Leveraged Loans - All Articles

  • Greenland Rundong revs up loan to $250m

    China Greenland Rundong Auto Group has become the latest auto dealer from the Mainland to increase the size of its borrowing thanks to strong demand.

    • 30 Nov 2015
  • SinoPac brings in banks for $120m refinancing

    SinoPac Securities has signed a $120m three year bullet loan, netting commitments from a group of roughly 15 lenders.

    • 27 Nov 2015
  • Swissport removes dollar tranche in LBO debt package

    Swissport, the air cargo handling company, has removed the US dollar tranche from its €1bn equivalent (Sfr1.145bn) debt package for its acquisition by HNA, a Chinese private equity firm.

    • 26 Nov 2015
  • Azelis flexes pricing on $675m acquisition facilities

    Azelis, the Antwerp-headquartered speciality chemicals distributor, had commitments due at 5pm Thursday for its seven year euro term loan, having flexed the pricing on all first lien debt.

    • 26 Nov 2015
  • Fnac borrows €865m for Darty acquisition

    Groupe Fnac, the French retailer of books, music and electronics, has signed €865m of loans for its €615m acquisition of Darty, the London and Paris-listed French electricals retailer.

    • 26 Nov 2015
  • French pharma firm Cooper seeks debt for Charterhouse LBO

    Coopération Pharmaceutique Française, the French pharmaceuticals distributor known as Cooper, has bank meetings scheduled on Wednesday for more than €350m of new debt for its leveraged buyout by Charterhouse.

    • 26 Nov 2015
  • Azelis flexes pricing on $675m acquisition facilities

    Azelis, the Antwerp-headquartered speciality chemicals distributor, has commitments due at 5pm today (Thursday) for its seven year euro term loan, having flexed the pricing on all first lien debt.

    • 26 Nov 2015
  • Birla Carbon and Fiat India go for dollars

    Birla Carbon and Fiat India have launched their respective dollar loans into syndication, with the former seeking $925m and the latter $250m.

    • 26 Nov 2015
  • Indonesia’s PGN subsidiary lights up $600m financing

    Saka Energi Indonesia, a subsidiary of Perusahaan Gas Negara, has hit the market for a financing of up to $600m and is giving banks the option of booking the loan onshore or offshore.

    • 26 Nov 2015
  • Swissport removes dollar tranche in LBO debt package

    Swissport, the air cargo handling company, has removed the US dollar tranche from its €1bn equivalent (Sfr1.145bn) debt package for its acquisition by HNA, a Chinese private equity firm.

    • 25 Nov 2015
  • Abengoa staggers as Gonvarri pulls out: €8bn of debt at stake

    Abengoa may be nearing the end of the line. After umpteen upsets and false dawns since it shocked the market a year ago by making conflicting noises about whether its green bond was full recourse, Abengoa is now on the verge of bankruptcy.

    • 25 Nov 2015
  • Fnac borrows €865m to buy electricals retailer Darty

    Groupe Fnac, the French book, music and electronics retailer, has signed €865m of loans for its €615m acquisition of Darty, the London and Paris-listed French electricals retailer.

    • 24 Nov 2015
  • San Miguel connects with $1.1bn loan for JV

    San Miguel Corp, which is looking to set up a new mobile network joint venture in the Philippines, is seeking as much as $1.1bn for it, via a combination of onshore and offshore loans.

    • 24 Nov 2015
  • Done and dusted: Reliance, Kulim Indonesia allocated

    India’s Reliance Industries signed its $1.47bn dual-currency loan at the end of last week in Dubai, with the deal sealed following commitments from a group of around 30 lenders.

    • 24 Nov 2015
  • French pharma firm Cooper seeks debt for Charterhouse LBO

    Coopération Pharmaceutique Française, the French pharmaceuticals distributor known as Cooper, has bank meetings scheduled on Wednesday for more than €350m of new debt for its leveraged buyout by Charterhouse.

    • 23 Nov 2015
  • Birla Carbon launches $925m dual trancher

    Birla Carbon, part of India’s Aditya Birla Group, has opened its $925m refinancing into general syndication via five mandated lead arrangers and bookrunners.

    • 20 Nov 2015
  • Veritas LBO debt fails, as US levfin licks its wounds

    The leveraged finance market suffered an unpleasant shock this week, when $5.6bn of loans and bonds for the Carlyle Group’s acquisition of Veritas Software had to be pulled. Bankers were left blaming market sentiment, an aggressive structure — and each other, write Max Bower and Victor Jimenez.

    • 19 Nov 2015
  • Loans, news in brief — November 19, 2015

    Northgate — CBQ — Daimler

    • 19 Nov 2015
  • Avago increases acquisition loan to €900m

    Avago Technologies, the US semiconductor components maker, has increased the €500m tranche of its term loan ‘B’ to €900m on strong demand, in another sign of the European leveraged loan market’s competitiveness.

    • 19 Nov 2015
  • Laos central bank debut loan nets fresh commitments

    The up to $200m debut syndicated loan for the central bank of Laos has received a handful of commitments and more are expected before the deal wraps up in early December.

    • 19 Nov 2015
  • Videocon’s oil & gas arm lines up low pricing on loan

    Videocon Hydrocarbon, which has activities in upstream oil and gas, is tapping the loan market for a $75m three year refinancing. An aggressive margin cut compared with the loan the company is refinancing has caught the eye of bankers, especially when its sector and the financial health of its parent is taken into account. Shruti Chaturvedi reports.

    • 19 Nov 2015
  • Avago increases euro acquisition loan to €900m and allocates

    Avago Technologies, the US semiconductor components maker, has increased the €500m tranche of its term loan ‘B’ to €900m on strong demand, another sign of the European leveraged loan market's competitiveness at the moment.

    • 19 Nov 2015
  • Veritas pulls $3.3bn LBO financing, as US market underperforms Europe

    The weakness of the US leveraged finance market was brought sharply home to market participants on Tuesday, when the Carlyle Group, which is buying Veritas Technologies, a US data storage company, abandoned its attempt to raise $3.3bn of debt for the deal.

    • 18 Nov 2015
  • Veritas pulls $3.3bn LBO financing in weak US market

    The weakness of the US leveraged finance market was brought home to market participants with a jolt on Tuesday, when the Carlyle Group, which is buying Veritas Technologies, a US data storage company, abandoned its attempt to raise $3.3bn of debt for the deal.

    • 18 Nov 2015
  • Northgate debt-for-equity swap sees GS invest

    Northgate Information Solutions, the holding company of NGA Human Resources, the HR software and payroll services provider, has announced a new capital structure following a full debt-to-equity swap of subordinated debt and £320m of new senior debt.

    • 17 Nov 2015
  • UBS bulks up levfin team with ex-Credit Suisse MD hire

    UBS has further strengthened its leveraged finance business, hiring an ex-Credit Suisse banker for a new role focusing on private equity and corporate clients.

    • 17 Nov 2015
  • CP Indonesia seals $329m dollar-rupiah loan combo

    A $328.6m loan for poultry feed producer Charoen Pokphand (CP) Indonesia has seen nine lenders join, as the borrower sealed most of the funds in its local currency while capping the dollar portion at $100m.

    • 17 Nov 2015
  • Avago adds €500m tranche to satisfy demand in $15.5bn loan package

    Avago Technologies, the electronics components manufacturer, has commitments due today at 12pm London time for a new €500m term loan ‘B’ for its $37bn sponsor-backed acquisition of Broadcom Corp.

    • 16 Nov 2015
  • Veritas cuts $3.3bn loan by $950m, widens pricing

    Veritas Technologies, the US data storage and management company, has cut the size of its $3.3bn loan package, with replies from investors due today (November 16).

    • 16 Nov 2015
  • Videocon Hydrocarbon drills for $75m fundraising

    Videocon Hydrocarbon, which engages in oil and gas exploration, is tapping the loan market for a $75m three year facility and is counting on a standby letter of credit to attract liquidity.

    • 16 Nov 2015
  • Loan Ranger: Awards frenzy

    The Ranger holds banks to ransom for their votes for the Loans Awards.

    • 16 Nov 2015
  • John Keells seals $395m loan with seven lenders

    Sri Lankan conglomerate John Keells has finally signed its $395m resort financing that spent nearly a year in syndication. The facility was delayed after the country’s new government changed rules on casino licences, which meant banks had to rethink the loan to take into account the absence of casino revenues.

    • 16 Nov 2015
  • Standard Chartered dismantles project finance team in HK

    Standard Chartered is understood to have dismantled its Hong Kong-based project finance team that focused on Greater China, making the division the latest to fall prey to the bank’s restructuring.

    • 13 Nov 2015
  • GIS increases loan to $300m as 18 sign up

    Touch-based technology provider General Interface Solutions, an affiliate of Foxconn Technology Group, has signed its latest loan at an increased size of $300m after general syndication saw 15 banks pile in.

    • 13 Nov 2015
  • Ethypharm loans price at wide end of talk

    Ethypharm, the French pharmaceuticals company, has allocated €287.5m of new loan facilities at a wider margin than it initially proposed.

    • 12 Nov 2015
  • Global Blue announces dividend recap loan

    Global Blue, the Swiss tourist VAT refund company, held bank meetings on Wednesday for a €221m seven year term loan ‘C’ dividend recapitalisation loan.

    • 12 Nov 2015
  • Azelis returns to levloan market for Koda purchase

    Azelis, the Antwerp-headquartered speciality chemicals distributor, will hold bank meetings in New York today (Friday) and in London on Monday for a $675m transatlantic acquisition loan.

    • 12 Nov 2015
  • Swissport seeks new loans for Chinese PE LBO

    Swissport, the world’s largest air cargo handling company, met banks this week for €1bn-equivalent of new loans for its acquisition by HNA, a Chinese private equity firm.

    • 12 Nov 2015
  • Citi promotes two in leveraged finance group

    Citigroup has promoted Paul Simpkin to be chairman of EMEA leveraged finance and Richard Basham to be head of EMEA leveraged finance and loans.

    • 12 Nov 2015
  • Three land mandate for Iris World $300m financing

    Iris World Enterprises, an affiliate of Taiwan's Foxconn Technology Group, has picked three banks for its $300m borrowing.

    • 12 Nov 2015
  • Azelis returns to levloan market for $675m to finance acquisition

    Azelis, the Antwerp-headquartered speciality chemicals distributor, will hold bank meetings in New York tomorrow and in London on Monday for a $675m transatlantic acquisition loan.

    • 12 Nov 2015
  • India steel firms seek waivers amid sector woes

    Jindal Steel & Power and Tata Steel are seeking covenant waivers on their respective offshore loans, putting the spotlight on tough conditions facing their industry. India’s steel companies, which expanded rapidly over the past few years, are strapped with a heavy debt burden amid lower earnings, forcing them to restructure their existing fundraisings. Shruti Chaturvedi reports.

    • 12 Nov 2015
  • Global Blue loan details revealed

    Global Blue, the Swiss tax-free shopping company, is seeking new term loans ‘A’, ‘B’ and ‘C’, totalling around €260m, according to an investor.

    • 11 Nov 2015
  • Monster AB InBev deal leads busy loan calendar

    Anheuser-Busch InBev has secured a $75bn syndicated loan, which has been described as “the world’s largest ever loan”, for its £71bn recommended acquisition of SABMiller.

    • 11 Nov 2015
  • Santander hires four for loans

    Santander has completed an overhaul of its London loans team, with four new hires that it hopes will lead the bank to the forefront of Europe’s corporate finance business. The Spanish bank wants a bigger role in high level acquisition finance in western Europe and is also investing in CIB divisions in Asia, eastern Europe and the US.

    • 11 Nov 2015
  • Trio come onboard Oxley S$110m bullet

    Singapore-listed property developer Oxley Holdings has closed its S$110m ($80m) bullet loan with three lenders joining the syndicate.

    • 11 Nov 2015
  • Global Blue holds bank meetings for dividend recap loan

    Global Blue, the Swiss tourist VAT refund company, is holding bank meetings today (November 11) for a dividend recapitalisation loan.

    • 10 Nov 2015
  • Swissport seeks new loans for takeover by Chinese PE

    Swissport, the world’s largest air cargo handling company, has bank meetings today (November 10) in New York and tomorrow in London for €1bn-equivalent of new loans for its acquisition by HNA, a Chinese private equity firm.

    • 10 Nov 2015
  • Details emerge on Birla Carbon $925m dual trancher

    Birla Carbon, part of the India’s Aditya Birla Group, has shortlisted banks to supply a $925m dual-tranche facility that will replace a loan it borrowed in 2011.

    • 10 Nov 2015
  • Ethypharm gets loans but pays more than planned

    Ethypharm, the French pharmaceuticals company, has allocated €287.5m of new loan facilities at a wider margin than it initially proposed.

    • 09 Nov 2015
  • Asiana Airlines, Giti Tire roll out loans

    Korea’s Asiana Airlines has swooped into the syndicated loan market for a $150m deal, picking two banks to run it.

    • 09 Nov 2015
  • Jindal Steel seeks covenant waiver on $400m loan

    India’s Jindal Steel & Power is understood to have asked banks to relax a covenant on a $400m borrowing sealed in April 2013.

    • 09 Nov 2015
  • Loan Ranger: The loan path to enlightenment

    The Ranger went on the hunt for meditating bankers and found that each in the market has their own definition of inner peace.

    • 09 Nov 2015
  • Tele Columbus to allocate facilities, Affidea loans oversubscribed

    Tele Columbus, Germany's third largest cable network, is soon to allocate its loan facilities, having completed a rights issue, while Affidea, the European diagnostics group, has closed its refinancing oversubscribed.

    • 06 Nov 2015
  • RBS moves levfin team, DCM job losses expected

    Royal Bank of Scotland has moved its leveraged finance and high yield origination and structuring team out of its investment bank and into its Commercial and Private Banking division, where it will fall inside the ringfence when RBS implements the controversial UK bank segregation rules.

    • 05 Nov 2015
  • Commitments due for First Data Corp add-on debt

    Commitments are due by 8pm London time on Thursday, November 12, for €200m and $750m term loan add-ons to First Data Corp’s loan facilities that mature in 2022.

    • 05 Nov 2015
  • Planeta’s Editis refinances with €465m of facilities

    Editis, the second largest publishing group in France, has signed €465m of loans to help refinance a €480m facility due to mature in January 2018.

    • 05 Nov 2015
  • Veritas holds cross-border loan bank meetings

    Veritas, the IT systems management provider, caught some officials unaware as it held bank meetings on Tuesday for a $2.45bn cross-border term loan ‘B’, backing its $8bn acquisition by the Carlyle Group.

    • 05 Nov 2015
  • Sponsor-led leveraged loan market volume falls 18%

    European financial sponsor-related leveraged loan borrowing has fallen 18% so far this year, to the lowest level for three years.

    • 05 Nov 2015
  • Deutsche readies new CIB line-up as Warren jumps from Goldman

    The wide-ranging management shake-up at Deutsche Bank is set to continue, after it picked Goldman Sachs partner Alasdair Warren to lead its new corporate and investment banking unit in Europe, the Middle East and Africa.

    • 05 Nov 2015
  • Solina to syndicate €362m of LBO facilities on Tuesday

    Solina, the French food ingredients supplier, is arranging €362m of new debt facilities in relation to its buyout by Ardian.

    • 05 Nov 2015
  • Solina to syndicate €362m of LBO facilities

    Solina, the French food ingredients supplier, is arranging €362m of new debt facilities in relation to its buyout by Ardian.

    • 05 Nov 2015
  • Commitments due for First Data Corp add on debt

    Commitments are due by 8pm London time on Thursday for €200m and $750m term loan add-ons to First Data Corp’s loan facilities that mature in 2022.

    • 05 Nov 2015
  • Bank of Ceylon looks for fresh investors for $100m facility

    Sri Lanka’s Bank of Ceylon is seeking a fundraising of up to $200m, returning to loans after a two year absence. But while the borrower is approaching lenders at a time when they are very liquid, it may struggle to woo new banks, writes Shruti Chaturvedi.

    • 05 Nov 2015
  • Tata Chemicals' Europe arm brews £140m

    Tata Chemicals Europe’s £140m ($216m) dual-tranche facility has been launched into limited syndication, marking the borrower’s return to the syndicated loan market after a four year break.

    • 05 Nov 2015
  • China Universal, CDB Leasing launch new borrowings

    Two leasing companies have rolled out their loans into general syndication, with China Universal Leasing seeking Rmb800m ($126m) from onshore lenders and CDB Leasing looking for $300m offshore.

    • 05 Nov 2015
  • Debt-laden Oberthur's IPO fails, disrupting refi plans

    Oberthur Technologies, the French smart cards maker, indefinitely postponed its IPO on Wednesday, blaming poor market conditions.

    • 04 Nov 2015
  • Sponsor-led leveraged loan market dwindles

    European financial sponsor-related leveraged loan borrowing has fallen 18% this year to date, compared with the previous year, according to Dealogic.

    • 04 Nov 2015
  • Bonds, corporate and high yield, spring back with vigour

    Happy days are here again for the corporate bond market. After weeks of improving sentiment, investors are ready to start splashing the cash. Issuers that have brought deals are reaping the rewards, in big orderbooks and tighter new issue premiums.

    • 04 Nov 2015
  • China Universal seeks new Rmb800m onshore loan

    China Universal Leasing, which is seeking to change the benchmark of an offshore renminbi borrowing, is now simultaneously looking for a new Rmb800m ($126m) onshore loan.

    • 04 Nov 2015
  • Information unharnessed as Veritas holds meetings for cross-border loan

    Veritas, the IT systems management provider, caught some officials unaware as it held bank meetings on Tuesday for a $2.45bn cross-border term loan ‘B’ backing its $8bn acquisition by the Carlyle Group.

    • 03 Nov 2015
  • Birla Carbon set to launch $925m refinancing

    India’s Aditya Birla Group, which has been in discussions with its relationship banks about refinancing a loan raised in 2011, is likely to launch a new $925m deal before the end of the month.

    • 03 Nov 2015
  • Planeta's Editis refinances loan with €465m of facilities

    Editis, the second largest publishing group in France, has signed €465m of loans to refinance a €480m facility that was due to mature in January 2018.

    • 02 Nov 2015
  • Bank of Ceylon returns for $100m one year loan

    Sri Lanka’s Bank of Ceylon, which last accessed the offshore loan market in 2013, is making a comeback for a new $100m borrowing.

    • 02 Nov 2015
  • NBAD boosts India business with RBS loan portfolio acquisition

    National Bank of Abu Dhabi (NBAD) has reaffirmed its Indian ambitions with the purchase of the Royal Bank of Scotland’s portfolio of offshore loans to the country’s corporates.

    • 02 Nov 2015
  • Tata Chemicals Europe fires up £140m refi

    The European arm of Tata Chemicals has launched a £140m ($216m) dual-tranche facility into limited syndication, returning to the market after a four year break.

    • 02 Nov 2015