Leveraged Loans - All Articles

  • Leveraged loans, news in brief - 29 August, 2014

    Spire Healthcare refis debt - Douglas Holding sole August borrower

    • 28 Aug 2014
  • Moves In Brief, August 28, 2014

    Senior levfin banker joins Credit Suisse — DB promotes banker to Chile chief — One in, one out at CIFC board — Covenant covets analyst

    • 28 Aug 2014
  • Spire Healthcare chooses £425m term loan to refinance debt

    Spire Healthcare, the second largest operator in the UK private hospital and clinic sector, has refinanced bank loans due 2015 with a £425m five year term loan maturing in 2019.

    • 28 Aug 2014
  • Senior levfin banker joins Credit Suisse

    Credit Suisse has hired a managing director to its EMEA leveraged finance and sponsors group in London.

    • 28 Aug 2014
  • China Oceanwide seeks HK$3bn for acquisition

    China Oceanwide Holdings Group is seeking a HK$3bn ($387m) bridge loan to back its acquisition of Hutchison Harbour Ring from Hutchison Whampoa. The process may take a while to wind up as the borrower is privately owned, said bankers.

    • 28 Aug 2014
  • Alibaba signs $3bn revolver ahead of IPO

    E-commerce giant Alibaba Group has signed a $3bn revolving facility with four lenders, just days before it starts premarketing its IPO.

    • 28 Aug 2014
  • Douglas Holding a lone figure in August's levloan market

    The European leveraged loan market might be all but dead in this fourth week of August, but one German borrower is pressing on with a transaction to cut the margins on its existing debt.

    • 27 Aug 2014
  • BMW races ahead of the pack as M&A boosts bond hopes

    BMW left rival borrowers standing in its wake with a prompt dual tranche bond issue yesterday that raised €1.75bn from a €5bn book, showing that Europe’s corporate bond market is wide open for business.

    • 27 Aug 2014
  • First HY inflows for weeks reassure levfin bankers in Europe

    Bankers have welcomed a revival in investor appetite for high yield bonds, after inflows to high yield funds in Europe resumed last week, raising hopes of a more supportive market for issuers in September.

    • 26 Aug 2014
  • GDH out with $200m dual currency loan

    Chinese state-owned company GDH has launched a $200m dual tranche loan into general syndication.

    • 26 Aug 2014
  • It's great to be back... or is it?

    Returning from holiday is a curious experience. The length and restfulness of the time away are often proportional to the mounting dread that infuses one’s thoughts of the first day back at the desk.

    • 26 Aug 2014
  • Indosat to club or go bilateral for $500m loan

    Telecommunications company Indosat, which had issued a request for proposals to banks in July, is likely to either club its fundraising or secure the funds via a series of bilaterals. It could also go for a combination of the two.

    • 26 Aug 2014
  • China Oceanwide hunts for HK$3bn acquisition bridge

    China Oceanwide Holdings Group has approached banks for a HK$3bn ($387m) bridge loan to support its acquisition of Hutchison Harbour Ring from Hutchison Whampoa. The process may take a while to wind up as the borrower is privately owned, said bankers.

    • 26 Aug 2014
  • Banks working on $500m loan for XL Axiata tower auction

    Indonesian telecom tower operator PT Solusi Tunas Pratama Tbk (STP), private equity fund Providence Equity Partners and Tower Bersama Group are among bidders sounding out lenders for a loan to back the acquisition of some of XL Axiata’s tower assets, according to bankers.

    • 25 Aug 2014
  • After strong first half, dividend recaps set to wane

    One of the main sources of primary issuance in the European leveraged loan and high yield bond market so far this year may be set to take a hit, as bankers have expressed concerns over sponsors’ ability to achieve aggressive dividend recaps following investor push back in late July.

    • 21 Aug 2014
  • Wendel continues Materis sell-offs and opens negotiations for Chryso

    French investment firm Wendel will sell another subsidiary of Materis, the French admixture producer for concrete and cement, in a deal valued at €290m.

    • 21 Aug 2014
  • Leveraged loans - news in brief, August 22, 2014

    Big Yellow Group - Amtek - Faster

    • 21 Aug 2014
  • SEB hires loan sales specialist

    Swedish bank SEB has made a hire in London to its loan distribution team headed by Marialaura Aymerich.

    • 21 Aug 2014
  • After strong first half, dividend recapitalisation set to wane

    One of the main sources of primary issuance in the European leveraged loan market so far this year may be set to take a hit, as bankers have expressed concerns over sponsors’ ability to achieve aggressive dividend recaps following investor push back in late July.

    • 21 Aug 2014
  • Term loan Bs come to Asia as investors mull first deal

    A term loan B market could finally emerge in Asia, after a big investment bank launched a deal for a leveraged borrower aimed at the region’s institutional investors. But the lack of depth and precedent in the Asian institutional market, coupled with low deal volumes, could pose challenges, writes Shruti Chaturvedi.

    • 21 Aug 2014
  • Wugang’s $150m three year bullet finds 17 lenders

    Wugang Trading has allocated its $150m three year bullet loan that was launched into syndication in July. Led by Standard Chartered, and backed by a guarantee from Industrial and Commercial Bank of China, the loan attracted 17 lenders in syndication.

    • 21 Aug 2014
  • Taiwan Cement firms up $1bn fundraising with 18

    A total of 18 banks have piled into Taiwan Cement Corp’s $1bn fundraising, with syndication now closed. But despite the fact that the deal is close to two times covered, the borrower is unlikely to increase the final size.

    • 21 Aug 2014
  • Reliance telco arm Jio lines up low margin on $1.5bn loan

    Reliance Industries’ telecom arm Reliance Jio Infocomm could price its $1.5bn dual tranche financing at an all-in of below 175bp, according to bankers considering participating in the deal.

    • 21 Aug 2014
  • Thai Berli Jucker looking for €675m bridge

    Thai conglomerate Berli Jucker Public Co is sounding out banks for a €650m-€675m ($870m-$903m) bridge loan to finance its acquisition of Metro Cash & Carry Vietnam.

    • 21 Aug 2014
  • Amtek waiting till September to close €305m loan books

    German automotive company Amtek will not close the book on its €305m deal until September, after entering the leveraged loan market towards the end of July’s glut of deal supply.

    • 20 Aug 2014
  • Uncertainty over September levfin pipeline, but corp deals still in the works

    In the middle of a quiet August, thoughts among leveraged finance bankers have naturally turned to September, traditionally one of the busiest months of the year. But market participants are unsure how many transactions still need to be done, following the surge of supply that hit the market in July.

    • 20 Aug 2014
  • Big Yellow Group signs £145m refinancing loan

    UK self-storage company Big Yellow Group has signed a £145m refinancing loan with Lloyds and HSBC, that will pay down a £190m loan made in 2012.

    • 19 Aug 2014
  • Faster signs €98m buyout loan

    Faster SpA, the Italian producer of couplings for the hydraulic industry, has signed a €98m loan to back its buyout by Capvis Equity Partners.

    • 19 Aug 2014
  • Pricing for Reliance Jio’s $1.5bn could come in low

    Indian major Reliance Industries’ telecom arm Reliance Jio Infocomm could be looking to price its $1.5bn dual tranche financing at all-ins below 175bp, said a banker who received the invitation but is not considering participating.

    • 19 Aug 2014
  • TCCI on firm ground with 18 on $1bn loan

    A total of 18 banks have piled into Taiwan Cement Corp’s $1bn fundraising, with syndication now closed. But despite the fact that the deal is close to two times covered, the borrower is unlikely to increase the final size.

    • 19 Aug 2014
  • Wendel continues Materis sell-offs, opening negotiations for Chryso

    French investment firm Wendel will sell another subsidiary of Materis, the French admixture producer for concrete and cement, in a deal valued at €290m.

    • 18 Aug 2014
  • Wugang wraps up $150m loan with 18 lenders

    Wugang Trading has issued allocations for its $150m three year bullet loan that launched into syndication in July. The loan, which was led by Standard Chartered and came backed by a guarantee from Industrial and Commercial Bank of China, saw 17 lenders join during syndication.

    • 18 Aug 2014
  • Brightoil closes $600m loan with club of five

    Brightoil Petroleum has sealed a $600m five year financing to back its acquisition of Kerr-McGee China Petroleum oil blocks from Anadarko Petroleum Corp.

    • 17 Aug 2014
  • HPCL’s new facility prices tighter than last one

    Indian state-owned oil company Hindustan Petroleum Corp has priced its $200m five year loan, which features a $100m greenshoe, at an all-in narrower than its most recent syndication that had a shorter tenor.

    • 15 Aug 2014
  • Quirón bucks market volatility to win out on borrower’s terms

    Spanish private hospital operator Grupo Hospitalario Quirón shrugged off the demands of a strong lender’s market this week, in a €2.15bn deal that recalled the weight of CVC’s reputation among investors.

    • 14 Aug 2014
  • As levfin market falters, banks doubt logic of leverage on €845m BvD deal

    Bankers and investors are casting an increasingly critical eye on aggressive deals scheduled for launch in September, as relentless fund outflows indicate investors might not commit as willingly as they did in the first half of 2014.

    • 14 Aug 2014
  • Amtek works with investors during the summertime lull

    Amtek Global Technologies, having approached the loan market for the first time in July, will not set a deadline for commitments on its €305m deal but is using the calmer August weeks to improve lenders' understanding of the credit.

    • 14 Aug 2014
  • Leveraged loans - news in brief, August 15, 2014

    Expro - EMT

    • 14 Aug 2014
  • Amtek works with investors during summer lull

    Amtek Global Technologies, having approached the loan market for the first time in July, will not set a deadline for commitments on its €305m deal but is using the calmer August weeks to improve lenders' understanding of the credit.

    • 14 Aug 2014
  • HCP Global pulls term loan B but US market still likes the look of Asia

    This week's postponement of cosmetics packager HCP Global’s $380m term loan B at first raised fears that US investors were growing weary of Asian credits. But with the delay put down to the macro backdrop rather than any anxiety about the issuer, bankers said Asian names will still find a good reception in the US if they have a story to sell, writes Shruti Chaturvedi.

    • 14 Aug 2014
  • United Laboratories brews new loan with Fubon Bank

    Hong Kong-listed pharmaceuticals company United Laboratories has picked Fubon Bank to arrange a syndicated loan and has sent out invitations for the fundraising.

    • 14 Aug 2014
  • Springland downs shutters on loan at $320m with 17

    Chinese department store operator Springland International Holdings has wrapped up its fundraising at $320m, with 15 banks joining during syndication. The three year facility, which was launched at $250m, was oversubscribed.

    • 14 Aug 2014
  • Quirón completes syndication of €2.15bn loan

    Spanish private hospital operator Grupo Hospitalario Quirón has signed off the €2.15bn loan that backs its merger with rival chain Idcsalud, shrugging off market volatility to win favourable borrower's terms.

    • 14 Aug 2014
  • Moody’s says US bank regulators will 'turn up heat on leveraged lending' in next SNC review of levloans

    US regulators will likely introduce stricter enforcement of leveraged lending rules in their annual review of syndicated loan practices, Moody’s said on Tuesday.

    • 13 Aug 2014
  • Quirón completes syndication of €2.15bn loan

    Spanish private hospital operator Grupo Hospitalario Quirón has signed off the €2.15bn loan that backs its merger with rival chain Idcsalud, shrugging off market volatility to win favourable borrower's terms.

    • 13 Aug 2014
  • Moody’s says US bank regulators will 'turn up heat on leveraged lending'

    US regulators will likely introduce stricter enforcement of leveraged lending rules in their annual review of syndicated loan practices, Moody’s said in a report on Tuesday.

    • 13 Aug 2014
  • Volatile levfin settles into summer lull

    Rebellion hit the leveraged finance market last week, with investors pushing back on borrowers’ tight prices and aggressive terms. Although some deals are still being finalised, that volatility has been followed by a lull in activity after weeks of strong supply.

    • 13 Aug 2014
  • EQT remains confident in strength of €845m BvD deal

    A highly leveraged acquisition loan from Bureau van Dijk, expected to launch next month to back the company’s takeover by EQT, has attracted scrutiny following a week of volatility in the leveraged loan market. But existing lenders to the company have not deserted the borrower, a source at the private equity firm told GlobalCapital on Tuesday.

    • 12 Aug 2014
  • Petron borrowing seen increasing to $400m

    Philippine oil refining company Petron Corp’s loan that was launched into general at $300m, is likely to increase to $400m after getting a good response.

    • 12 Aug 2014
  • United Lab preps new syndication

    Hong Kong listed pharmaceutical company United Laboratories has picked Fubon Bank to arrange a syndicated loan and has sent out invitations for the fundraising.

    • 12 Aug 2014
  • EMT completes $325m cov-lite loan

    Element Materials Technology, the US materials tester owned by 3i, has completed syndication of its $325m cov-lite loan.

    • 11 Aug 2014
  • Expro's $1.5bn loan flexed up, ready to allocate

    Expro, the UK oil and gas well testing provider, will allocate its $1.5bn loan on Monday, after widening price guidance on the deal, a common sight in the levloan market since last week.

    • 11 Aug 2014
  • HCP Global delays $380m US targeted loan

    Cosmetics packager HCP Global has postponed its US targeted syndication for $380m, with bankers attributing the decision to a summer lull and a tough US market. A new timeline for the loan was being worked out, said bankers close to the deal.

    • 11 Aug 2014
  • CPD – constant professional distress or cheesy pepperoni delux?

    The highs and lows of being a leveraged loans banker: You have just given a stellar end of year review presentation to the team when you realise your enthusiasm for the exercise has meant you are going to miss your compulsory Continuing Professional Development seminar.

    • 11 Aug 2014
  • Formosa Industries raises $110m with club of four

    Vietnam based polyester product manufacturer Formosa Industries, a subsidiary of Taiwanese conglomerate Formosa Plastics Group, has wound up a $110m offshore borrowing with a club of four banks.

    • 11 Aug 2014
  • Huvepharma swerves investor pushback and prices loan tight

    Huvepharma, the Bulgarian animal drugs firm, has tightened pricing on its €180m six year term loan ‘B’, in a move that goes against the trend of investor pushback in the leveraged loan market.

    • 08 Aug 2014
  • Leveraged loans - news in brief, August 8, 2014

    Huvepharma - Orion Engineered Carbons - Delek Group - Emsland – Stärke

    • 07 Aug 2014
  • Investors win out with better terms on both Materis subsidiaries deals

    Two subsidiaries of Materis, the French, Wendel-owned building materials firm, increased margins on €432m of term loan ‘B’s as part of a refinancing, in the first signs of successful push-back from investors after weeks of borrower-friendly terms on new issues.

    • 07 Aug 2014
  • Orion widens price guidance on €780m loan

    German carbon black producer Orion Engineered Carbons has widened price guidance on its €780m-equivalent loan and will close books on the deal today.

    • 07 Aug 2014
  • Credit Suisse hires two levfin bankers from Barclays

    Two leveraged finance bankers, one focused on Spanish corporate origination and one focused on financial sponsors, have left Barclays to join Credit Suisse's leveraged finance and sponsors team.

    • 07 Aug 2014
  • Delek allocates €655m acquisition loan

    Delek Group, the Israeli energy conglomerate, has allocated the €655m loan that backs TDR Capital’s purchase of its petrol station and convenience store operations in Benelux and France.

    • 07 Aug 2014
  • Qingdao Develop Way digs for $120m loan

    Chinese commodity trader Qingdao Develop Way Industrial Co has opened up a $120m three year loan, with Deutsche Bank as the mandated lead arranger and bookrunner. The loan comes with three guarantors, as well as security based on Glencore China’s accounts receivable.

    • 07 Aug 2014
  • Three sign up to Minacs $150m LBO borrowing

    Bookrunners and mandated lead arrangers DBS and ING have wrapped up a $150m loan that was issued to back the leveraged buyout of Minacs, the business process outsourcing unit of Indian company Aditya Birla Group.

    • 07 Aug 2014
  • HCP Global packages $380m, eyes US

    Cosmetics packager HCP Global is targeting a US syndication for a $380m financing, banking on a strong reception from a market that is happy to invest in cov-lite deals. The facility is split into three and has a trio of banks at the top level.

    • 07 Aug 2014
  • Pelindo $1bn loan to feature greenshoe

    Pelabuhan Indonesia II’s $1bn five year loan,, which has been in gestation since May, will now also include a greenshoe option of $275m.

    • 07 Aug 2014
  • Huvepharma set to close tighter with €275m loan

    Bulgarian animal drugs firm Huvepharma is due to close its €275m acquisition loan by the end of Wednesday, with pricing expected to tighten on the deal.

    • 06 Aug 2014
  • Materis Chryso joins Materis Paints in widening prices for lenders

    Materis Chryso, the French admixture producer for concrete and cement, has widened the margin on its €165m seven year term loan ‘B’, after lenders pushed back on pricing.

    • 06 Aug 2014
  • In wake of BSkyB deal, loans bankers await next big takeover

    While there are no clear signs as yet of a big, investment grade M&A driven deal to follow last week’s BSkyB package, bankers say there is no shortage of potential activity — and what comes through in the loans market could provide good margins.

    • 05 Aug 2014
  • Investors win better terms on Materis Paints’ refi deal

    Materis Paints has reduced the size of its seven year term loan ‘B’ from €292m to €267m and flexed pricing on the facility, in the first sign of a successful push-back from investors after weeks of borrower-friendly terms on new issues.

    • 05 Aug 2014
  • Telefónica launches bid for Vivendi’s GVT unit

    Spain’s Telefónica and Telefónica Brasil have launched a R$20.1bn (€6.7bn) acquisition offer for Vivendi’s Brazilian unit Global Village Telecom.

    • 05 Aug 2014
  • Minacs $150m LBO loan closes with five

    Bookrunners and mandated lead arrangers DBS and ING have closed a $150m loan that was issued to back the leveraged buyout of Minacs, the business process outsourcing unit of Indian company Aditya Birla Group.

    • 05 Aug 2014
  • Thirasilpa joins DNB Markets as Director of fixed income origination

    Jo Jo Thirasilpa has joined DNB Markets, the Norwegian investment bank, where he will work as a director in fixed income origination team in London.

    • 04 Aug 2014
  • Huvepharma to finalise pricing on Tuesday

    Bulgarian animal drugs firm Huvepharma is set to announce a final price structure on its €275m acquisition loan this Tuesday.

    • 04 Aug 2014
  • Qingdao Develop Way mines for $120m three year

    Chinese commodity trader Qingdao Develop Way Industrial Co has opened up a $120m three year loan with Deutsche Bank as the mandated lead arranger and bookrunner. The loan comes with three guarantors as well as security-based on Glencore China’s accounts receivables.

    • 04 Aug 2014
  • HCP Global woos US investors for $380m loan

    Cosmetics packager HCP Global is targetting a US syndication for a $380m financing, banking on a strong reception from a market that is happy to invest into cov-lite deals. The facility is split into three facilities and has three banks at the top level.

    • 01 Aug 2014