Leveraged Loans - All Articles

  • UK holiday group Parkdean signs £180m unitranche and sub loan

    UK holiday park operator Parkdean signed loans totalling £180m on Tuesday.

    • 30 Apr 2014
  • Anderson joins Tikehau to grow European private debt business

    French investment manager Tikehau Group has hired Debra Anderson, a former senior managing director at Blackstone.

    • 30 Apr 2014
  • Doosan targets US as it digs for $1.3bn financing

    Doosan Infracore International (DII) and Doosan Holdings Europe (DHEL), part of South Korean conglomerate Doosan Group, are seeking a $1.3bn senior secured term loan from the US market.

    • 30 Apr 2014
  • Taiwan banks give tepid welcome to 7 Days loan

    Taiwanese banks considering Chinese hotel chain 7 Days Group Holdings’ $300m leveraged loan are demanding an upward revision in fees for underwritten commitments, several sources have told GlobalCapital Asia. The appetite to lend still remains, but overexposure to China names, a fear of defaults and a steep rise in funding costs are backing lenders into a corner, writes Rashmi Kumar.

    • 30 Apr 2014
  • Agile goes clubbing to build HK$6bn loan

    China’s Agile Property Holdings is seeking a new loan of HK$6bn ($774m) with a three year tenor, and the firm has started talks with its relationship banks for the funds.

    • 30 Apr 2014
  • Apple loyal to Goldman, Deutsche again — and euro deal to come

    Almost a year to the day later, Apple reprised its monster bond sale of April 2013 on Tuesday. This time it raised only $12bn, instead of the then-record $17bn of last year.

    • 30 Apr 2014
  • Bridgepoint's life sciences firm LGC to allocate £305m loan

    LGC Group, the UK life sciences measurement and testing company, is due to allocate £305m-equivalent of loans in sterling and euros on Tuesday afternoon.

    • 29 Apr 2014
  • Agile builds HK$6bn loan via self-arranged club

    China’s Agile Property Holdings is seeking a new loan of HK$6bn ($774m) with a three year tenor, and has started talks with its relationship banks for the funds.

    • 29 Apr 2014
  • Flint Group sets OID as commitment deadline nears

    Flint Group, which makes products and supplies for the printing and packaging industries, has set an original issue discount of 99.50 on its €1.55bn-equivalent debt package as Thursday’s commitment deadline for the deal approaches.

    • 28 Apr 2014
  • Schaeffler sets price guidance on $2bn term loan 'E'

    German ball bearing maker Schaeffler has issued price guidance for its $2bn-equivalent term loan ‘E’, due to mature in 2020.

    • 28 Apr 2014
  • Norway’s Visma to raise loans for Cinven investment

    Visma, the Norwegian business software developer, is set to raise loans to back its partial takeover by Cinven.

    • 28 Apr 2014
  • Spotless makes clean sweep with chunky loan and IPO

    Australia’s Spotless Group Holding, an outsourcing, laundry and linen services provider, is set to borrow loans worth around A$840m ($778.8m) after the company closes its initial public offering of A$1bn.

    • 28 Apr 2014
  • Doosan targets US as it digs for $1.3bn financing

    Doosan Infracore International (DII) and Doosan Holdings Europe (DHEL), part of South Korean conglomerate Doosan Group, are seeking a $1.3bn senior secured term loan from the US market.

    • 28 Apr 2014
  • Adira Dinamika $300m loan allocations revealed

    Allocations are out for Indonesian company Adira Dinamika Multi Finance’s loan of $300m, which has increased by $100m after strong demand in syndication.

    • 25 Apr 2014
  • ERM debuts in cov-lite to pay Charterhouse dividend

    Environmental Resources Management is raising $950m of covenant-lite loans to pay its private equity owner Charterhouse a dividend and repay outstanding debt.

    • 24 Apr 2014
  • Labs group LGC cuts margin on euro tranche of £305m loan

    LGC Group, the UK life sciences measurement and testing company, has tightened the margin guidance on the euro tranche of its new term loan ‘B’ by 25bp, to 400bp over Euribor.

    • 24 Apr 2014
  • Denmark’s Nets packs out bank meeting for takeover debt

    Nets, the Nordic payment systems and information services company, held a bank meeting on Thursday to market the €1.2bn-equivalent term loan backing its buyout by Advent International, Danish pension fund ATP and Bain Capital.

    • 24 Apr 2014
  • ERM markets debut covenant-lite to pay Charterhouse dividend

    Environmental Resources Management is raising $950m of covenant-lite loans to pay its private equity owner Charterhouse a dividend and repay outstanding debt.

    • 24 Apr 2014
  • Schaeffler launches $2bn of loans in dollars and euros

    German ball bearing maker Schaeffler is holding a lender call on Thursday to market about $2bn of transatlantic loans.

    • 24 Apr 2014
  • Flint Group sets price guidance on €1.55bn LBO debt

    Flint Group, which makes products and supplies for the printing and packaging industries, has set margin guidance on €1.55bn-equivalent of debt after bank meetings this week.

    • 24 Apr 2014
  • iSoftStone connects for $130m going private loan

    Chinese information technology services provider iSoftStone Holdings has joined other names looking to de-list from the US, announcing it is going private and funding the buyout using equity and a $130m loan.

    • 24 Apr 2014
  • Banks lap up China Modern Dairy’s $200m debut loan

    China Modern Dairy Holdings has made its debut in the international syndicated loan market with a $200m three year term loan, with bankers on the deal already counting on a solid response from lenders.

    • 24 Apr 2014
  • Southeast Asia loans in brief, April 25, 2014

    Garuda $200m invitations in flight mode – SM Prime shops around for $300m loan MLABs

    • 24 Apr 2014
  • Boon for foreign lenders as RBI bans banks from US$ loans

    The Reserve Bank of India has banned overseas branches and subsidiaries of Indian banks from providing US dollar funds to companies if the end use of the proceeds is to repay rupee loans. While the move is a victory for international lenders who will now have the upper hand in obtaining new business, it has also led to predictions of a decline in loan volumes from the country, writes Rashmi Kumar.

    • 24 Apr 2014
  • Game on for leveraged M&A as Numericable raises €16bn

    Numericable and Altice pulled off a funding coup this week with a €16bn synchronised high yield bond and leveraged loan deal to back their takeover of French mobile phone operator SFR, which is still months away from closing, writes Olivier Holmey.

    • 23 Apr 2014
  • Numericable-Altice bonds 10 times oversubscribed

    Demand for the record-breaking Numericable-Altice high yield bond financing has been exceptional. The biggest ever high yield issue, €12bn of senior notes from French cable company Numericable and its main shareholder Altice, was 10 times oversubscribed and is being priced today.

    • 23 Apr 2014
  • Numericable/Altice bonds upped to €12.5bn, set to go well

    Numericable and its parent company Altice, the French cable group planning to take over mobile phone business SFR, are on the verge of closing the books on Europe's biggest ever high yield bond issue.

    • 22 Apr 2014
  • Gea Heat takeover to be backed by bonds

    The sale of Gea Group’s heat exchanger unit to Triton will be financed entirely with €1.3bn of high yield bonds.

    • 22 Apr 2014
  • Nets to market €1.4bn loan for Advent-ATP-Bain buyout

    Nets, the Danish payment and information services firm, will hold a bank meeting on Thursday to market €1.4bn of buyout loans.

    • 22 Apr 2014
  • Asian corporates are no longer just window shopping

    The much heralded Asian M&A boom appears to be finally underway as leading names including Dongfeng Motor Corp, Lenovo and Oversea-Chinese Banking Corp snap up companies. The willingness of banks to lend funds is driving acquisition momentum and with the economic environment perking up, it’s time for companies to splash out.

    • 22 Apr 2014
  • Adira Dinamika rises to $300m after strong demand

    With books more than sufficiently covered in general syndication, Indonesia’s Adira Dinamika Multi Finance is considering increasing its loan size by $100m to $300m with allocations now being determined.

    • 22 Apr 2014
  • China’s iSoftStone connects for $130m buyout loan

    Chinese information technology services provider iSoftStone Holdings has joined other names looking to de-list from the US, by announcing it is going private and funding the buyout using equity and a $130m loan.

    • 22 Apr 2014
  • Banks lap up China Modern Dairy's $200m debut

    China Modern Dairy Holdings has made its debut in the international syndication market with a $200m three year term loan, with bankers on the deal already counting on a solid response from lenders.

    • 17 Apr 2014
  • Leveraged loans, news in brief - April 17, 2014

    Flint LBO debt - Ring and Helios refinancing - Triton wins Gea auction - Dorna cuts price - Stobart LBO debt

    • 16 Apr 2014
  • Symrise to buy Diana, financing could go corporate

    Trade buyer Symrise has overtaken private equity bidders in the takeover battle for French food firm Diana Ingredients, leading to speculation that the buyout debt could be done as a corporate rather than a leveraged financing.

    • 16 Apr 2014
  • Technicolor hopes for loans repricing after Moody’s rating boost

    France’s Technicolor is looking to cut the margins on $1.3bn-equivalent of loans to take advantage of improved market conditions and a Moody’s ratings upgrade.

    • 16 Apr 2014
  • Ring and Helios refinance €150m of debt after merging

    Industrial coatings firms Ring International Holding and Helios Domzale have refinanced €150m of senior loans after completing their merger earlier this month.

    • 16 Apr 2014
  • Investors commit to Dorna debt after pricing cut

    Sports marketing company Dorna Group received final commitments to its €715m loans package on Tuesday, after cutting the margin on its term loan ‘B’ by 25bp.

    • 16 Apr 2014
  • Triton wins auction for Gea Heat Exchangers

    Private equity fund Triton has entered into an agreement to acquire Gea Group’s heat exchanger unit for an enterprise value of €1.3bn.

    • 16 Apr 2014
  • Indo Exim throws open $600m dual trancher

    Indonesia Eximbank has pushed the go button on its $600m fundraising, launching it into syndication on Tuesday evening, with the leads splitting the loan into two tranches.

    • 16 Apr 2014
  • Pelindo creates waves with two loan requests

    Asian banks and international lenders have submitted proposals to work on a $203m loan for Pelabuhan Indonesia III, which will comprise two facilities. Banks are also gearing up to work on a $1bn deal for Pelabuhan Indonesia II.

    • 16 Apr 2014
  • Punchiest high yield deal goes up against worst post-war crisis

    Tanks are rolling in Ukraine, but investors cannot tear themselves away from the bullishness that has gripped them for so long. There was a brief shiver on Tuesday afternoon, but European stocks rose 0.9% on Wednesday morning and credit spread indices tightened.

    • 16 Apr 2014
  • Flint launches transatlantic LBO debt

    The Flint Group has launched €1.7bn of drawn and undrawn loans on Tuesday to partly finance its takeover by units of Goldman Sachs and Koch Equity.

    • 15 Apr 2014
  • Technicolor hopes to reprice debt after ratings boost

    France’s Technicolor is looking to cut the margins on $1.3bn-equivalent of loans to take advantage of improved market conditions and a ratings upgrade from Moody’s.

    • 15 Apr 2014
  • IndoExim throws open $600m to the market

    Indonesia Eximbank has pushed the go button on its $600m fundraising, launched into syndication on the evening of April 15, with the leads splitting the loan into two tranches.

    • 15 Apr 2014
  • Indonesia’s Pelindo creates waves with loan requests

    Banks have made their submissions for Pelabuhan Indonesia III’s request for proposals for a $203m loan, which was due on April 11, while simultaneously working on a separate $1bn deal for Pelabuhan Indonesia II.

    • 15 Apr 2014
  • Altice/Numericable to smash European high yield record

    Altice is hoping to write high yield bond history. The telecoms investment group controlled by Patrick Drahi has announced plans to sell a total of €10.2bn of bonds to support its acquisition of Vivendi's mobile phone unit SFR. The deal would be the largest high yield bond transaction by a European issuer ever.

    • 14 Apr 2014
  • Investors to commit to Dorna Group debt by Easter

    Lenders have until the Easter weekend to commit to a €715m loan package being raised by Dorna Group, the Spanish sports marketing company.

    • 14 Apr 2014
  • UK's Stobart trucking business seeks LBO financing

    The Stobart Group - the haulage firm famous across the UK for its liveried lorries - is selling a 51% stake in its transport and distribution unit to private equity firm Douglas Bay, and the unit is seeking a £160m loan for the deal.

    • 14 Apr 2014
  • Symrise close to winning Diana buyout, financing could go corporate

    Trade buyer Symrise has overtaken private equity bidders in the takeover battle for French food firm Diana Ingredients, leading to speculation that the buyout debt could be done as a corporate rather than a leveraged financing.

    • 14 Apr 2014
  • Fujian Fuxin looks to build $291m dual-currency loan

    Fujian Fuxin Special Steel, part of Formosa Plastics Corp, is in the market for a $291.42m facility, split between US dollar and renminbi tranches.

    • 11 Apr 2014
  • Numericable markets term loan ‘B’ for SFR, readies €10bn bonds

    Numericable, the French cable company, began marketing its €5.6bn-equivalent term loan ‘B’ for SFR on Thursday, at a bank meeting brimming with European investors. A further €10bn will be raised through senior notes from next week.

    • 10 Apr 2014
  • Leveraged loans, news in brief - April 11, 2014

    Intertrust investors opt for safety - Arena raises LBO money - Diaverum closes refi

    • 10 Apr 2014
  • S&P warns of overheating in leveraged loan market

    Excessive demand for European leveraged loans is leading to increasing appetite for risk and could cause overheating, Standard & Poor’s warned in a study on Thursday.

    • 10 Apr 2014
  • S&P warns of overheating in leveraged loan market

    Excessive demand for European leveraged loans is leading to increasing appetite for risk and could cause overheating, Standard & Poor’s warned in a study on Thursday.

    • 10 Apr 2014
  • Numericable packs out bank meeting, €10bn of bonds coming

    Numericable, the French cable company, has set price guidance on its €5.6bn-equivalent term loan ‘B’ at a bank meeting brimming with European investors.

    • 10 Apr 2014
  • Giant Interactive moves to next level on $850m LBO financing

    Giant Investment pushed the play button on its fundraising this week, launching an $850m loan on Wednesday to back the going-private of New York-listed online game developer Giant Interactive. The deal will shine a light on the comfort level of lenders for gaming credits — and if all goes well it is likely to set a precedent for other names to follow, writes Rashmi Kumar.

    • 10 Apr 2014
  • Tower Bersama rises for new $300m three year

    Indonesian telecommunications company Tower Bersama Group is seeking a club loan of up to $300m, and sent out a request for proposals to banks last week, joining a raft of other Indonesian borrowers in the market.

    • 10 Apr 2014
  • Numericable launches term loan ‘B’ for SFR, biggest since crisis

    Though it is only the first chunk of Numericable’s debt for the takeover of mobile phone operator SFR, the €5.6bn-equivalent term loan 'B' launched on Wednesday is already breaking post-crisis records.

    • 09 Apr 2014
  • Monier scraps fixed rate, only aims for FRN, term loan

    Monier has amended the structure of the €565m of debt it is seeking to raise. The French roof tiles maker has increased its term loan and scrapped plans to issue a senior secured fixed rate bond.

    • 09 Apr 2014
  • China's Giant opens $850m loan at 450bp

    Chinese company Giant Investment, which is taking private online game developer Giant Interactive, has opened up its $850m leveraged buyout loan to the market, with a starting margin of 450bp over dollar Libor.

    • 09 Apr 2014
  • Swimwear maker Arena raises €80m for secondary buyout

    Arena Group, the Italian swimwear firm, has raised €80m to support its takeover by Swiss private equity firm Capvis.

    • 08 Apr 2014
  • Intertrust's new loans sell, but investors prefer the safer tranche

    Dutch corporate services company Intertrust Group has allocated €837m-equivalent of loans in euros and dollars, but investors in the deal plumped for security - the first lien tranche drew stronger support than the second lien.

    • 08 Apr 2014
  • Garuda Indonesia to fly in for $200m loan

    Airline Garuda Indonesia is seeking a loan of $200m with a three year tenor, roughly seven months before one of its old financings falls due.

    • 08 Apr 2014
  • India loans update: Tata Communications and Vedanta

    Indian company Tata Communications is close to wrapping up its $240m fundraising, with commitments worth $160m already firmed up.

    • 08 Apr 2014
  • Tower Bersama rises for new $300m loan

    Indonesian telecommunications company Tower Bersama Group is seeking a club loan of up to $300m, and sent out a request for proposals to banks last week, joining a raft of other Indonesian issuers in the market.

    • 08 Apr 2014
  • Numericable plans jumbo cov-lite, bonds for SFR takeover

    French cable company Numericable will raise €11.64bn-equivalent of bonds and covenant-lite loans to back its acquisition of Vivendi’s mobile phone unit SFR.

    • 07 Apr 2014
  • Diaverum closes €884m refinancing package

    Diaverum, the Swedish operator of dialysis clinics, has successfully raised €884m of loans to refinance debt.

    • 07 Apr 2014
  • Return of cov-lite means return of risk

    The resurgence of covenant-lite loan issuance in Europe bears much resemblance to the pre-crisis craze for loose terms on risky debt. It may benefit borrowers, but in the long run both banks and investors risk paying the price of repeating errors past.

    • 03 Apr 2014
  • Loans, news in brief - 4 April, 2014

    Peripheral leveraged loans - British Land revolver - Saga refinancing - Callcredit price tightening - Addison Lee dividend - Kaufman & Broad refinancing - Dorna Group bank mandates

    • 03 Apr 2014
  • Publisher Infinitas extends debt after sale of Noordhoff Uitgevers unit falls through

    Dutch educational publishing company Infinitas is extending about €330m of outstanding loans to 2016, after aborting the sale of one of its divisions because of insufficient bids.

    • 03 Apr 2014
  • Bankers bemoan return to 'short-sighted' use of euro covenant-lite

    The trend to covenant-lite loans in Europe is gathering pace, causing some consternation among the continent's conservative lenders, with food maker Diana Ingredients this week lining up to follow French compatriot Ceva Santé Animale which last week closed the first all-euro covenant-lite deal in years.

    • 03 Apr 2014
  • UK’s Saga launches loan refinancing as it mulls IPO

    Saga, the UK holiday and insurance provider for the over-50s, launched a loan package on Wednesday to refinance debt.

    • 03 Apr 2014
  • Peripheral leveraged loan borrowing on the rise

    Leveraged loan borrowing in peripheral eurozone countries has risen to the second highest year to date volume on record, even as overall speculative grade borrowing has declined, new data shows.

    • 03 Apr 2014
  • Goldman's Gilday to join Morgan Stanley as co-head of levfin

    Ian Gilday will join Morgan Stanley as co-head of EMEA leveraged finance in the summer, after gardening leave.

    • 03 Apr 2014
  • Wave of hungry Indo borrowers to head offshore

    All eyes will be turning to Indonesia this quarter, with debt bankers expecting a raft of loans and bonds to hit the offshore dollar market. Many names are already doing the rounds, and the fact that some are simultaneously seeking loans and bonds speaks volumes about their strategy to diversify their funding sources while trying to get the best out of pricing, write Rashmi Kumar and Isabella Zhong.

    • 03 Apr 2014
  • Return flight: Maldives seaplane back for $150m

    The Maldives has once again hit bankers’ radars after private equity firm Blackstone sealed a $150m loan last week, refinancing the funds it took less than a year ago to buy stakes in two seaplane operators in the island nation.

    • 03 Apr 2014
  • Astra Sedaya doubles to $670m, allocates

    Astra Sedaya Finance has managed to more than double the size of its loan to $670m from the launch size of $330m, gathering a stellar response from lenders thanks to the company choosing to do a targeted syndication. The final deal size has even left bankers on the loan surprised by the tremendous market interest.

    • 03 Apr 2014
  • IndoExim and Pelindo storm in for US$ loans

    Indonesia Eximbank and Pelabuhan Indonesia III have stormed into the loan market, with the former picking banks for its increased $600m fundraising, and the latter issuing two requests for proposals.

    • 03 Apr 2014
  • ZTE to connect with banks for new $600m

    China’s ZTE Corp, a provider of telecommunications equipment, is seeking a loan of between $450m and $600m and has started preliminary talks with banks.

    • 03 Apr 2014
  • Monier's €415m bond, €250m loan to pave way for possible IPO

    More details about Monier’s €415m high yield bond offering have emerged. The French maker of roofing materials will meet investors until Wednesday, April 9, to market the bond, which, together with €250m of loans, will replace its previous capital structure before a potential initial public offering.

    • 03 Apr 2014
  • Covenant-lite issuance on the rise, loan activity falls

    The leveraged loan market is increasingly turning to aggressive debt structures reminiscent of the months leading up to the financial crisis of 2008, new data shows.

    • 02 Apr 2014
  • Kion to finance call of €525m of bonds with new loan

    German forklift truck maker Kion will call €525m of high yield bonds on April 15. The redemption will be financed with a new €200m bank loan and drawings under Kion’s revolving credit facility.

    • 02 Apr 2014
  • Ardian dreams of cov-lite for Diana Ingredients

    French private equity firm Ardian hopes to back its sale of Diana Ingredients with an €800m covenant-lite loan if the company goes to a private equity firm.

    • 02 Apr 2014
  • Three banks mandated to refi Dorna Group's €715m debt

    Sports marketing company Dorna Group has mandated three banks to arrange a facility to refinance €715m of debt.

    • 02 Apr 2014
  • Astra Sedaya doubles to $670m with allocations revealed

    Astra Sedaya Finance has managed to more than double the size of its loan to $670m from the launch size of $330m, gathering a stellar response from lenders thanks to the company choosing to do a targeted syndication. The final deal size has surpassed that closed last year by sister company Federal International Finance, which used a similar strategy, with even bankers on the loan surprised by the tremendous market interest.

    • 02 Apr 2014
  • Return flight: Maldives seaplane back for $150m

    Maldives has once again hit bankers’ radars after private equity firm Blackstone sealed a $150m loan last week, refinancing the funds it took less than a year ago to buy stakes in two seaplane operators in the island nation.

    • 02 Apr 2014
  • ZTE to connect with banks for new $600m

    China’s ZTE Corp, a provider of telecommunications equipment, is seeking a loan of between $450m and $600m and has started preliminary talks with banks.

    • 02 Apr 2014
  • Virgin Media to tap new 15yr bond for £150m, extend loan

    Less than three weeks after its £911m bond issue to repay other bonds, Virgin Media is seeking to tap the 15 year tranche of that deal and to extend the maturity of its term loan ‘C’.

    • 01 Apr 2014
  • France’s Kaufman & Broad completes loan refinancing

    Residential property developer Kaufman & Broad has refinanced €200m of loans, after pricing a €370m high yield bond last week.

    • 01 Apr 2014
  • Tata $600m allocations tweaked after one more joins

    Allocations for Tata Motors’ $600m loan have seen a few changes since GlobalCapital Asia last reported on the deal in early March, due to an additional bank joining as a mandated lead arranger.

    • 01 Apr 2014