

    Shipping company Gaining Enterprise, part of Taiwan’s Evergreen Group, has launched a $200m seven year facility into syndication, raising funds to purchase new container ships.

    • 21 Feb 2014
  • Aramark to allocate $4.8bn jumbo loan

    Aramark, the US catering and facilities management group, is set to allocate $4.8bn-equivalent of loans, having received commitments from investors last week.

    • 21 Feb 2014
  • Five clubbing China Fishery $650m bridge refinancing

    China Fishery Group is in talks with a group of five banks for a $650m financing, as it looks to refinance a bridge loan maturing on February 26.

    • 21 Feb 2014
  • Seadrill increases loan to $1.8bn, prices at tight end

    Seadrill, the Oslo-listed offshore drilling company, has increased its term loan ‘B’ to $1.8bn and priced it at 300bp over Libor, the tight end of guidance.

    • 21 Feb 2014
  • Leveraged loans - news in brief, February 21, 2014

    Callcredit to launch in March - Sorgenia stops debt payment

    • 21 Feb 2014
  • Trust Inns refis with £130m unitranche from Macquarie

    UK pub company Trust Inns has obtained a £130m unitranche facility from Macquarie Lending to refinance debt.

    • 20 Feb 2014
  • Ceva to market €700m cov-lite loan in March

    Ceva Santé Animale, a French veterinary health business, is looking to sell €700m of term loans with a covenant lite structure in the second half of March.

    • 20 Feb 2014
  • PSA Peugeot Citroën seeks €2.7bn of loans after capital increase

    PSA Peugeot Citroën is raising €2.7bn of syndicated loans to replace a €2.4bn credit line set up in July 2010 and originally due to mature in July 2014.

    • 19 Feb 2014
  • Unibail brings green bond growth claims a step nearer

    Bankers’ predictions that issuance of themed green bonds will reach $20bn-$25bn this year, doubling the market’s outstanding size, began to bear fruit this week as Unibail-Rodamco, the French property company, announced its first green bond issue.

    • 19 Feb 2014
  • Banks ready to press play on Giant $850m loan

    Banks are making progress in obtaining credit approvals to underwrite online game developer Giant Interactive’s leveraged buyout loan of $850m, which was reduced from the original target of around $1bn.

    • 19 Feb 2014
  • Fosun mulls two for €500m acquisition loan

    Two banks are expected to arrange a €500m ($686.2m) bridge loan for Fosun International to help it partly fund its acquisition of stakes in three insurance companies in Portugal.

    • 19 Feb 2014
  • Five clubbing China Fishery $650m refi

    China Fishery Group is in talks with a group of five banks for a $650m loan, as it looks to refinance a bridge loan maturing on February 26.

    • 19 Feb 2014
  • Italy’s Sorgenia stops payment, seeks €600m debt cut

    Sorgenia, an electricity and gas company controlled by the Milan-listed holding company Compagnie Industriali Riunite (CIR), has suspended payment of over €60m due on its debt and entered talks with banks to reduce its credit facilities by €600m.

    • 18 Feb 2014
  • Seadrill increases drawn loan to $1.8bn, prices at tight end

    Seadrill, the Oslo-listed offshore drilling company, has increased its term loan ‘B’ to $1.8bn and priced it at 300bp over Libor, at the tight end of guidance.

    • 18 Feb 2014
  • Callcredit LBO loans to launch in March

    Callcredit, the UK’s consumer data and software provider, will launch a leveraged loan package next month to back its acquisition by Chicago based private equity firm GTCR.

    • 17 Feb 2014
  • Caterer Aramark to allocate $4.8bn multi-currency loan

    Aramark, the US catering and facilities management group, is due to allocate $4.8bn-equivalent of loans on Tuesday (February 18), having received commitments from investors last week.

    • 17 Feb 2014
  • Trader Media seeks £336m LBO loan

    The UK’s Trader Media Group is refinancing £336m of debt originally raised in 2011 as part of a broader plan to fund its acquisition by Apax Partners.

    • 17 Feb 2014
  • Astra Sedaya replicates FIF strategy on $330m loan

    Astra Sedaya Finance has opened up its $330m three year loan to the market, with the aim of hitting the target of at least $500m from lenders joining in general.

    • 17 Feb 2014
  • Diaverum’s €900m refi loan still in the works

    Diaverum, the Swedish dialysis clinic operator, is making slow progress on a planned €900m refinancing loan. The launch is not expected until at least March.

    • 14 Feb 2014
  • Eircom seeks extension on 'B' loan while leverage falls

    Eircom Group, the Irish telecom firm, has said that it wants to extend the maturity on a senior credit facility to a time when it is more likely to be able to repay “at economics that make sense for the company”.

    • 14 Feb 2014
  • Vedanta mines deeper: $500m now in general

    The $500m four year loan for Vedanta Resources hit the general market on Monday, after one bank joined the transaction in senior syndication.

    • 14 Feb 2014
  • Southeast Asia loans in brief, February 13, 2014

    HPCL raises to $500m — ONGC names seven for $725m — Indian Oil picks banks for C$900m — Banks line up for Singtel S$1.8bn

    • 14 Feb 2014
  • Tata on the rise as it connects for two dollar loans

    Indian company Tata Communications is seeking lenders for its $240m fundraising, which launched into general on February 6. At the same time, Tata Motors is speaking to banks about increasing its $500m syndicated loan by an additional $100m, as lenders continue to seek final approvals for their commitments.

    • 14 Feb 2014
  • Aramark refis $4.8bn of loans after IPO

    Aramark, the US catering and facilities management group, has launched $4.8bn-equivalent of loans to refinance debt, only two months after its third time being taken public.

    • 14 Feb 2014
  • Indian loan market wakes up, with deals expected to feature fresh MLAB names

    Bharat Petroleum Corp (BPCL) has picked three banks to lead its $250m loan, creating a stir in the market because of the absence of Indian and Japanese names in the bookrunning group, writes Rashmi Kumar. But the explosion of Indian state-owned companies into the loan market over the past six months will soon be reflected in the make-up of top level groups as more lenders decide to take the plunge, said bankers.

    • 14 Feb 2014
  • Solocal seeks maturity extension and capital increase

    Solocal Group, the French directories firm formerly known as PagesJaunes, is looking to extend the maturity on part of a €2.25bn loan package raised in 2011. The firm is also set to raise €440m through a capital increase as part of a plan to fund its digital transformation.

    • 14 Feb 2014
  • Scout24 signs €695m of loans at tighter price

    Scout24, the German online directories and listings company, has signed €695m of loans backing its partial acquisition from Deutsche Telekom by Hellman & Friedman.

    • 14 Feb 2014
  • Leveraged loans — news in brief, February 14, 2014

    Humana closes senior — Stena seeks term loan — Bureau van Dijk allocates — Ocean Rig amends and extends — Tele Columbus looks to grow

    • 14 Feb 2014
  • Ineos seeks price cut on $4bn loan

    Ineos was this week expected to rely mainly on its existing group of lenders to achieve a margin cut on the senior tranches of an outstanding $4.1bn transatlantic loan package.

    • 14 Feb 2014
  • Solocal to push back debt maturity

    Solocal Group, the French directories firm formerly known as PagesJaunes, is looking to extend the maturity on part of a €2.25bn loan package raised in 2011.

    • 13 Feb 2014
  • Tele Columbus extends debt, looks to grow

    Cable operator Tele Columbus Group has extended existing credit lines to 2017, just as it sets out plans to invest €300m towards long-term growth.

    • 13 Feb 2014
  • Scout24 signs €695m of loans at tight end of guidance

    Scout24, the German online directories and listings company, has signed €695m of loans backing its partial acquisition from Deutsche Telekom by Hellman & Friedman.

    • 12 Feb 2014
  • Stena seeks $750m term loan after pricing $350m bond

    Swedish shipping company Stena is in the market for a $750m term loan ‘B’, having priced a $350m 10 year refinancing bond at 5.75% yesterday (February 11).

    • 12 Feb 2014
  • Sweden’s Humana closes Skr1.7bn loan for INOM deal

    Humana Investment Holding of Sweden has closed the syndication of Skr1.7bn (€194m) of senior facilities backing its acquisition of INOM Innovativ Omsorg.

    • 12 Feb 2014
  • Aramark refis $4.8bn of lev loans after third IPO

    Aramark, the US catering and facilities management group, has launched $4.8bn-equivalent of loans to refinance debt, only two months after its flotation on the New York Stock Exchange.

    • 12 Feb 2014
  • Dialysis group Diaverum’s €900m refi loan still in the works

    Diaverum, the Swedish dialysis clinic operator, is making slow progress on a planned €900m refinancing loan. The launch is expected to happen no earlier than March.

    • 12 Feb 2014
  • Corporate Atlantic traffic goes both ways

    The two way traffic of corporate borrowers across the Atlantic continued this week as British Telecom — an issuer devoted to the dollar market — headed to New York again, while US Reit Prologis raised a euro bond.

    • 12 Feb 2014
  • Tata Motors mulls increase to take loan to $600m

    Tata Motors is speaking to banks about increasing its $500m syndicated loan by an additional $100m, as lenders continue to seek final approvals for their commitments.

    • 12 Feb 2014
  • HPCL raises loan to $500m, launching this month

    Hindustan Petroleum Corp has decided to increase its loan size to $500m from the planned $300m after bankers on the deal showed confidence in the transaction.

    • 12 Feb 2014
  • Greece's Ocean Rig to amend, extend and grow $1.8bn loan

    Ocean Rig, the oil rig operator headquartered in Greece, is seeking to amend and increase a $1.8bn loan it raised in July last year.

    • 11 Feb 2014
  • Bureau van Dijk allocates €680m loan after reverse flex

    Bureau van Dijk, the Belgian publisher of business intelligence, allocated €680m-equivalent of loans on Tuesday morning, having increased the senior debt by €10m and tightened pricing by up to 50bp.

    • 11 Feb 2014
  • Ineos seeks price cut on $4bn loan, issues new €1bn bond

    Ineos expects to rely mainly on its existing group of lenders to achieve a margin cut on the senior tranches of an outstanding $4.1bn transatlantic loan package.

    • 11 Feb 2014
  • Vedanta mines deeper: takes $500m into general

    The $500m four year loan for Vedanta Resources hit the general market on the evening of February 10, after one bank joined the transaction in senior syndication.

    • 11 Feb 2014
  • SapuraKencana $5.8bn loan wraps up

    Malaysian company SapuraKencana Petroleum is close to wrapping up its loan of roughly $5.8bn after receiving commitments from around 12 banks.

    • 11 Feb 2014
  • Eircom seeks two year extension on 'B' loan while leverage falls

    Eircom Group, the Irish telecom firm, wants to extend the maturity on a senior credit facility to a time when it is more likely to be able to repay “at economics that make sense for the company”.

    • 10 Feb 2014
  • Cabot CFO says £105m bridge for Marlin can convert to term

    UK consumer debt purchaser Cabot Credit Management has signed a £105m bridge loan to part-finance its acquisition of Marlin Financial Group.

    • 10 Feb 2014
  • Venetian closes $1.5bn loan as three join in general

    Venetian Macau has wrapped up the syndication of its $1.5bn revolver, after netting three banks during the general phase.

    • 10 Feb 2014
  • Tata rings up banks for $240m

    Indian company Tata Communications has connected with lenders for its $240m fundraising, launching the deal into general on February 6.

    • 10 Feb 2014
  • HPCL mandates three for $300m loan

    Indian state-owned Hindustan Petroleum Corporation has mandated three banks to arrange a $300m three year loan, according to a banker close to the deal.

    • 07 Feb 2014
  • Turkish M&A financing shrugs off riots and QE

    Turkish loans and leveraged finance bankers are savouring a new mergers and acquisitions-driven boom in the face of political and market turmoil. Over $1.5bn of deals have already been completed since late December, with more set to follow and others in prospect if the lira’s battering attracts new corporate bargain-hunters, writes Olivier Holmey.

    • 07 Feb 2014
  • Leveraged Finance loans-news in brief,Feb 7,2014

    Seadrill launches — Electra to buy Ogier arm

    • 07 Feb 2014
  • Ziggo’s TLB extravaganza will beat a path for other firms

    Institutional investors trumping banks is becoming commonplace in the leveraged loan market after Dutch firm Ziggo came to the market with the biggest test for institutional investors in just over five years — a €3.7bn-equivalent term loan ‘B’. The deal's success or failure will determine just how reliant on this financing approach corporates can become.

    • 07 Feb 2014
  • Scout24 hits €595m target at tight end

    Scout24 has received sufficient re-commitments from lenders to raise a €595m term loan, having cancelled the loan’s original issue discount late last week.

    • 07 Feb 2014
  • Hungry for more: Pakistan back with $300m 1.5 yr loan

    Less than two weeks after syndication closed for the Islamic Republic of Pakistan’s $172.5m loan, the country is diving straight back into the market — this time with a $300m 18 month deal.

    • 07 Feb 2014
  • NoteMachine raises £76.5m refi unitranche

    NoteMachine, the UK automated teller machine operator, has obtained a £76.5m unitranche facility to refinance debt and support potential new acquisitions.

    • 06 Feb 2014
  • Dozen deals make 2014 cov-lite's busiest start

    Covenant-lite leveraged debt issuance has had its busiest ever start to a year, with 12 deals signed in 2014.

    • 06 Feb 2014
  • Mezzanine lenders hope for far-off Turkish breakthrough

    Mezzanine debt financing is still miles from being considered a fully functioning asset class in Turkey, according to lawyers speaking at the fourth annual Turkey Acquisition Finance and Private Equity Forum in Istanbul.

    • 06 Feb 2014
  • Turkish law on buybacks 'curbing M&A'

    Bankers have renewed criticism of Turkish legislation that prohibits a company from buying its own shares using an advance, loan or security.

    • 05 Feb 2014
  • Verizon brings bond European investors missed in September

    Corporate bond spreads have widened in the past fortnight, and there have been some rough days in the stockmarkets. New issue premiums have risen, and some new deals have widened in the aftermarket. Yet the market feels strong — deal flow is busy and most transactions are finding plenty of demand.

    • 05 Feb 2014
  • Lenders recommit to Scout24 after changes to terms

    Scout24 has received sufficient re-commitments from lenders to raise a €595m term loan, having cancelled the loan’s original issue discount late last week.

    • 04 Feb 2014
  • Electra to acquire fiduciary arm of Ogier law firm

    Electra Partners has agreed to buy the fiduciary services business of the Ogier Group for £180m, backed in part by new debt.

    • 03 Feb 2014
  • Seadrill launches $1.8bn loan after North Atlantic Drilling IPO

    Seadrill, the Oslo-listed offshore drilling company, has launched a $1.7bn term loan ‘B’ and $100m revolver.

    • 03 Feb 2014
  • Scout24 scraps OID after heavy oversubscription

    Scout24 has priced its new term loan ‘B’ at the tight of guidance and cancelled the loan’s original issue discount, after early commitments left the deal heavily oversubscribed on Friday.

    • 03 Feb 2014