Leveraged Loans - All Articles

  • Loans, news in brief — August 28, 2015

    Asklepios — ECOM — Abraaj — JLIF — Albaraka Türk — Kenya Pipeline Co — Kernel — Nibulon

    • 27 Aug 2015
  • Junior debt comes of age in Korea amid Tesco spin-off

    A large financing for the acquisition of Tesco’s South Korean asset, Homeplus, has created a stir in the market, coming amid a dearth of private equity-backed leveraged deals in Asia. But the role of foreign banks may be limited by abundant onshore liquidity and the presence of domestic funds, which are keen to take on junior debt, writes Shruti Chaturvedi.

    • 27 Aug 2015
  • Mizuho acquisition finance team adds one

    Mizuho has bolstered its corporate acquisition finance team with a new hire as it strengthens its Asian capabilities.

    • 27 Aug 2015
  • Reliance Industries prepares mandate for $1.5bn refi

    Indian conglomerate Reliance Industries is understood to be close to choosing the mandated lead arranger and bookrunner group for a loan that will refinance a $1.5bn facility it raised three years ago.

    • 27 Aug 2015
  • China’s Yingde Gases rolls out $150m fundraising

    China's Yingde Gases Group is tapping the offshore syndicated loan market for a $150m deal. The firm, which earns revenues in renminbi and serves customers in the iron and steel industry, is offering lenders generous returns.

    • 26 Aug 2015
  • Banks line up junior debt tranches for Tesco Korea sale

    Financing for three rival bids to acquire Tesco’s South Korean asset Homeplus feature a senior-junior split, according to market sources. One of the contenders is also said to have secured a letter of commitment from a local pension fund, considered unusual as such funds usually throw their weight behind bidders once they have emerged as the winner.

    • 25 Aug 2015
  • Abraaj finalises private equity fund focused on Africa

    The Abraaj Group has raised $375m for its second fund dedicated to North Africa, as the private equity firm continues to pursue investment opportunities on the continent.

    • 24 Aug 2015
  • Loans round-up: Ciro’s Plaza, Aboitiz, Nine Dragons

    Banks are processing approvals for a loan of around $300m to back the purchase of Ciro’s Plaza in Shanghai.

    • 24 Aug 2015
  • Tata Power’s Khopoli picks six for $300m refi

    Tata Power's subsidiary Khopoli Investments is making a quick return to the loan market, mandating six lenders to arrange a $300m refinancing.

    • 21 Aug 2015
  • Equistone funds takeover with €125m loan

    Equistone Partners Europe has acquired a majority stake in TriStyle Mode, the German women’s fashion group, with funding from a club of five banks.

    • 20 Aug 2015
  • Philips unit buyout loan sparks debate

    A $1.5bn chunk of financing backing the acquisition of the LED and automotive lighting division of Dutch company Philips has become a talking point because of its low amortisation and seven-year tenor. Syndication has closed for the deal, but it was too aggressive for some, as Shruti Chaturvedi reports.

    • 20 Aug 2015
  • Banks look to widen syndicate for Yuexiu Reit facility

    The two leads on Yuexiu Real Estate Investment Trust’s (Reit) financing for its acquisition of Hongjia Tower in Shanghai are inviting lenders to join the syndicate.

    • 20 Aug 2015
  • Asia loans news in brief, August 21, 2015

    Trio to arrange $500m for SBI — NewOcean Energy returns for $170m — China duo clinch $1.1bn Wuxi take-private loan — Tiphone out for $184m — Kingboard to increase from HK$5bn

    • 20 Aug 2015
  • European leveraged loan market in repricing frenzy

    Repricing activity dominated the leveraged loan market in Europe in the second quarter of this year, a new study has suggested.

    • 19 Aug 2015
  • Bonds take break as loans and levfin gear up for business

    Europe’s corporate bond market is catching its breath before an expected power dash of deals, but the loan market continues to bring deals and leveraged borrowers are gearing up for a big push on acquisitions.

    • 19 Aug 2015
  • Chinese pair picked for $1.1bn Wuxi PharmaTech loan

    Shanghai Pudong Development Bank and Ping An Bank have been picked as underwriters and mandated lead arrangers to a $1.1bn loan for the take-private of New York-listed Wuxi PharmaTech.

    • 19 Aug 2015
  • IMCD increases loans to achieve greater flexibility

    IMCD Group, the Dutch speciality chemicals firm, has amended and extended its existing loan facilities to achieve the financial flexibility that may enable it to pursue acquisitions in the future.

    • 18 Aug 2015
  • Apax buys IPO hopeful FullBeauty

    Apax is acquiring a majority stake in FullBeauty Brands, the US plus-size fashion retailer, and has obtained the commitment of four banks to the deal’s debt financing.

    • 18 Aug 2015
  • Wade to head Apac debt syndicate at Natixis

    John Wade, the head of syndicate and MTNs, Asia Pacific at Natixis will also head loan distribution in the region for the bank from September.

    • 18 Aug 2015
  • Tiphone dials up $184m three year dual trancher

    Tiphone Mobile Indonesia has hit the market for a dual currency financing of $184m, with four mandated lead arrangers and bookrunners. The leads have gone out to a limited number of banks for syndication.

    • 18 Aug 2015
  • Philips unit buyout loan closes with quartet joining

    Syndication has closed for a $1.5bn portion of a $1.93bn financing for the acquisition of Dutch company Philips’ LED component and automotive lighting business.The deal became a talking point among bankers, as it featured very low amortisation and a seven year tenor, which was considered aggressive by some.

    • 18 Aug 2015
  • China’s Luxshare Precision plugs in for $200m

    Notebook parts maker Luxshare Precision Industry is in the market for a $200m revolver, with one bank at the helm. The Shenzhen-listed borrower is paying generous all-ins for the borrowing, which comes with a $100m greenshoe.

    • 17 Aug 2015
  • BNP Paribas loan syndications team gets one

    BNP Paribas has hired an associate for its southeast Asia loans team, GlobalCapital Asia understands.

    • 17 Aug 2015
  • Zhongsheng upsizes $250m in three currencies

    Chinese automobile dealer Zhongsheng Group Holdings has increased the size of its borrowing to $250m from the launch of $150m, raking in plenty of demand from lenders during general syndication. The borrower decided to diversify the set of currencies to include euros and Hong Kong dollars, as it wanted to limit its US dollar exposure in a depreciating renminbi environment.

    • 17 Aug 2015
  • Wittur and Sematic putting feelers out for merger debt

    Bain Capital-owned Wittur, the German lift components producer, has alerted lenders that a financing package backing its merger with Sematic is on the way.

    • 13 Aug 2015
  • Leveraged loans have sagged and September looks sluggish

    The middle of August is an acceptable time to be quiet if you are a leveraged loan banker or investor, but as dealflow dwindles, many are reflecting on a disappointing year.

    • 13 Aug 2015
  • Early birds catch the worm of Côte's LBO syndication

    Côte Restaurants, the UK chain of French-styled restaurants being bought out by BC Partners, has avoided general syndication and allocated a £138m leveraged loan with early bird lenders.

    • 13 Aug 2015
  • Leveraged loans have sagged and September looks sluggish

    The middle of August is an acceptable time to be quiet if you are a leveraged loan banker or investor, but as deal flow dwindles, many are reflecting on a disappointing year.

    • 13 Aug 2015
  • Steady demand drives Dongfeng Peugeot to Rmb1bn

    Dongfeng Peugeot Citroën Auto Finance Co has increased the size of its latest loan to Rmb1bn ($158m) from a launch size of Rmb800m, after 14 lenders came in during general syndication. The borrower’s strong market position helped whip up interest, said bankers.

    • 13 Aug 2015
  • Yingda Intl Leasing seeks Rmb500m three year facility

    Yingda International Leasing, a company owned equally by General Electric and China’s State Grid Corp, is raising a Rmb500m ($82m) three year borrowing. The deal comes with a greenshoe that allows the bookrunners to double its size to Rmb1bn.

    • 13 Aug 2015
  • Duo helps VietinBank hunt for $100m three year bullet

    VietinBank, one of the four largest state owned commercial lenders from Vietnam, is accessing the offshore syndicated loan market for the third time this year, via a $100m three year that is now in general syndication. The margin on the loan is below 200bp.

    • 13 Aug 2015
  • Wittur and Sematic prep merger debt

    Bain Capital-owned Wittur, the German lift components producer, has alerted lenders that a financing package backing its merger with Sematic is on the way.

    • 12 Aug 2015
  • Medical Properties’ €500m crossover bond presages more supply

    Medical Properties Trust, a US Reit, has proved that there is life in the European corporate bond market, even in the depths of August, by launching today a €500m deal, bringing to fruition a roadshow it held as long ago as May.

    • 12 Aug 2015
  • Dongfeng Peugeot cruises to larger Rmb1bn

    Dongfeng Peugeot Citroën Auto Finance Co has increased the size of its latest loan to Rmb1bn ($158m) from a launch size of Rmb800m, as 14 banks piled in during general syndication. The borrower’s strong market position helped whip up interest, according to bankers.

    • 12 Aug 2015
  • BRI ready to go into wider syndication in September

    A $550m borrowing for Bank Rakyat Indonesia’s (BRI), which is due to be prefunded by a club of 11 banks, is expected to go into general syndication. Lenders are waiting for Bank Indonesia approval and are targeting signing by the end of August, with the first drawdown in the first week of September.

    • 12 Aug 2015
  • Zhongding to use full greenshoe, as Pan Brothers' rakes in commitments

    A Standard Chartered led borrowing for automobile parts maker Zhongding Hong Kong will see the company fully exercise a greenshoe, taking the loan size to €150m ($165m). Eight banks have committed to the facility during general syndication and two more are processing their approvals.

    • 11 Aug 2015
  • Early birds catch the worm of Côte Restaurants' LBO syndication

    Côte Restaurants, the UK chain of French-styled restaurants being bought out by BC Partners, has avoided general syndication and allocated a £138m leveraged loan with early bird lenders.

    • 11 Aug 2015
  • Cinven mandates three for Tractel buyout

    Cinven has mandated three banks to arrange a leveraged loan financing for its acquisition of Tractel, the French provider of equipment for working at height.

    • 07 Aug 2015
  • Depo Auto Parts parks NT$7bn loan in general syndication

    Depo Auto Parts Industrial has parked for an NT$7bn ($224.5m) five year financing, with one bank in the driver’s seat.

    • 07 Aug 2015
  • UBS starts European levfin rebuild as new head Slade makes first senior hire

    UBS is breathing new life into its European leveraged finance operations, hiring a new head of origination to ready the troops for the fourth quarter — the first big hire in Europe for David Slade, who joined to run the team in April.

    • 06 Aug 2015
  • Amedes brings lenders back to the table with wider pricing

    Belgian and German medical diagnostics provider Amedes brought some investors who had initially declined the €525m loan back into the fold this week as deal supply fell.

    • 06 Aug 2015
  • Tele Columbus continues its levfin rehabilitation with loan

    German cable company Tele Columbus is allocating a €435m leveraged loan that backs its acquisition of rival Primacom, setting out its ambitions for consolidation in the sector.

    • 06 Aug 2015
  • Motor Fuel Group widens sterling cov-lite loan price

    Pricing has been widened on the £300m sterling cov-lite loan backing Clayton, Dubilier & Rice’s acquisition of Motor Fuel Group, the UK petrol station forecourt operator.

    • 06 Aug 2015
  • AMCo allocates, merges, makes hefty scalebacks

    Amdipharm Mercury, the UK generic pharmaceuticals company also known as AMCo, has allocated a €603.2m loan that raises new money and reprices existing facilities.

    • 06 Aug 2015
  • AMCo allocates with 'severe scalebacks'

    Amdipharm Mercury, the UK generic pharmaceuticals company also known as AMCo, has allocated a €603.2m loan that raises new money and reprices existing facilities.

    • 06 Aug 2015
  • Inventec plugs in for $480m refi in syndication

    A $480m fundraising for notebook maker Inventec Corp has launched into syndication, with one bank co-ordinating. A group of 17 banks is interested in the deal.

    • 06 Aug 2015
  • Amedes brings lenders back to table with wider pricing

    Belgian and German medical diagnostics provider Amedes bought some investors who had initially declined the €525m loan back into the fold this week as deal supply fell.

    • 05 Aug 2015
  • Corp borrowers miss memo about quiet August

    There is little sign that summer holidays are keeping investors away from the corporate bond market this week: while the flow of deals may be slower than normal, issuers that have decided to tap the market are still receiving a warm reception.

    • 05 Aug 2015
  • Hyva Global departs with downsized $195m loan

    A loan that had been in syndication since April from vehicle parts producer Hyva Global has been signed, with a mix of Asian and Western banks and one institutional investor joining. The deal started out at $295m but wound up at a much slimmer $195m after failing to gather steam amid concerns over the industry and the company’s weak sales in slowing China.

    • 05 Aug 2015
  • Louis Dreyfus Asia exits with $400m from 38

    Louis Dreyfus Commodities Asia has sealed its $400m three year revolver, with a group of 38 banks. The loan, which was signed at the end of July, attracted mostly the company’s relationship banks, said a banker at one of the leads.

    • 05 Aug 2015
  • Motor Fuel Group widens sterling cov-lite loan

    Pricing has widened on the £300m sterling cov-lite loan backing Clayton Dubilier & Rice’s acquisition of Motor Fuel Group, the UK petrol station forecourt operator.

    • 04 Aug 2015
  • Tele Columbus continues levfin rehabilitation with loan

    German cable company Tele Columbus is allocating a €435m leveraged loan that backs its acquisition of rival Primacom, setting outs its ambitions for consolidation in the sector.

    • 03 Aug 2015
  • AMCo wraps up lev loan after reverse flex

    UK generic pharmaceuticals company Amdipharm Mercury — also known as AMCo — is closing books on a €163.7m leveraged, having tightened pricing on the back of strong demand.

    • 03 Aug 2015
  • Indonesia’s MPM Finance tastes success with debut $100m loan

    A $100m three year offshore syndicated term loan for debutante Mitra Pinasthika Mustika Finance has been oversubscribed. The deal, launched into general syndication in May, is due to close imminently.

    • 03 Aug 2015