Leveraged Loans - All Articles

  • Orion Engineered Carbons pulls repricing in fourth casualty this month

    Orion Engineered Carbons has become the fourth company to pull a leveraged loan this month, as Greek-induced volatility batters the market.

    • 30 Jun 2015
  • SMBC buys GE Capital’s $2.2bn European loan portfolio

    Sumitomo Mitsui Banking Corp has increased its commitment to European leveraged finance, buying a $2.2bn portfolio of leveraged buyout loans from GE Capital.

    • 30 Jun 2015
  • Asian loans round-up: China Banking Corp, China Leading and Ying Li

    Philippine lender China Banking Corp (China Bank) marked the end of an eight year absence from the syndicated loans market with the signing of a $158m loan on June 25.

    • 30 Jun 2015
  • Hyva Global opts for smaller $275m club

    A loan that had been in syndication since April from Hyva Global has been turned into a smaller club deal, but some lenders said weak sales in China prompted them to stay away.

    • 29 Jun 2015
  • Zhuhai HK$1bn nets two early birds

    Port and ferry service provider Zhuhai Holdings Investment, which is seeking a HK$1bn ($128m) borrowing in general, has received commitments from two banks.

    • 26 Jun 2015
  • Douglas squirms as levfin buyers use Greek volatility to fight back

    Douglas Holding, the German perfume retailer, has become the third leveraged finance borrower this week to feel the lash of investors' anxiety about Greece, as it widened pricing on its €1.22bn loan.

    • 25 Jun 2015
  • Undeterred by Ufinet, Orion tries for a reprice in a volatile market

    Orion Engineered Carbons, the German carbon black producer, is seeking a margin cut on a leveraged loan, just as the market's repricing wave appears to be ending.

    • 25 Jun 2015
  • Ufinet becomes second pulled levloan this June

    Ufinet, the telecoms unit of Gas Natural Fenosa (formerly called GNF Telecom), has pulled a repricing of its €295m leveraged loan, in a sign that the market's repricing wave may be breaking.

    • 25 Jun 2015
  • Douglas leads lev finance capitulation to Greek angst

    Douglas Holding was forced to rejig a €2bn financing for its buyout by CVC late on Thursday, as volatility ripped through leveraged finance markets, write Ross Lancaster and Victor Jimenez.

    • 25 Jun 2015
  • Sunrise Medical's second lien goes to private buyer

    Sunrise Medical, a German wheelchair maker, is holding a bank meeting on Friday to market a €315m acquisition loan. Like many leveraged finance borrowers this year, it has pre-placed the second lien.

    • 25 Jun 2015
  • Loans, news in brief — June 26, 2015

    Constantia —Nokia — BB Energy — Ferrero — Kernel

    • 25 Jun 2015
  • Constantia becomes second pulled levloan repricing of the week

    Constantia Flexibles has become the second borrower to pull a repricing from the leveraged loan market this week, as investors call time on the surge of such deals.

    • 25 Jun 2015
  • British Airways closes $1.75bn refi

    British Airways has completed refinancing $1.25bn of credit facilities and has increased the loans to $1.75bn.

    • 25 Jun 2015
  • Undeterred by Ufinet, Orion Engineered Carbons tries for repricing

    Orion Engineered Carbons, the German carbon black producer, is seeking a margin cut on a leveraged loan, just as the market's repricing wave appears to be ending.

    • 25 Jun 2015
  • Fewer SE Asia loans free up room for Mekong firms

    The southeast Asia loan pipeline has been underwhelming so far this year. But the overall quietness is benefiting deals from Mekong countries, as banks are keen to maintain a certain exposure to the region, writes Shruti Chaturvedi.

    • 25 Jun 2015
  • Sunrise Medical's second lien tranche finds private buyer

    Sunrise Medical, a German wheelchair maker, will hold a bank meeting on Friday to market a €315m acquisition loan. Like many leveraged finance borrowers this year, it has preplaced the second lien.

    • 24 Jun 2015
  • Country Garden digs for $400m refi in general

    Chinese property developer Country Garden Holdings has returned to the loan market for a $400m refinancing loan. The borrowing, which comes about six months after the company raised a club loan of HK$4.5bn ($580m), is set to test the appetite among banks for well-known property names out of the mainland.

    • 24 Jun 2015
  • E-Land World takes home $300m

    Women’s clothing maker E-Land World has increased the size of its latest fundraising to $300m, from $200m as Gulf, Hong Kong and Taiwan lenders threw their weight behind the deal, allowing the borrower to benefit from the excess liquidity.

    • 24 Jun 2015
  • Margin details emerge for BRI’s $550m triple trancher

    Details on the margin for Bank Rakyat Indonesia’s (BRI) $550m borrowing have come to light. Although at this point the loan is likely to wind up as a club, some banks are keeping the possibility of further syndication open.

    • 24 Jun 2015
  • Loans crackle with life, but bonds take longer to get going

    The corporate bond market got going quickly from a standing start on Wednesday with four issuers hitting the investment grade market, emphatically ending the recent dearth of supply.

    • 24 Jun 2015
  • Ufinet becomes June's second pulled levloan deal

    Ufinet, the telecoms unit of Gas Natural Fenosa (formerly called GNF Telecom), has pulled a repricing of its €295m leveraged loan, in a sign that the market's repricing wave may be breaking.

    • 23 Jun 2015
  • Levfin bankers hope for big new debt package as Altice pounces on Bouygues

    Leveraged finance bankers said on Monday that Altice could get “financing at the drop of a hat” for a possible takeover of rival Bouygues Telecom, but added that negotiations for the deal could be hairy.

    • 22 Jun 2015
  • Indomobil triples to $300m with no scaleback

    Indomobil Finance Indonesia has tripled the size of its facility to $300m following rousing demand from banks, with the syndicate group seeing no scaleback in their final holds.

    • 22 Jun 2015
  • Levloan fears rise on Greece default threat but IG bankers shrug

    Greek drama has been little more than a sideshow for loan bankers until now, but there was no sense of complacency in the leveraged loan market this week as Greece grew more likely to default on its debt.

    • 18 Jun 2015
  • Host Europe reprices loan with oversubscribed book

    Host Europe, the German online hosting provider, has slashed margins on €406m-equivalent of leveraged loans, as an oversubscribed order book showed there was life yet in repricings.

    • 18 Jun 2015
  • Cinven's telco Ufinet seeks 50bp cut on last year's loan

    Ufinet, the telecoms unit of Gas Natural Fenosa formerly called GNF Telecom, which was bought by Cinven last year, is seeking to cut the margin on a €295m leveraged loan it allocated last July.

    • 18 Jun 2015
  • TI Automotive adds more to levfin’s late LBO spring

    TI Automotive, the UK car parts maker being bought by Bain Capital, rushed from Monday’s London bank meeting to New York to build support for a €1.07bn-equivalent acquisition loan. Bonds will follow later.

    • 18 Jun 2015
  • Mauser allowed to gear up $1.6bn levloan again

    Mauser, the German industrial packaging group, has won near-unanimous acceptance for its amendment exercise on a $1.6bn leveraged loan, originally closed last July to back its buyout by Clayton, Dubilier & Rice.

    • 18 Jun 2015
  • Loans, news in brief — June 18, 2015

    M7 — Mercuria — Mærsk — Falck Renewables — Ballast Nedam — Egyptian Fajr — Acıbadem

    • 18 Jun 2015
  • Douglas impresses investors with its €1bn acquisition loan

    Douglas Holding, the German perfumery chain, enlivened the leveraged loan market this week, launching a €1bn deal that will contribute to its buyout by CVC.

    • 18 Jun 2015
  • Douglas wins praise after bank meeting for €1bn loan

    Douglas Holding, the German perfumery chain, received a favourable initial response from investors at its Wednesday bank meeting as it launched the €1bn loan portion of its buyout debt.

    • 18 Jun 2015
  • LMA elects board members and revises African loan docs

    The Loan Market Association has added four new board members, as its membership has just surpassed 600 organisations.

    • 18 Jun 2015
  • Host Europe reprices with oversubscribed book

    Host Europe, the German online hosting provider, has slashed margins on €406m-equivalent of leveraged loans, as an oversubscribed order book showed there was life yet in repricings.

    • 18 Jun 2015
  • Three help Khmer Brewery cook up $80m fundraising

    A Cambodian borrowing has hit the offshore syndicated loan market. The $80m deal for Khmer Brewery has three banks at the helm, which are understood to be targeting banks that have an existing presence in the southeast Asian nation.

    • 18 Jun 2015
  • India property loan set to test market appetite

    A rare US dollar syndicated loan to finance a commercial real estate transaction in India has raised the tantalising prospect of more liquidity being readily available to the many foreign investors eyeing similar assets in the country. But there is no trend yet, and the deal could remain an unusual curiosity for some time, writes Shruti Chaturvedi.

    • 18 Jun 2015
  • Asia loans, news in brief, June 19, 2015

    Zhongding HK eyes €150m — China Singyes launches $150m facility — Inventec ups refi size to $480m

    • 18 Jun 2015
  • Existing lenders cough up €120m for M7's dividend recap

    M7 Group, the Luxembourg satellite and online TV broadcaster, has closed a €500m loan rollover and dividend recapitalisation.

    • 17 Jun 2015
  • China Singyes $150m loan into general, Awas wraps up with five

    Solar power company China Singyes Solar Technologies has hit the offshore loan market for a $150m three year fundraising, with two banks at the top. The loan follows on the heels of another fundraising by a company in the same industry — Xinyi Solar. But the China Singyes facility offers a substantially higher return.

    • 17 Jun 2015
  • ADM ends Europe’s corporate bond drought

    It’s been a long time since the European investment grade corporate bond new issue market fell silent for eight days, but that has just happened, as a volatile Bund market and worries about Greece’s fraught negotiations with its creditors have made issuers and investors wary of the primary market.

    • 17 Jun 2015
  • E-Land World loan a hit with banks

    Women’s clothing maker E-Land World has received a good response for its $200m dual tranche borrowing, which could lead the company to increase the facility's size. Bankers attributed the deal’s success to the company’s steady growth in China and attractive pricing.

    • 17 Jun 2015
  • TI Automotive adds to levfin’s late LBO spring

    TI Automotive, the UK car parts maker being bought by Bain Capital, is rushing from Monday’s London bank meeting to New York to build support for a €1.07bn-equivalent acquisition loan. Bonds will follow later.

    • 16 Jun 2015
  • Mauser has 'delivered', so allowed to gear up $1.6bn loan again

    Mauser, the German industrial packaging group, has won near-unanimous acceptance for its amendment exercise on a $1.6bn leveraged loan, originally closed last July to back its buyout by Clayton, Dubilier & Rice.

    • 16 Jun 2015
  • Cinven's telco GNFT seeks 50bp cut on last year's loan

    GNF Telecom, the telecoms unit of Gas Natural Fenosa which was bought by Cinven last year, is seeking to cut the margin on a €295m leveraged loan it allocated last July.

    • 15 Jun 2015
  • Douglas hopes for safe retail tag, launching €1bn loan

    Douglas Holding, the German perfumery chain, has enlivened the leveraged loan market this Monday, launching a €1bn deal that will contribute to its buyout by CVC.

    • 15 Jun 2015
  • BA seeks refi, banks await IAG

    British Airways is refinancing $1.25bn of credit facilities in a deal that is separate from the €1.4bn loan its parent company, International Airlines Group, is using to buy Aer Lingus.

    • 15 Jun 2015
  • Loan Ranger: Blue in the Deep Blue…

    Far from being the bunch of cautious stay-at-homes one might expect, it turns out that loan bankers count among their ranks some of the most fearless thrill-seekers in the capital markets.

    • 15 Jun 2015
  • United Biscuits sets out repricing on £960m LBO loan

    United Biscuits has returned to the leveraged loan market to seek a repricing of £960m-equivalent of debt it raised in December to back its buyout by Yildiz Holding, the Turkish foods group.

    • 12 Jun 2015
  • Royal Industries makes late exit with $380m

    Royal Industries Indonesia has wound up its latest borrowing at $380m. Although this figure is less than the target size of $500m, the response to the loan was fair as the leads managed to bring in new liquidity for the company, paving the way for more financings, said bankers.

    • 12 Jun 2015
  • Bank Rakyat holds meeting for $550m triple trancher

    Bank Rakyat Indonesia (BRI), which picked a consortium of 11 banks to supply its $550m financing, held a meeting for the lenders on June 8, said bankers. The Indonesian firm was initially looking for $400m but raised the size of the borrowing following a healthy response.

    • 12 Jun 2015
  • VIG uses greenshoe as banks pile in to $200m

    Real estate developer Vietnam Investment Group Joint Stock Co (VIG) has fully exercised a greenshoe on its borrowing, sealing the loan at $200m with 13 banks.

    • 12 Jun 2015
  • Minimax reprices but a minority of existing US investors refuse

    Minimax Viking, the German fire protection systems provider, has repriced dollar and euro tranches of €701m-equivalent of leveraged loans within guidance, but at different ends.

    • 11 Jun 2015
  • United Biscuits warns investors of repricing on £960m LBO loan

    United Biscuits has returned to the leveraged loan market, seeking a repricing of around £960m-equivalent of debt, raised in December to back its buyout by Yildiz Holding, the Turkish foods group.

    • 11 Jun 2015
  • Schenck Process pulls a loan refinancing and dividend recap

    Schenck Process became the latest casualty of the levfin buy side this week, as investors stood firm on the borrower's aggressive €605m leveraged loan deal.

    • 11 Jun 2015
  • Mauser seeks concessions for making loan IPO-friendly

    Mauser, the German industrial packaging group, is working to a short deadline as it amends its loan documents to make them more flexible for an IPO and a dividend payment.

    • 11 Jun 2015
  • Loans, news in brief — June 12, 2015

    CVC — Moto-Pfohe — Afreximbank — National Grid — Konecranes — Merz

    • 11 Jun 2015
  • Astaldi flags down $5bn financing for Turkish motorway

    Astaldi, the Italian construction group, has signed a $5bn financing deal with banks to back a motorway project in Turkey.

    • 11 Jun 2015
  • United Biscuits warns investors of repricing on £960m LBO loan

    United Biscuits has returned to the leveraged loan market, seeking a repricing of around £960m-equivalent of debt, raised in December to back its buyout by Yildiz Holding, the Turkish foods group.

    • 11 Jun 2015
  • Giant to prepay $850m five year facility from 2014

    Chinese online gaming company Giant Interactive, which wrapped up a $850m leveraged buyout less than one year ago, will prepay the money this month.

    • 11 Jun 2015
  • China and Hong Kong firms revive loans business

    A flurry of borrowings by companies from Hong Kong and China has revitalised the sluggish syndicated loan deal flow in the region. Bankers expect more activity out of the area with a clearer view on the renminbi, bond investors’ skittishness on high yield and access to a diverse banking group luring borrowers to syndicated loans, writes Shruti Chaturvedi.

    • 11 Jun 2015
  • Peter Higgins leaves Bluebay

    Peter Higgins, former partner and global head of long-only credit strategies at BlueBay, has left the asset management firm.

    • 10 Jun 2015
  • CVC’s €2bn Douglas loan offers welcome change from repricings

    Around €2bn of leveraged loans backing CVC’s acquisition of Douglas, the German perfumery chain, is set to hit the market. Arrangers are lined up and the buy side is craving new deals.

    • 10 Jun 2015
  • Minimax reprices but a minority of US investors refuse

    Minimax Viking, the German fire protection systems provider, has repriced both dollar and euro tranches of €701m-equivalent of leveraged loans within guidance, but at different ends.

    • 10 Jun 2015
  • Salesman turns loans trader as BNPP moves HY team

    BNP Paribas has shaken up its London high yield sales effort with several staff moves, in an efficiency drive and attempt to align cash and derivative coverage more closely.

    • 10 Jun 2015
  • Two help Hilong drill for $100m three year financing

    Oilfield equipment provider Hilong Holdings launched a $100m loan into general syndication, offering generous returns.

    • 10 Jun 2015
  • Giant said to mull $850m loan prepayment

    Rumours are swirling that Chinese company Giant Interactive, which wrapped up a $850m leveraged buyout loan only last year, is considering prepaying the money early.

    • 10 Jun 2015
  • June brings showers for investment grade, sun for high yield

    It’s official — the European corporate bond market is going through a bad patch. The market has not felt quite itself since March, but issuance held up pretty well in April and May, with about €27bn in each. Since June began, there have been just five deals, totalling €2.85bn.

    • 10 Jun 2015
  • MGM Grand amends facilities worth HK$15.6bn

    Macanese casino operator MGM China and subsidiary MGM Grand Paradise have amended and extended credit facilities raised in 2012.

    • 10 Jun 2015
  • Permira hires private credit head for direct lending fund

    Permira Debt Managers has hired David Hirschmann as head of private credit for its direct lending fund.

    • 09 Jun 2015
  • Mauser seeks concessions to make loan IPO-friendly

    Mauser, the German industrial packaging group, is working to a short deadline as it amends its loan documents to make them more flexible for an IPO and a dividend payment.

    • 09 Jun 2015
  • Schenck Process pulls loan refinancing and dividend recap

    Despite a shortage of deals, leveraged loan investors are winning some battles against aggressive borrowers. The latest casualty is Schenck Process Group.

    • 09 Jun 2015
  • Tikehau brings its first CLO with Anderson at helm

    Tikehau is marketing its first CLO, a €354.2m deal, and will price it either on Wednesday or Thursday, as the French asset manager hopes Debra Anderson's credentials will boost its CLO business.

    • 08 Jun 2015
  • Loan Ranger: JPMindyourownbusiness

    Having successfully scouted for food last week, Loan Ranger and his trusty deputies Tonto and Silver upgraded their mission to a hunt for history and then treasure.

    • 08 Jun 2015
  • Updated: Hilong drills for $100m three year

    Oilfield equipment provider Hilong Holdings has launched a $100m loan into general syndication. Two banks are arranging the loan for the company, which made its debut in the offshore syndicated loan market in 2013 and has visited annually since.

    • 08 Jun 2015
  • VIG $125m attracts diverse bank group

    Real estate developer Vietnam Investment Group Joint Stock Co (VIG) has attracted banks from several geographies, with a policy bank from China, and a prominent Malaysian lender among those said to have committed. The deal has been well received in the market as banks look to build a longer term exposure to the fast developing southeast Asian country.

    • 05 Jun 2015
  • Optimal Payments moves acquisition loans to bullet

    Optimal Payments, the Isle of Man-based secure payments provider, has guided pricing on the financing for its acquisition of Skrill, before closing the deal, and replaced amortising loans with a bullet facility.

    • 04 Jun 2015
  • Sivantos repricing its December loan

    Sivantos, the renamed spinoff of Siemens Audiology Solutions, has launched a repricing of a €785m leveraged loan backing its buyout by EQT, which closed last December.

    • 04 Jun 2015
  • Tinicum's Penn Engineering reprice convinces over 99%

    Penn Engineering had achieved almost unanimous approval for the repricing of its $465m loan and allocated the entire facility by Thursday.

    • 04 Jun 2015
  • Dell opts to increase loan to $5.28bn, reprice more gently

    Dell, the US personal computer maker, has closed books on a loan repricing and will increase the deal, although investors put the brakes on a full repricing.

    • 04 Jun 2015
  • Ineos's amend-and-extend wins fans in euros but less in dollars

    Ineos, the UK chemical company registered in Switzerland, is allocating €2bn of leveraged loans after an amend-and-extend exercise that led to a refinancing of some of its dollar debt.

    • 04 Jun 2015
  • Investors rip up Valeo white list in levfin fightback

    Leveraged finance investors have claimed a victory against borrowers by forcing Valeo Foods to back down on aggressive transferability restrictions that pushed their patience too far in an already hot market, Ross Lancaster reports.

    • 04 Jun 2015
  • SC Lowy hires Nasser to lead European high yield trading push

    SC Lowy, the Hong Kong-based investment bank specialising in fixed income, has hired Hussein Nasser as head of European bond trading, with a remit to expand its high yield business.

    • 04 Jun 2015
  • Dell opts to increase loan to $5.28bn, reprice more gently

    Dell, the US personal computer maker, has closed books on a loan repricing and will increase the deal, although investors put the brakes on a full repricing.

    • 04 Jun 2015
  • Tinicum's Penn Engineering convinces over 99% with repricing

    Penn Engineering has achieved almost unanimous approval for the repricing of its $465m loan and aims to allocate the entire facility by today.

    • 04 Jun 2015
  • World Peace seeks NT$6bn in two currencies

    Taiwanese electronic components distributor World Peace Group is back in the market for a borrowing of NT$6bn ($195m). Banks have already put in their proposals for the loan and the mandate is likely to be decided by the end of June.

    • 04 Jun 2015
  • Ineos's amend-and-extend wins fans in euros, less in dollars

    Ineos, the UK chemical company registered in Switzerland, is allocating €2bn of leveraged loans after an amend-and-extend exercise that led to refinancing some dollar debt.

    • 03 Jun 2015
  • Choppy waters for corporate bonds as Bund curve heaves

    Europe’s bond market has been a tricky place for corporate issuers this week, with volatile interest rates making investors reluctant to buy new paper.

    • 03 Jun 2015
  • Zhuhai sets sail for HK$1bn loan

    Port and ferry service provider Zhuhai Holdings Investment has unfurled an HK$1bn ($128m) borrowing in general. Interested banks will get a chance to review the company’s operations in its home city of Zhuhai.

    • 03 Jun 2015
  • Sivantos launches repricing of December loans

    Sivantos, the renamed spinoff of Siemens Audiology Solutions, has launched a repricing of a €785m leveraged loan backing its buyout by EQT, which closed last December.

    • 02 Jun 2015
  • Goldman Sachs high yield trader jumps to distressed

    European high yield credit has lost a key market-making banker, say sources, as Goldman Sachs has moved a big name trader to its distressed business.

    • 01 Jun 2015
  • Europcar launches €475m IPO after buoyant results

    Europcar began premarketing its IPO on Monday, seeking to raise €475m of primary proceeds to cut a €2.2bn debt load, as well as some secondary proceeds to be decided later.

    • 01 Jun 2015
  • Valeo Foods closes books for punchy sponge cake acquisition

    Valeo Foods, the Irish food producer, has closed books on a €595m loan to finance its acquisition of Balconi and refinance debt.

    • 01 Jun 2015
  • Optimal Payments shifts acquisition loans to bullet

    Optimal Payments, the Isle of Man-based secure payments provider, has repriced the financing for its acquisition of Skrill, before closing the deal, and replaced amortising loans with a bullet facility.

    • 01 Jun 2015
  • Loan Ranger: May the flu be with you

    After a five week trip, the Loan Ranger is back and has been in detox. The hallucinations have finally worn off. How has everyone been and what has he missed?

    • 01 Jun 2015
  • Indomobil $100m loan gets heavy oversubscription

    A $100m loan for Indomobil Finance Indonesia, which launched into general syndication on April 14, has seen commitments of 1.6x in general syndication. Banks that missed out on participating in the company’s last deal are eager to get a piece this time, driving up the numbers.

    • 01 Jun 2015
  • Retail banks benefit from big sell-down on MMI

    MMI International’s $580m five year borrowing has been allocated, with 11 banks joining the mandated lead arrangers and bookrunners during general. Taiwanese banks, which covered the entire retail portion of the syndication, were not left disappointed with their allotments as one of the MLABs sold down a sizeable amount.

    • 01 Jun 2015