Leveraged Loans - All Articles

  • Euro underwhelm forces Solera rethink

    Solera Holdings’ $3.9bn debt acquisition package has been reduced, following insufficient demand for the $2bn-equivalent bond’s euro tranche.

    • 29 Feb 2016
  • UBS levfin MD leaves for Asian bank

    One of UBS's most senior managing directors in European leveraged finance has left the bank.

    • 29 Feb 2016
  • MAS cautions on rise in bullet, working capital loans

    The Monetary Authority of Singapore (MAS) published a paper on banks’ underwriting and corporate lending businesses on Monday. While the central bank did not observe a deterioration in underwriting standards, it cautioned the country's lenders about the increasing use of working capital and bullet loans.

    • 29 Feb 2016
  • Birla Carbon $925m refinancing attracts banks

    A $925m refinancing for Birla Carbon has received commitments from eight banks, taking the total number of incoming lenders to 10. The loan, which has been in syndication for three months, is likely to be allocated in early March.

    • 29 Feb 2016
  • Four unwrap $430m HCP Global acquisition loan

    A $430m five year loan for Baring Private Equity Asia’s acquisition of cosmetics packaging company HCP Global has launched into general syndication.

    • 26 Feb 2016
  • Where there’s muck there’s — sometimes — brass

    Coal is about the most basic commodity. It has become deeply unfashionable in recent years, tarred as the worst culprit in global warming. The charge may be true, but the accusations are so vehement partly because promoters of other hydrocarbons — oil, gas, biofuels — want to disguise their own responsibility.

    • 25 Feb 2016
  • Pirelli scraps bonds and rolls back to loans, will launch refi imminently

    Pirelli will not refinance its €6.8bn acquisition bridge loan in the bond market as planned. A torpid high yield bond market has spooked the borrower away from capital markets and back to bank loans.

    • 25 Feb 2016
  • Loans, news in brief — February 25, 2016

    Goldman Sachs — Kurt Geiger — Genus — Heathrow — Investec — EPH

    • 25 Feb 2016
  • ChemChina launches blockbuster $20bn European acquisition loan

    This week ChemChina launched syndication for the European tranche of its Syngenta acquisition loan. The deal is much bigger than many expected, at $20bn.

    • 25 Feb 2016
  • SBI makes quick return with $500m three year facility

    State Bank of India has picked banks for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.

    • 25 Feb 2016
  • HKBN eyes HK$700m acquisition financing

    Hong Kong Broadband Network is raising a HK$700m ($90m) loan to fund its acquisition of telecoms businesses Concord Ideas and Simple Click Investments.

    • 25 Feb 2016
  • Areva signs €1.1bn liquidity facility, delays results

    Areva, the nuclear power construction firm 87% owned by the French government, has signed a €1.1bn bridge loan with six banks to “ensure the company’s liquidity for the 2016 fiscal year”.

    • 25 Feb 2016
  • Pirelli scraps bond, will refi bridge with loan imminently

    Pirelli will not refinance its €6.8bn acquisition bridge loan in the bond market as planned. A torpid high yield bond market has spooked the borrower away from capital markets and back to bank loans.

    • 24 Feb 2016
  • Solera captivates levfin market as pricing due

    All eyes in the European leveraged finance market are focused on Solera’s $3.9bn debt package, the only deal in play.

    • 24 Feb 2016
  • Corporate market proves a quiet pool, but deep

    The hidden depth of demand in Europe’s corporate bond market was made amply clear on Monday, when Vodafone trounced market expectations that it would issue a €3bn bond — itself a large and bullish transaction — by raising €6bn.

    • 24 Feb 2016
  • Jumei eyes loan to finance take private

    Nasdaq-listed Jumei International Holding is planning to finance its proposed take private transaction with a combination of loans and equity.

    • 24 Feb 2016
  • Kurt Geiger allocates buyout debt

    Kurt Geiger, the luxury UK shoe retailer, allocated its £150m all-senior acquisition debt at a notable margin even after its oversubscription.

    • 23 Feb 2016
  • US leveraged loans horror show haunts Europe

    The past week has brought no sign of leveraged loan new issuance in either the US or Europe, and several deals have struggled in syndication.

    • 22 Feb 2016
  • Indian loans round-up: Tata Steel and Videocon Hydrocarbon

    Tata Steel has received a new commitment at the senior level for its $1.5bn refinancing, with banks yet to join in general syndication.

    • 22 Feb 2016
  • BIDV proves popular with $150m in the bag

    Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has received commitments worth $150m for its loan of up to $200m ahead of the deadline of February 26.

    • 22 Feb 2016
  • Terms emerge for Baring’s Interplex acquisition loan

    Five banks have opened into senior syndication a $455.75m facility that will back Baring Private Equity Asia’s proposed acquisition of Singapore-based Interplex Holdings.

    • 19 Feb 2016
  • European leveraged loans hit hard in secondary

    The secondary market for European leveraged loans has had a tough February, with wider market volatility dragging down prices every day of the month so far.

    • 18 Feb 2016
  • Baring Asia lines up five for $456m Interplex loan

    Baring Private Equity Asia has lined up five banks to syndicate a $456m loan that backs its bid for Singapore-based Interplex Holdings.

    • 18 Feb 2016
  • Saverglass allocates buyout debt at tight pricing

    Saverglass, the French bottle maker, has allocated its €365m loan at tight pricing with syndication not proceeding past the early bird stage.

    • 18 Feb 2016
  • Deutsche, ANZ lose senior bankers but SG hires in India

    Deutsche Bank and Australia and New Zealand Bank have lost senior members of their teams in Asia.

    • 18 Feb 2016
  • HPCL $465m refi enters general syndication

    A $465m 21 month refinancing for Hindustan Petroleum Corp (HPCL) has gone into general syndication after the borrower mandated banks for the loan in December 2015.

    • 18 Feb 2016
  • Commitments fire up ONGC Videsh, Saka Energy loans

    Loans for ONGC Videsh and Saka Energi Indonesia have had commitments from banks, with the former likely to close at the end of this week.

    • 18 Feb 2016
  • Senior levfin banker departs Deutsche Bank

    A senior banker from Deutsche Bank’s Asia leveraged finance team has left the firm, according to sources.

    • 18 Feb 2016
  • Abengoa needs €1.6bn under new viability plan

    Abengoa, the Spanish firm threatening to become the largest bankruptcy in its country’s history, needs €1.655bn over the next two years in order to carry out its restructuring plan.

    • 17 Feb 2016
  • Honeywell takes €4bn but bond issuance still stuttering

    Europe’s corporate debt markets are in a phase of taking two steps forward, then one step back. This is a sharp contrast with the US, where investment grade bonds are blazing hot and leveraged finance crawling.

    • 17 Feb 2016
  • Two replies due this week as levloans pipeline thins out

    Element Materials Technology, the UK product testing firm, and Vermaat Groep, the Dutch hospitality contractor, have replies due Tuesday for their respective buyout loan packages.

    • 16 Feb 2016
  • Loans round-up: ONGC Videsh, Saka Energi, Bhira Investments

    A $1.775bn loan for ONGC Videsh, the international arm of India’s Oil and Natural Gas Corp, has attracted commitments from just two lenders in syndication, with the deal due to close by the end of this week.

    • 16 Feb 2016
  • Macquarie Capital appoints new financial sponsors head

    Macquarie Capital has appointed a new head of UK financial sponsors, its second high profile hire since December.

    • 15 Feb 2016
  • Inevitable 'comedown' for levloans primary

    The European leveraged loan market is set for a slowdown in primary activity, with the pipeline underwritten towards the end of 2015 near its completion.

    • 15 Feb 2016
  • Baring Asia lines up five for Interplex loan

    Baring Private Equity Asia has tapped five banks to helm a $400m loan to back its bid for Singapore-based Interplex Holdings, with the deal to open into general syndication shortly.

    • 15 Feb 2016
  • Telenet draws on loans for Base purchase

    Belgian telecommunications company Telenet, which is owned by Liberty Global, has drawn on €1.2bn of loans to fund the €1.325bn acquisition of Belgian mobile operator, BASE.

    • 12 Feb 2016
  • Baring Asia seeks $400m for Interplex acquisition

    A group of banks is firming up a $400m loan to back Baring Private Equity Asia’s bid for precision mechanical parts maker Interplex Holdings.

    • 12 Feb 2016
  • European lev loans blast past ‘broken’ US market

    Despite the flimsy state of Europe's high yield market, its sister leveraged loan business remains vibrant, and this year is the most open of the four main leveraged finance markets: bonds and loans in dollars and euros, writes Max Bower.

    • 11 Feb 2016
  • Action prices dividend recap at impressive margin

    Action, the Benelux non-food discount retailer, has allocated its €1.2bn dividend recap and refinancing facilities at an impressive margin in volatile market conditions.

    • 11 Feb 2016
  • Lender selling down Tata Comms $250m loan

    One of the four lenders on Tata Communications’ latest $250m club loan is selling down some of its hold, launching the trade into syndication at four levels.

    • 11 Feb 2016
  • B&B Hotels hit with wide pricing by market volatility

    B&B Hotels, France’s third largest budget hotels group, closed the book for its €339m seven year term loan ‘B’ at a wide price this week, as the European leveraged loan market works through the last of the deals underwritten in 2015.

    • 10 Feb 2016
  • Corporate bonds wait for windows, levfin chugs on

    Just when it seemed like Europe’s investment grade corporate bond new issue market was regaining momentum, last week’s slow but steady pick-up in deal flow was scuppered by Monday afternoon.

    • 10 Feb 2016
  • Keurig deal leaves questions on price points

    Keurig Green Mountain, the US speciality coffee and coffee machine firm, increased the euro term loan ‘B’ tranche of the $6.4bn debt package backing its acquisition by JAB Holding, the German investment group.

    • 09 Feb 2016
  • Solera holds meetings ahead of acquisition

    Solera, the US insurance claims processor, held bank meetings on Tuesday in New York and Wednesday in London for a $1.9bn term loan ‘B’, backing its $6.5bn acquisition by Vista Equity Partners.

    • 08 Feb 2016
  • ECB plans to publish leveraged loan limits

    The European Central Bank will publish its leveraged lending guidelines in the next three to six months, firming up the informal guidance it sends to banks directly.

    • 05 Feb 2016
  • Truck manufacturer Kion signs €1.5bn refinancing

    Kion, the Ba2/BB+ rated German industrial truck manufacturer, has agreed a €1.5bn refinancing facility with 'investment grade style features' through a club deal with 13 relationship banks.

    • 05 Feb 2016
  • Bhira Investments gets one more at the top

    One more bank has joined the top group for a loan for Tata Power subsidiary Bhira Investments. The borrower had initially shortlisted six lenders for the facility to refinance a $460m loan it wrapped up in October 2014.

    • 05 Feb 2016
  • Troubled Thiam ahead?

    Credit Suisse’s numbers were ugly, whichever way you slice them — a loss of Sfr6.4bn ($6.44bn), shares down 11%, bonuses down 36%. Even after “adjustments”, the bank still lost Sfr420m in its core businesses.

    • 04 Feb 2016
  • Leveraged loans look set for slowdown after resilient January

    European leveraged loan bankers and investors had a chance to sit back and take stock of the market this week, as no deals were launched, after 20 arrived in a surprisingly busy January.

    • 04 Feb 2016
  • ChemChina $43bn deal yields jumbo loans bonanza

    The prospect of a huge financing package to back ChemChina’s $43bn acquisition of Syngenta has left bankers guessing how the two banks arranging the funding are going to structure and distribute the debt, especially as the lenders are working under separate mandates. Despite their size, the loans are expected to be well supported thanks to abundant liquidity in Europe and the target’s strong credentials, writes Shruti Chaturvedi.

    • 04 Feb 2016
  • Credit Suisse staggers to full year loss

    Credit Suisse reported a loss of Sfr6.44bn for the fourth quarter of 2015, as the bank’s restructuring ramped up and it crammed exceptional items into last year’s numbers. Like Deutsche Bank in the third quarter, a chunky goodwill writedown was the main culprit. But the bank also suffered from its exposure to leveraged loans.

    • 04 Feb 2016
  • Baring, Singha raise acquisition financings

    Two acquisition financings are due to hit general syndication after Chinese New Year. One is a loan for Baring Private Equity Asia’s acquisition of HCP Global, and the other is for Singha Asia, which is buying stakes in two companies from Vietnam’s Masan through the issue of new capital.

    • 04 Feb 2016
  • Goldman promotes in primary markets, names levfin head

    Goldman Sachs has named a new head of its EMEA financing group, which houses primary capital markets, as Jim Esposito switches roles to become chief strategy officer of the securities division.

    • 03 Feb 2016
  • Fried Frank hires partner to run restructuring practice

    Law firm Fried Frank has hired an experienced specialist to set up a European restructuring practice.

    • 03 Feb 2016
  • Syngenta’s mega-merger brings two prongs of debt

    The wave of Chinese acquisitions of Western companies has reached a new peak, with confirmation that state-owned ChemChina has sealed the deal to buy Syngenta, the Swiss agrichemicals and seeds business, for $43bn, as China seeks to secure its food supply.

    • 03 Feb 2016
  • Duo working independently on ChemChina-Syngenta financing

    Two banks are working on separate loans for financing to back ChemChina's $43bn cash offer to acquire Swiss company Syngenta.

    • 03 Feb 2016
  • China Gas, China Modern Dairy prepay loans

    Integrated natural gas company, China Gas, and milk producer China Modern Dairy have become the latest Chinese borrowers to prepay foreign currency loans.

    • 03 Feb 2016
  • Acadia drops sterling tranche from £1.5bn acquisition debt

    Acadia, the US psychiatric and behavioural healthcare provider, closed its $955m term loan facility on Thursday after first adding, then removing, a sterling tranche.

    • 02 Feb 2016
  • SolarWinds launches $1.5bn buyout debt at large discount

    SolarWinds, the US IT management software firm, priced its $1.5bn first lien acquisition debt package at a hefty discount on Monday while finalising the euro tranche size.

    • 02 Feb 2016
  • Four pack $430m loan for HCP Global

    Four banks are due to bring a $430m five year loan for Baring’s acquisition of cosmetics packaging company HCP Global to the market after Chinese New Year.

    • 02 Feb 2016
  • Vietnam’s BIDV returns for $200m

    Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), which allocated its last loan in September 2015, is back for a borrowing of up to $200m.

    • 02 Feb 2016
  • Replies due Tuesday on Keurig $6.4bn acquisition debt

    Keurig Green Mountain, the US coffee maker, had replies due on Tuesday for a $6.4bn debt package backing its $13.9bn acquisition by JAB, the German investment group.

    • 01 Feb 2016