Leveraged Loans - All Articles

  • GTech gets €800m loan the day before downgrade

    GTech, the Italian gambling equipment maker, completed an €800m term loan on Friday last week, the day before Standard & Poor’s and Moody’s downgraded it to junk.

    • 30 Jan 2015
  • Sterling cov-lite finds some friends, but product's viability remains a doubt

    Mid-market sterling cov-lite seems to have made it over the line this week, with Sky Bet set to close books on Friday, Northgate having been allocated and Advanced Computer Solutions preplacing the sterling tranche of its acquisition facility.

    • 29 Jan 2015
  • Solenis closes €85m loan, with increase and tight OID

    Solenis, the US chemicals producer, has closed books on an €85m six year term loan that backs its acquisition of Clearwater Specialties, increasing the facility by €10m.

    • 29 Jan 2015
  • Wittur guides its price as Bain bags TI Automotive

    Wittur, the German lift components producer, set price guidance for its €285m ($322.23m) acquisition loan at a London bank meeting on Monday, a day before its new private equity owner, Bain Capital, added TI Automotive to its portfolio.

    • 29 Jan 2015
  • Second lien gets kicking from unitranche but US offers hope

    The European second lien leveraged loan market has had a rough start to the year. Low volumes, due to unattractive pricing and competing junior debt products, have made it a tough sell to subordinated debt investors.

    • 29 Jan 2015
  • UBS plans to rebuild European levfin after senior exodus

    After a brutal year in 2014, in which several senior staff were cut or left the bank, UBS’s European levfin business has a fixer in the shape of Jim Boland.

    • 29 Jan 2015
  • Sky Bet widens margin as deadline for £340m loan approaches

    UK online gambling business Sky Bet has widened the margin on its £340m leveraged loan by 25bp as the deal nears its deadline for commitments.

    • 29 Jan 2015
  • Advanced Computer Solutions has to widen dollar loan pricing in weak market

    Advanced Computer Solutions, the UK software and IT services provider, has widened pricing on the dollar tranches of its £498.5m acquisition loan, in response to weak market conditions in the US.

    • 29 Jan 2015
  • Loan gaffe won’t take sheen off Pelindo II

    Pelabuhan Indonesia II (Pelindo II) surprised loans bankers this week with its decision to limit a $1bn borrowing to just over half that amount, causing the cancellation of general syndication. This was just the latest twist for a loan that has been anything but straightforward, though the outcome is unlikely to hurt the borrower in the long run.

    • 29 Jan 2015
  • Haier International breezes to $360m as nine come in

    Chinese consumer electronics appliance maker Haier International has allocated its three year facility at a larger-than-launch size of $360m. The borrower’s relationship banks came in with big tickets, encouraged by the company's growth potential and leading position in China.

    • 29 Jan 2015
  • Solenis closes €85m loan with increase and tight OID

    Solenis, the US chemicals producer, has closed books on an €85m six year term loan that backs its acquisition of Clearwater Specialties, increasing the facility by €10m.

    • 28 Jan 2015
  • Moulton makes no apology to MPs for using secured loan for City Link

    Jon Moulton, founder of Better Capital, gave a robust defence of his firm’s handling of the collapse of City Link, the UK deliveries company, before a parliamentary committee on Tuesday.

    • 28 Jan 2015
  • Corporate debt vaults over Greece, investors hungry for risk

    Europe’s corporate bond market has reacted with cautious optimism to Syriza’s victory in the Greek general election on Sunday.

    • 28 Jan 2015
  • Wittur guides pricing at bank meeting as Bain wins TI Automotive

    Wittur, the German lift components producer, set price guidance for its €285m acquisition loan at a London bank meeting on Monday, only a day before its new private equity owner, Bain Capital, added TI Automotive to its portfolio.

    • 27 Jan 2015
  • Second lien gets kicking from unitranche, but US offers hope

    The European second lien leveraged loan market has had a rough start to the year. Its low volumes, due to unattractive pricing and competing junior debt products, have made it a tough sell to subordinated debt investors.

    • 27 Jan 2015
  • Indonesia Exim returns with $600m RFP

    Indonesia Eximbank has issued a request for proposals for a $600m dual-tranche facility, with an option of increasing the loan size to $750m.

    • 27 Jan 2015
  • Tikehau makes big name hire with Jean-Pierre Mustier

    After more than a decade at the forefront of European investment banking, Jean-Pierre Mustier has become one of five partners at Tikehau, the French investment fund. The hire will bring Tikehau a new level of prominence after a period during which it has grown in the expanding field of direct lending.

    • 26 Jan 2015
  • For loans, Greece means: keep calm and carry on

    Loans bankers are confident their market will not be stopped in its tracks by Syriza coming to power in Greece, though if relations with the EU turn sour, pricing for peripheral borrowers might not continue to tighten as expected this year.

    • 26 Jan 2015
  • CVC hires top ING banker to lead Dutch drive

    CVC has hired Ivo Lurvink as a partner in its Amsterdam office, where he will head the private equity firm’s Dutch operations.

    • 26 Jan 2015
  • Wittur starts marketing €485m loan, bond for buyout

    Wittur, a German lift components maker, is holding a London bank meeting today as it markets a €485m debt package to investors.

    • 26 Jan 2015
  • For corporate debt, Greece means: keep calm and carry on

    Corporate debt bankers and investors are taking Syriza’s victory in Sunday’s Greek general election in their stride.

    • 26 Jan 2015
  • Indonesia's Pelindo II scraps general, cuts loan size

    In the latest twist in the saga of port services provider Pelabuhan Indonesia II’s $1bn loan, the borrower has decided to scrap general syndication and limit the deal to $550m which had already been prefunded by the seven banks leading the transaction.

    • 26 Jan 2015
  • KKR intercepts Trainline.com float with knockout all-equity bid

    KKR, the US private equity firm, surprised the UK equity markets on Thursday morning as it announced its takeover of Trainline.com, the train ticketing website that had a fortnight ago expressed its intention to float in London.

    • 22 Jan 2015
  • Angus Chemicals makes euro shift on $505m loan

    Angus Chemicals, the US chemicals producer, is closing books on its $505m leveraged loan, the first of the year, having made a small shift in favour of euros on the crossborder transaction.

    • 22 Jan 2015
  • SIG launches its €2.3bn loan, in first big buyout financing of 2015

    SIG Combibloc, the Swiss drinks carton maker, has launched the long-awaited €2.265bn loan backing its acquisition by Onex, in the largest European leveraged takeover financing of the year so far.

    • 22 Jan 2015
  • KKR intercepts Trainline float with knockout all-equity bid

    KKR, the US private equity firm, surprised the UK equity markets on Thursday morning as it announced its takeover of Thetrainline.com, the train ticketing website that had a fortnight ago expressed its intention to float in London.

    • 22 Jan 2015
  • Fresenius quick to cut loan margins right after winning investment grade

    Fresenius, the German medical care company, launched a loan refinancing project of around €3bn only two days after Standard & Poor’s upgraded it to investment grade.

    • 22 Jan 2015
  • Loan lenders stay snug in UPC as bond market picks up slack

    The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies.

    • 22 Jan 2015
  • BNP Paribas inches toward levfin-high yield merger

    BNP Paribas is preparing a reorganisation of its leveraged finance and high yield teams, as part of the reordering of its corporate and institutional bank that has taken place since Yann Gérardin took over as its head in October. Market participants believe some job cuts are possible.

    • 22 Jan 2015
  • Loans, news in brief — January 22, 2015

    Four Seasons Health Care — Gazprom — Angola — Addnode Group

    • 22 Jan 2015
  • Loan lenders stay snug in UPC, while bond market picks up slack

    The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies.

    • 22 Jan 2015
  • CNS returns for refi after acquisition flop

    Taiwanese cable television operator China Network Systems (CNS) is in the market with a NT$46.742bn ($1.53bn) seven year multi-tranche loan. CNS’s sponsor MBK had originally picked Taiwan’s Wei family to acquire the company in August last year but subsequent scandals surrounding the buyer prevented the deal from going through.

    • 22 Jan 2015
  • Indonesian Royal Industries plants $300m facility

    Privately-owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.

    • 22 Jan 2015
  • MMI International hunts for $580m five year loan via senior syndication

    KKR-sponsored precision engineering company MMI International is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid.

    • 22 Jan 2015
  • Succeed Venture to raise $300m onshore

    Succeed Venture is looking to raise a $300m secured loan. In addition to offering security based on a hotel building in Shanghai, the fundraising comes backed by provisions related to the loan-to-value ratio, using the hotel’s valuation as a basis, said a banker.

    • 22 Jan 2015
  • Essar Oil drills advance payment based loan

    Oil offtaker Oil Bridge is in the market for a $180m 23 month loan. The proceeds will go to Indian integrated oil company Essar Oil, which has entered into an advance payment agreement with the offtaker. The loan comes backed by an export performance bank guarantee from State Bank of India.

    • 22 Jan 2015
  • SIG launches €2.3bn loan, first big buyout financing of 2015

    SIG Combibloc, the Swiss drinks carton maker, has launched the long-awaited €2.265bn loan backing its acquisition by Onex, the largest European leveraged takeover financing of the year so far.

    • 21 Jan 2015
  • Companies eye ECB — but risk appetite is high already

    The European Central Bank’s meeting on Thursday is the first thing corporate bond specialists have to consider this week when weighing the prospects for their market — and many see more risk of downside than upside.

    • 21 Jan 2015
  • Four Seasons Health Care flips revolver into £40m term loan

    Four Seasons Health Care, the UK private health care provider, has switched an undrawn revolving facility into a £40m super-senior three year term loan.

    • 20 Jan 2015
  • MMI International firming up senior group for $580m

    KKR sponsored precision engineering company, MMI International, is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid.

    • 20 Jan 2015
  • Credit Suisse moves fixed income bosses as Corson takes “blue sky” role

    Credit Suisse has reshuffled senior members of its fixed income department, freeing up Chris Corson, the former global head of emerging markets, for a role understood to be about “blue sky thinking across the business”.

    • 19 Jan 2015
  • Fresenius quick to cut loan margins after winning investment grade

    Fresenius, the German kidney dialysis company, has seized the day, launching a loan refinancing project of around €3bn only two days after Standard & Poor’s upgraded it to investment grade.

    • 19 Jan 2015
  • Giles Borten joins ANZ’s big push

    Giles Borten, former head of EMEA levfin at UBS, has joined ANZ as global head of funds and insurance.

    • 19 Jan 2015
  • Indonesia’s Royal harvests $300m loan in senior

    Privately owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.

    • 19 Jan 2015
  • Tata Steel allocates $3.1bn among 34 lenders

    A $3.1bn piece of Tata Steel’s $5.6bn multi-trancher was signed in December with 34 lenders. The deal has been singled out for praise by many loans bankers for its structuring that led to success despite the borrower operating in the troubled steel sector.

    • 16 Jan 2015
  • Private equity hot for tech, investors unsure

    European leveraged finance investors are having to get to grips with a new and challenging sector, as a spate of buyouts of technology companies is coming to market - and some investors are anxious that they lack the skills to analyse these credits.

    • 15 Jan 2015
  • Exact Holdings negotiates European tech scepticism

    Exact Holdings, the Dutch software company, held bank meetings for its $460m acquisition loan in New York on Monday, and then presented the deal to European investors in London on Wednesday, a lender base that is usually more chary of the tech sector than its US peer.

    • 15 Jan 2015
  • Sky Bet improves odds on £390m cov-lite loans

    Online gambling business Sky Bet laid out price guidance on its £390m ($591.6m) acquisition loan at a bank meeting on Tuesday, where some investors were swayed after initially being sceptical of the deal.

    • 15 Jan 2015
  • Liberty Global shifts UPC loans to Ziggo for merger

    Liberty Global, the European cable investment group, on Tuesday laid out to lenders the terms of a complex refinancing process which will combine the debt of two merging Dutch subsidiaries, UPC Netherlands and Ziggo.

    • 15 Jan 2015
  • Host Europe sweetens £535m Intergenia loan with covenant

    German online hosting provider Host Europe set out price guidance on £535m-equivalent of leveraged loans on Thursday, as part of its acquisition of Intergenia.

    • 15 Jan 2015
  • Loans, news in brief — January 15, 2015

    Cinven — Stanbic Uganda — Pirelli — Huhtamaki

    • 15 Jan 2015
  • SIG Combibloc sets bank meetings for levfin’s first jumbo deal of 2015

    After a flurry of mid-market leveraged financings, investors are now preparing for the first large cap deal of the new year. SIG Combibloc, the Swiss drinks carton maker, has invited lenders to bank meetings in London and New York.

    • 15 Jan 2015
  • ANZ steps up in acquisition fin as Asian M&A into Oz revs up

    Australia and New Zealand Bank is making a concerted push into acquisition finance in the region as it looks to capitalise on the trend of Asian companies acquiring Australian targets. Underlining the importance of this business, the firm has promoted Damien Ng to head of loan syndications — specialised and acquisition finance.

    • 15 Jan 2015
  • Japanese banks clinch mandates for two Indian deals

    India’s Bharat Petroleum Corp (BPCL) and Steel Authority of India (Sail) have mandated one Japanese bank each for their loans, according to bankers.

    • 15 Jan 2015
  • Liberty Global shifts UPC loans to Ziggo as units merge

    Liberty Global, the European cable investment group, laid out to lenders yesterday the terms of a complex refinancing process, which will combine the debt of two Dutch subsidiaries, UPC Netherlands and Ziggo, which are merging.

    • 14 Jan 2015
  • All systems go as bonds, high yield, levloans hit full speed

    After a gentle start, corporate bond issuance is zooming ahead in top gear in Europe, with both spreads and yields at or near record lows.

    • 14 Jan 2015
  • Exact Holdings markets loan in US to more tech-savvy investors

    Exact, the Dutch software company, has returned from a New York bank meeting for its $460m acquisition loan on Monday, to prepare for a London presentation to European investors who are usually more chary of the tech sector than their US peers.

    • 13 Jan 2015
  • Lloyds staffs up loan markets team with four appointments

    Lloyds Bank has made four appointments to its loan markets team – the first since its recent merger of its leveraged loans and high yield businesses.

    • 12 Jan 2015
  • Host Europe hopes to rely on friendly banks with £535m Intergenia loan

    German online hosting provider Host Europe will launch £535m-equivalent of leveraged loans this week, most likely on Monday afternoon, as part of its acquisition of Intergenia.

    • 12 Jan 2015
  • Invitations out for Casetek $300m revolver

    Taiwanese computer casings maker Casetek has sent out invitations for its latest loan of $300m. The loan is being arranged by Australia and New Zealand Bank and DBS.

    • 12 Jan 2015
  • Indonesia's Pelindo II proposes looser terms on $1bn loan

    Port services provider Pelabuhan Indonesia II’s (Pelindo II) has asked banks lending to a $1bn loan to accept looser covenants on the borrowing. The changes come as the company is eyeing a bond issue that would increase debt on its books and make it difficult for it to meet the current loan conditions.

    • 09 Jan 2015
  • Corporate debt: Levfin poised for bumper 2015 but battle over terms still rages

    With big M&A deals stored up and issuance expected to increase, 2015 has all the ingredients of a blockbuster year for leveraged loans. But with US regulation looming over the market and the prospect of more volatility over terms, stumbling blocks abound, writes Ross Lancaster.

    • 09 Jan 2015
  • Angus Chemicals kicks off levfin year with $505m cross-border loan and bond

    US chemicals producer Angus Chemicals will hold a bank meeting in London on Thursday for the first leveraged loan of the year, a $505m-equivalent cross-border deal that backs its buyout by Golden Gate Capital. It could benefit from a technical opportunity in the European market.

    • 08 Jan 2015
  • Leveraged loans emerge from the pipeline after equities fall

    Europe's leveraged loan market has a pipeline of deals to execute this January after arrangers left their desks for Christmas anticipating a hefty volume of jumbo deals to start the New Year. Despite a drab two days in equity markets not providing the sunniest of openings, deals are beginning to flow out.

    • 08 Jan 2015
  • Sky Bet rolls the dice on sterling cov-lite with £390m buyout loans

    The £390m acquisition loan backing CVC’s buyout of Sky Bet, the online gambling arm of television group Sky, will be launched on Friday. It is the second ever all-sterling leveraged finance deal with a covenant-lite term sheet, bankers said.

    • 08 Jan 2015
  • Europe levfin asks: will we be regulated too?

    With regulation of the leveraged finance market in the US biting ever harder into banks' freedom of action, high yield market participants in Europe are beginning to look ahead to a future in which regulation could come to Europe, too.

    • 08 Jan 2015
  • Sky Bet rolls dice on sterling cov-lite with £390m loan

    The £390m acquisition loan backing CVC’s buyout of Sky Bet, the online gambling arm of television group Sky, will be launched today. It is the second ever all-sterling leveraged finance deal with a covenant-lite term sheet, bankers said.

    • 08 Jan 2015
  • Chinese real estate sector under pressure as Kaisa default looms

    All eyes are on Chinese real estate developers this week as the bond market braces itself for the sector's first offshore bond default, write Rev Hui and Shruti Chaturvedi.

    • 08 Jan 2015
  • Angus Chemicals kicks off levfin year with $505m crossborder loan

    US chemicals producer Angus Chemicals will hold a bank meeting in London on Thursday for the first leveraged loan of the year, a $505m-equivalent deal that backs its buyout by Golden Gate Capital.

    • 07 Jan 2015
  • Corporate funding begins as Danone leads the way

    The European corporate bond new issue market, like other bond markets, has been slow to get off the ground this year, with an awkward public holiday across much of Europe on Tuesday apparently delaying business until mid-week.

    • 07 Jan 2015
  • Leveraged loans wait in the pipeline as equities fall

    Europe's leveraged loan market has a pipeline of deals to execute this January after arrangers left their desks for Christmas anticipating a hefty volume of jumbo deals to start the New Year. But a drab two days in equity markets has not provided the sunniest of openings.

    • 06 Jan 2015
  • Allocations out for HCP’s $360m loan

    Cosmetics packaging company HCP Global's $360m dividend recapitalisation loan for sponsor TPG has been allocated among 13 banks.

    • 06 Jan 2015
  • Updated: Casetek sounding out banks for borrowing

    Taiwanese computer casings maker Casetek has picked two banks to arrange its latest fundraising, said bankers.

    • 06 Jan 2015
  • Stellar response for Forbes Bumi Armada $290m loan

    Lenders have clambered on board Forbes Bumi Armada Offshore’s $290.4m nine year project financing loan, with the backing of sponsor ONGC and joint venture partner Shapoorji Pallonji Group luring them in.

    • 05 Jan 2015