Leveraged Loans - All Articles

  • Cipla, Lupin eye 2016 refis for bridge loans

    Indian pharmaceutical companies Cipla and Lupin are set to tap the syndicated loan market in 2016 to refinance bridge loans they raised for acquisitions in early 2015.

    • 24 Dec 2015
  • Tata Steel $1.5bn loan funded by 17

    A $1.5bn refinancing for Tata Steel that went into senior syndication in early December has been funded by 17 lenders.

    • 24 Dec 2015
  • Levfin, PPs to wrestle in 2016 for mid-market borrowers

    Leveraged finance markets in Europe may face growing competition from private placements as their core borrowers go for smaller tranches. Geert Arlman, mid-market director at Standard & Poor’s, shares with GlobalCapital insights from the agency’s 2016 focus research.

    • 23 Dec 2015
  • GlobalCapital Loans Awards: The nominations

    In 2015 GlobalCapital asked loan market participants for their votes for the Syndicated Loan, Leveraged Finance and Private Placement Awards 2016.

    • 23 Dec 2015
  • Qihoo eyes $3.4bn buyout loan in renminbi

    Qihoo 360 Technology is raising a $3.4bn equivalent renminbi loan to back its delisting from the New York Stock Exchange, picking China Merchants Bank to supply the funds.

    • 23 Dec 2015
  • Sri Lanka’s CLC seals $109m syndicated loan

    Sri Lanka’s Commercial Leasing & Finance (CLC) has raised one portion of a $153m syndicated loan from 10 lenders, as the non-banking financial institution sets it sights on developing small and medium enterprises in the country.

    • 23 Dec 2015
  • Barclays sells £500m loan portfolio to Ares

    Ares Management, the asset management firm, has purchased a £500m portfolio of performing UK middle-market financial sponsor-backed term loans from Barclays’ corporate banking division.

    • 21 Dec 2015
  • Laos central bank to seal debut loan at $158m

    The central bank of Laos is planning to close its debut offshore syndicated loan at a size of $158m, in a deal that bankers are hailing as a benchmark for other issuers from the country.

    • 21 Dec 2015
  • San Miguel mulls peso-only loan for telecom JV

    San Miguel Corp is leaning towards peso as its currency of choice for a $1.1bn financing for a potential joint venture with telecommunications company Telstra.

    • 21 Dec 2015
  • Two join Tata Chemicals Europe's £140m loan

    Tata Chemicals Europe's £140m ($216m) five year dual-tranche facility has received commitments from two banks and is set to wind up in January.

    • 21 Dec 2015
  • Tata Power, Birla Carbon loans net commitments

    A $305m three year borrowing for Tata Power's subsidiary, Khopoli Investments, has received commitments from two banks, having been in general syndication since September.

    • 18 Dec 2015
  • UltraTech Cement allocates $365m loan

    Aditya Birla Group company UltraTech Cement has wound up a $365m dual-tranche refinancing with five lenders in the syndicate.

    • 18 Dec 2015
  • Dexter Axle nears allocation after deal restructuring

    Dexter Axle, the US car axle maker, looks set to allocate its leveraged loan package by Friday midday, after having reduced the size of the deal.

    • 17 Dec 2015
  • Fosun loan delayed as founder aids China enquiry

    Fosun Group has hit the limelight following the disappearance and re-appearance of its co-founder chairman Guo Guangchang, who is understood to be assisting Chinese authorities with an investigation. The news has delayed an ongoing syndicated loan for an affiliated company and has prompted bankers to say they will take a more cautious approach towards privately owned Chinese borrowers. Shruti Chaturvedi reports.

    • 17 Dec 2015
  • Terex allocates debt at wide end amid choppy US market

    Terex, the US lifting and material solutions company, has allocated $900m equivalent across two term loan facilities yesterday, widening the pricing on both.

    • 16 Dec 2015
  • Loans make last stand as corp fin crumbles

    Loans are the last bastion of European corporate finance activity, as the rest of the market falls to Federal Reserve trepidation. But the right message from the Fed could open the door for small, opportunistic trades.

    • 16 Dec 2015
  • Tata Motors allocates $600m loan among 36 banks

    Tata Motors has allocated its $600m dual-tranche refinancing among a group of 36 banks. The company split the amount evenly between a five year and a seven year despite the longer tenor seeing a higher volume of commitments.

    • 16 Dec 2015
  • Chinese TLBs shake up Asian loans

    A spate of aggressively structured acquisition loans arranged by Chinese banks, dubbed ‘Chinese TLB’ sent ripples through the syndicated loan market this year. Foreign banks, unable to match terms offered by their Chinese counterparts, are having to deal with shrinking opportunities to finance offshore Chinese M&A, writes Shruti Chaturvedi.

    • 16 Dec 2015
  • NGA’s loan replies due Thursday as GS invests

    The deadline for replies on NGA Human Resources’ £320m seven years term loan ‘B’ passed on Thursday, in a deal that will help the company fully pay down existing debt.

    • 15 Dec 2015
  • Chinese bank to lead Trina Solar take-private loan

    New York Stock Exchange listed Trina Solar is the latest Chinese company to announce plans to go private, and has picked Industrial Bank as the financial adviser and arranger of the debt financing.

    • 15 Dec 2015
  • Serco India loan wrapping up as IDFC seals deal

    Syndication for a $145m loan backing the Blackstone Group’s acquisition of business process outsourcing assets in India is close to winding up.

    • 15 Dec 2015
  • David Lloyd replies due Monday COB

    David Lloyd Leisure, the UK gym and spa firm, has final replies due at close of business on Monday for its £380m loan recapitalisation.

    • 14 Dec 2015
  • Loan Ranger: Cracking carols

    The loan market brought in the Christmas period in style at the Loan Syndicate Managers' Forum carol service last Wednesday. The singing was angelic, the mulled wine delicious and the sermon inspired some intriguing ideas.

    • 14 Dec 2015
  • Pakistan makes rapid comeback for $300m

    The Islamic Republic of Pakistan has raised a new $300m 18 month loan, making a rapid return to the syndicated market.

    • 14 Dec 2015
  • ChemChina seals bigger €630m financing

    A €630m ($683.6m) facility for a unit of China National Chemical Corp has been allocated, with a dozen banks coming in during general syndication.

    • 14 Dec 2015
  • STP seeks covenant relaxation on 2015 loan

    Indonesian telco tower company Solusi Tunas Pratama (STP) has asked banks to relax a covenant on a loan raised in May as it anticipates future acquisitions that will change its gearing levels.

    • 14 Dec 2015
  • David Lloyd and Cooper widen in buyers' lev market

    David Lloyd Leisure, the TDR Capital-owned UK gym and spa firm, and Cooper, the French pharmaceuticals distributor, widened loan pricing this week as the leveraged market became increasingly selective.

    • 10 Dec 2015
  • David LLoyd widens debt discount as deal misses deadline

    David Lloyd Leisure, the TDR Capital owned UK gym and spa firm, is widening pricing on its £380m debt offering after prospective lenders missed the Tuesday commitments deadline.

    • 10 Dec 2015
  • India imposes new rules on overseas debt raising

    Reserve Bank of India has issued a new framework to regulate offshore borrowing by Indian companies. While the changes are aimed at reducing the stress in the country’s banking system, the rules have led to bankers questioning how they will adjust to the new regime. Shruti Chaturvedi reports.

    • 10 Dec 2015
  • BPCL sends out RFP for $200m deal

    State-owned refiner Bharat Petroleum Corp has sent out a request for proposals for a $200m deal, coming to the market eight months after it cancelled a loan in favour of a bond.

    • 10 Dec 2015
  • Shengmu serves up $120m three year

    Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year facility and is offering banks an attractive yield of more than 300bp.

    • 10 Dec 2015
  • Cooper prices at wide end as levloan investors scrutinise deals

    Cooper, the French pharmaceuticals distributor, has priced the term loan ‘B’ for its acquisition by Charterhouse at 475bp over Euribor, with an original issue discount of 99.5, the wide end of initial talk that began at 450bp.

    • 09 Dec 2015
  • Late flourish for corporate bonds and high yield

    Corporate bond bankers are busy, for this time of year. While they are usually up for doing deals, it is clear investors, too, are in no hurry to close their books for the year, but are keen to buy paper, despite the let-down of the European Central Bank’s lukewarm QE boost last week.

    • 09 Dec 2015
  • Standard Chartered loans chief leaves bank

    Standard Chartered's European head of loans is leaving the bank.

    • 09 Dec 2015
  • Daimler throws doors to corp bond market wide open

    Corporate treasurers across Europe will be thanking Daimler today, as the German car maker took the lead on Tuesday and showed that the bond market is wide open for deals.

    • 09 Dec 2015
  • Ye Chiu to cut loan size amid tepid demand

    A $150m three year loan for Ye Chiu Group subsidiary, Harmony Group, is likely to be cut in size after meeting a lukewarm response during general syndication.

    • 09 Dec 2015
  • Flint Group allocates €150m acquisition loan

    Flint Group, the printing and packaging inks supplier, has allocated a €150m add on facility to the six year term loan ‘B’ it signed in May.

    • 08 Dec 2015
  • Indian banks: all shook up

    New rules on Indian offshore borrowings have dismayed local bankers as it bans them from participating in offshore deals for non-bank financial corporations and firms that support infrastructure — the bread and butter of their loans business. But the changes are not a bad thing and will shake Indian lenders out of their complacency.

    • 08 Dec 2015
  • Shengmu Organic Milk churns out $120m financing

    Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year fundraising.

    • 08 Dec 2015
  • BORL picks trio for $125m loan

    Bharat Oman Refineries (BORL), which sent out a request for proposal for a loan of $125m in October, has mandated a group of three banks for the financing.

    • 08 Dec 2015
  • RBI issues fresh guidelines for offshore debt

    The Reserve Bank of India has come out with a new framework for raising offshore debt, with one of the rules preventing non-banking financial corporations (NBFCs) from issuing anything other than rupee denominated debt.

    • 08 Dec 2015
  • Three buyside firms to fuel RBS levfin drive

    Royal Bank of Scotland has signed up three buyside firms to fund a planned expansion of its UK mid-market private equity origination business. AIG Asset Management, Hermes and M&G are all entering the sector for the first time, and will have privileged access to new originations from the British bank.

    • 07 Dec 2015
  • Vivalto Sante announces loans for Mubadala LBO

    Vivalto Santé, the French private health service provider, has announced €228m of loans for its leveraged buyout by Mubadala Development Co, the Abu Dhabi Government owned investment and development company.

    • 07 Dec 2015
  • Loan market Christmas carols on Wednesday

    The loan market will gather in London on Wednesday, December 9, for the Loan Syndicate Manager’s Forum's charity carol service.

    • 07 Dec 2015
  • Loan Ranger: track ‘em down

    The Ranger was relentless in hounding busy bankers last week - no matter what activities they were already engaged in.

    • 07 Dec 2015
  • ChemChina boosts financing to €630m

    A fundraising for a unit of China National Chemical Corp is set to increase to €630m ($683.6m) from the launch size of €600m, after more than 10 banks piled into the syndicate.

    • 07 Dec 2015
  • HSBC's head of European capital financing leaves for buy side

    HSBC’s head of capital financing, Europe, is leaving to pursue “external opportunities” on the buy side.

    • 04 Dec 2015
  • Bank meeting delayed for L Capital Asia $130m loan

    A bank meeting for lenders interested in a $130m leveraged buyout loan for LVMH’s Asian investment arm has been postponed, according to sources.

    • 04 Dec 2015
  • Why the M&A boom is barren for capital markets

    Has 2015 been a good year for M&A, or a disappointing one? It depends who you ask.

    • 03 Dec 2015
  • EM loan market at risk from political instability in 2016

    Financial sanctions on Russian entities and other international political tensions have slowed syndicated lending to emerging markets in 2015 and, according to a Loan Market Association poll, the market remains wary of the outlook for 2016.

    • 03 Dec 2015
  • Blackstone mandates banks for Armacell LBO debt

    Armacell, the German foam insulation manufacturer, is planning loan facilities for its €960m buyout by Blackstone and Kirkbi, a Danish investment firm.

    • 03 Dec 2015
  • Dümmen Orange allocates LBO loans at early bird stage

    Dümmen Orange, the Dutch flower breeder, has allocated its acquisition loans in an early bird syndication. The facilities are for BC Partners’ buyout of the firm from H2 Equity Partners and the Dümmen family.

    • 03 Dec 2015
  • Carlyle sells RAC stake to CVC at £2.2bn valuation

    Carlyle Group has sold its stake in RAC, the UK roadside recovery firm, to CVC Capital Partners in a deal that values the business at £2.2bn, including debt.

    • 03 Dec 2015
  • Terex looks to lift Konecranes with $900m buyout facility

    Terex, the US lifting and material solutions company, has launched $900m of senior secured credit facilities to back its acquisition of Finnish crane maker Konecranes.

    • 03 Dec 2015
  • BoC Aviation loan makes smooth landing with $500m

    BoC Aviation has increased its latest borrowing to $500m after banks from across Asia poured into the transaction.

    • 03 Dec 2015
  • LVMH investment arm seeks $130m LBO loan

    The Asian investment arm of French luxury firm LVMH is in the market for a $130m leveraged buyout loan. This is one of the region's few deals to test appetite for credits where the underlying target is in the fashion industry. Shruti Chaturvedi reports.

    • 03 Dec 2015
  • Tata Steel throws open $1.5bn deal into syndication

    A $1.5bn refinancing for Tata Steel has finally been opened into syndication, with invitations going out to a limited number of banks on Thursday. The company’s Singaporean subsidiary is raising the loan, which offers lenders an added incentive if they book the deal in the country.

    • 03 Dec 2015
  • Carlyle sells RAC stake to CVC at £2.2bn valuation

    Carlyle Group has sold RAC, the UK roadside recovery firm, to CVC Capital Partners in a deal that values the business at £2.2bn, including its debt.

    • 03 Dec 2015
  • Dümmen Orange allocates LBO loans at early bird stage

    Dümmen Orange, the Dutch flower breeder, has allocated its acquisition loans in an early bird syndication. The facilities are for BC Partners' buyout of the firm from H2 Equity Partners and the Dümmen family.

    • 02 Dec 2015
  • Blackstone mandates banks for Armacell LBO debt

    Armacell, the German foam insulation manufacturer, has planned loan facilities for its buyout by Blackstone and Kirkbi, a Danish investment firm.

    • 01 Dec 2015
  • China’s Luxshare Precision exits with $250m loan

    Chinese notebook parts maker Luxshare Precision Industry has closed its three year revolver at $250m, partially exercising a $100m greenshoe.

    • 01 Dec 2015
  • Cambodia’s UCB taps banks for $100m loan

    Cambodia’s Union Commercial Bank has approached the loan market for a $100m three year fundraising. The borrower is majority owned by Taiwan’s E.Sun Commercial Bank.

    • 01 Dec 2015