Leveraged Loans - All Articles

  • Plucky deals test the resolve of the loan market, lev hit first

    While a handful of loans were put on hold following the UK’s vote to leave the EU, several deals already in the market are braving the choppy waters, with leveraged loans the first in line for external shocks.

    • 30 Jun 2016
  • Loan documents under Brexit spotlight

    Syndicated loan documentation has been in the spotlight since the UK voted to leave the European Union, with some market participants asking whether Brexit-related clauses might be invoked to block deals, and others questioning the continued use of English common law.

    • 30 Jun 2016
  • Tessi guides €276m LBO loans with ‘early welcome’

    French data processing services firm Tessi is marketing €276m of loans to fund its acquisition by Dentressangle Initiatives, as some pressures on the levloan market from EU political tensions recede.

    • 30 Jun 2016
  • Been a long time coming: Sri Lanka out for $300m

    The Sri Lankan sovereign has finally hit the loan market for a $300m borrowing — a good three months after news emerged of a potential mandate and about a year after it issued a request for proposals. But the country is on much stronger footing now despite a ratings downgrade earlier this year, writes Shruti Chaturvedi.

    • 30 Jun 2016
  • MNC Sky Vision seeks retail lenders for slimmer $225m loan

    Indonesian television broadcaster MNC Sky Vision has launched the second stage of syndication for its latest loan, having added two lenders in senior. The company has also trimmed the size of its fundraising to $225m from $275m after accessing an alternate source of funds.

    • 30 Jun 2016
  • Now you see them... Logoplaste loans sell fast

    European levloan investors snatched up Logoplaste’s €570m of acquisition loans, with many making reverse enquiries for the deal.

    • 29 Jun 2016
  • One leaves Faurecia syndicate in €1.2bn refi

    Just one bank was absent from French automotives parts manufacturer Faurecia’s amend and extend deal signed June 24.

    • 29 Jun 2016
  • Bond deals return after Brexit vote but risk appetite down

    In the week after the UK’s vote to leave the European Union many corporate bond specialists are feeling downbeat. But away from existential questions about the City’s future, the investment grade corporate bond market is actually in fairly good shape.

    • 29 Jun 2016
  • Vingroup returns with quartet for $240m

    Real estate developer Vingroup Joint Stock Company is back in the loan market for a $240m five year borrowing, which comes with a $60m greenshoe.

    • 29 Jun 2016
  • Striking gold: Marlin $425m loan a hit with lenders

    A $425m five year loan for Marlin Enterprise's acquisition of a gold mine in Indonesia has been received well by retail lenders.

    • 29 Jun 2016
  • ICICI Singapore loans team loses one

    ICICI Bank’s international loan syndications team in Singapore is losing a banker who has been with the Indian lender for eight years.

    • 29 Jun 2016
  • JP Morgan, Lone Star buy Dutch ‘bad’ bank Propertize

    The Netherlands announced the sale of Propertize, a financial agency holding real estate loans from government bail outs, to a consortium formed by private equity firm Lone Star and JP Morgan on Tuesday.

    • 28 Jun 2016
  • Plucky deals test the resolve of the loan market

    While a handful of loans were put on hold following the UK’s vote to leave the EU, a few deals already in the market are braving the choppy waters, with certain credits finding resilient support.

    • 28 Jun 2016
  • Brexit wreckage: the moment PE has been waiting for

    Private equity funds have spent the last two or three years clearing out their cupboards, selling business after business. They have plenty of new money, too — but have not been buying assets. Brexit could bring them out of hiding.

    • 28 Jun 2016
  • German real estate biz Bilfinger LBO set for July

    Swedish sponsor EQT is set to syndicate €1.25bn of loans in July to fund its acquisition of German Bilfinger’s real estate business, in a market that has been led by German and French deals since the Brexit referendum.

    • 28 Jun 2016
  • Brexit draws scrutiny on UK loan documentation

    English law loan documents are not likely to be scrapped if the UK leaves the European Union, but there will be changes to the docs in the event of a Brexit.

    • 28 Jun 2016
  • Barclays hires distressed debt MD

    Barclays has hired a managing director from Morgan Stanley to join its distressed debt business.

    • 28 Jun 2016
  • Biostime $450m bridge refi oversubscribed

    Biostime International Holdings’ refinancing of a $450m bridge loan has been oversubscribed in syndication.

    • 28 Jun 2016
  • VIG mulls $200m loan prepayment

    Real estate developer Vietnam Investment Group Joint Stock Co (VIG), which signed a $200m three year loan last year, is understood to be considering prepaying the money.

    • 28 Jun 2016
  • Loan market ‘in holding pen’ awaiting Brexit clarity

    Loans bankers are holding out for details of the divorce agreement between the UK and the EU to surface before assessing the full impact of Brexit on their market. But in the short term, they expect a hit to already low volumes.

    • 27 Jun 2016
  • UK's Linpac to launch post-Brexit ref syndication

    UK packaging firm Linpac is expected to launch €175m of loans in the coming weeks, a deal it has been marketing since May. The deal could be the first for a UK borrower since the country voted to leave the European Union in a referendum last Friday.

    • 27 Jun 2016
  • Hong Kong's Skyfame raises $60m at 9%

    Hong Kong listed Chinese real estate company Skyfame Realty has sealed a $60m two year term loan with one lender.

    • 27 Jun 2016
  • Levfin bankers say ‘bring it on’, but Europe may lose deals to US

    Talking to clients, readying deals set to come in the next two weeks, high yield and leveraged loan bankers on Friday began gearing up to fight gloomy forecasts for the post-Brexit world.

    • 24 Jun 2016
  • Investors interest beyond Amor with Tessi

    Leveraged loan investors this week showed healthy appetite for core European deals as French data processor Tessi and German jewellery maker Amor began marketing their acquisition loans.

    • 23 Jun 2016
  • AR Packaging latest CVC LBO in friendly mart

    Swedish firm AR Packaging this week began marketing €240m of loans to fund its acquisition by CVC Partners from Ahlstrom Capital and Accent Equity.

    • 23 Jun 2016
  • CP Pokphand seals $600m five year facility

    CP Pokphand, part of Thai firm Charoen Pokphand Group, has raised a $600m loan to repay outstanding debt.

    • 23 Jun 2016
  • ENBD goes large on refi loan, but leaves some

    Emirates NBD has signed a $1.7bn three year loan facility, increasing it from $1.25bn following a strong investor response.

    • 23 Jun 2016
  • Forthnet rescued by Greek lenders in €350m deal

    Forthnet, an unrated Greek telecom company, on Wednesday sealed with bank lenders a debt restructuring plan that it has been negotiating since April.

    • 22 Jun 2016
  • Statkraft gets new €1.2bn revolver for refinancing

    Norwegian renewable energy firm Statkraft has signed a Nkr11bn (€1.2bn) five year revolving credit facility with a group of banks.

    • 22 Jun 2016
  • Good demand for Terreal’s €260m loan

    In a week when uncertainty surrounding the UK referendum on European Union membership clouded markets, Terreal, the clay tiles and bricks maker, managed to tighten pricing on a €260m refinancing loan, reflecting healthy demand for French and German deals.

    • 22 Jun 2016
  • KYC tops market's concerns at LMA conference

    Issues surrounding Know Your Customer procedures were the foremost concern at the Loan Market Association’s operations conference on Tuesday, chosen by 60% of participants from five options.

    • 22 Jun 2016
  • ING Turkey joins flurry of Turkish bank loans

    ING Bank Turkey has signed a 367 day loan facility with a group of 26 lenders, joining Turk Eximbank and TSKB in issuing loans.

    • 22 Jun 2016
  • Leveraged loans not quelled by Brexit as bonds fall silent

    Stillness reigns in the European corporate bond market, as the UK referendum on its EU membership comes closer. However, the last new issue before Thursday’s poll came as late as Monday, when Christian Dior seized on an optimistic mood in markets to print its well-flagged €350m five year bond.

    • 22 Jun 2016
  • Másmóvil to swallow Yoigo as Spain telcos consolidate

    Yoigo, a Spanish mobile phone company with a 7% market share and 3.3m subscribers, long the subject of takeover speculation, will be bought by Másmóvil Ibercom, a smaller player that is also an internet service provider.

    • 21 Jun 2016
  • Dentressangle begins marketing €276m loan for Tessi LBO

    Dentressangle Initiatives is seeking €276m of loans to fund its acquisition of Tessi, the French provider of data processing services, which it also plans to delist.

    • 21 Jun 2016
  • Machinery maker CNH engineers credit line extension

    Equipment manufacturer CNH Industrial has renewed its €1.75bn revolving credit facility, extending the maturity to June 2021 from November 2019 on "improved terms".

    • 21 Jun 2016
  • Moody's upgrades fallen angel Telekom Slovenije's outlook

    Moody’s has upgraded its outlook on Telekom Slovenije to positive after its successful refinancing earlier this year. The company is rated Ba2.

    • 21 Jun 2016
  • Investors fall for Amor buyout loan

    The €145m of loan facilities to support the purchase of German jewellery maker Amor from 3i by Gilde Buy Out Partners enjoyed a good reception, in line with latest deals in the market.

    • 20 Jun 2016
  • eHi loan warms up with three commitments

    Chinese auto rental company eHi Car Services, which sent out invitations for its debut $150m syndicated loan in early May, has attracted a few commitments.

    • 20 Jun 2016
  • China Minsheng boosts loans team in HK

    China Minsheng Bank has added a new member to its loan syndications team in Hong Kong.

    • 17 Jun 2016
  • Corporate, HY, EM and leveraged markets work right down to Brexit wire

    Credit markets showed their capacity to surprise this week, as a varied array of issuers, including high yield and emerging market companies, raised funds, even though a referendum that could lead to the first country leaving the European Union is only a week away, writes Jon Hay.

    • 16 Jun 2016
  • Loans news in brief — June 16 2016

    Ethypharm — PPHE — Brait — Datwyler — Bonava — Sponda

    • 16 Jun 2016
  • Hotelbeds goes wide for buyout debt allocation

    Hotelbeds, the Mallorca-based travel services operator, has widened pricing on its €490m cov-lite seven year term loan ‘B’ following a muted investor response.

    • 16 Jun 2016
  • Film maker Reliance rolls cameras for $100m loan

    Reliance Big Entertainment US has approached the Asian syndicated loan market for a $100m deal, bringing a rarely seen film production name to lenders. While there are some concerns over its cash flows, the borrower is mitigating those fears with two credit enhancements. Shruti Chaturvedi reports.

    • 16 Jun 2016
  • Ethypharm tightens pricing on buyout debt

    Ethypharm, the French pharmaceutical firm, has allocated a €337m seven year term loan ‘B’ at tighter pricing than initial guidance, following a heavy oversubscription.

    • 16 Jun 2016
  • Cambodia’s BIDC eyes $70m three year fundraising

    A single bank has launched into syndication a $70m three year facility for Bank for Investment and Development of Cambodia (BIDC).

    • 16 Jun 2016
  • Veritas ends buyout loan saga with heavy discount

    US software firm Veritas allocated its leveraged buyout loan package this week, wrapping up a deal that has lasted over six months and coloured views of the leveraged finance market’s risk appetite.

    • 16 Jun 2016
  • PPHE Hotels books in loan refinancing

    PPHE Hotel Group has refinanced loan facilities with Aareal Bank backing its interests in two of its London, and all of its Dutch, hotels.

    • 16 Jun 2016
  • ‘Familiar’ Tele Col out with €125m loan

    Tele Columbus, Germany's third largest cable operator, is marketing a €125m five year loan to replace its second lien facility.

    • 15 Jun 2016
  • Lights, camera, action: Reliance Entertainment out for $100m

    Reliance Big Entertainment US, part of India’s Reliance Anil Dhirubhai Ambani Group (Reliance ADAG), is tapping lenders for a $100m three year trade with one bank at the helm.

    • 15 Jun 2016
  • Brexit fear is real, but so are deals

    Europe’s investment grade corporate bond market has almost caught up with last year’s volume, after a dire start to the year, but issuance in the next nine days is likely to be very quiet, leading up to the Brexit referendum on Thursday June 23.

    • 15 Jun 2016
  • Loans: to have and not to hold?

    Recent allegations against Nomura about a syndicated loan that went bad has re-opened the debate on investment banks’ practice of minimal or zero holds versus commercial banks’ take-and-hold strategy. And the legal action initiated by Taiwanese banks shows there is a need for more transparency — even in secondary sell-downs.

    • 14 Jun 2016
  • Springer takes €420m loan to repay subs

    Springer Nature, the German academic book publisher, plans to prepay €420m of high yield bonds, refinancing them with a new secured loan.

    • 14 Jun 2016
  • Unit4’s €230m refi loan to test IT taste

    Unit4, the Dutch online application provider, is marketing a €230m term loan with replies due this week, but European investors have voiced difficulties in understanding the IT sector.

    • 13 Jun 2016
  • Tikehau funds Apax LBO with unitranche, Ares raises bumper fund

    Tikehau has provided unitranche funding for Apax’s acquisition of Marlink, Airbus’s commercial satellite communications business, with the first step amounting to $270m, the fund confirmed.

    • 10 Jun 2016
  • Baoxin revs up $550m dual tranche financing

    Baoxin Auto Group has rolled out a $550m dual tranche financing that is backed by a keepwell from future parent China Grand Automotive Services Co.

    • 10 Jun 2016
  • Trio join Blackstone acquisition loan for Mphasis, PFC said to pull RFP

    The senior phase of a $405m loan for Blackstone’s acquisition of Indian fintech firm Mphasis has closed, with three new lenders coming in.

    • 10 Jun 2016
  • Refinancings punctuate 'overbought' levloan market

    Springer Nature, the German publisher, Unit4, the Dutch software firm, and German telecoms firm Tele Columbus have all brought refinancing deals to the leveraged loan market this week.

    • 09 Jun 2016
  • Big hitters knock European levloans back into shape

    A resurrection of what should have been last year’s biggest deals from Veritas and a euro deal from Altice point to a leveraged loan market that has returned to good health, writes Max Bower.

    • 09 Jun 2016
  • Evry tightens pricing on controversial dividend recapitalisation

    Nordic IT company Evry, 88% owned by Apax Partners, has tightened pricing on its €275m dividend recapitalisation term loan ‘B’.

    • 09 Jun 2016
  • German market pins hopes on Schuldscheine

    German loan market participants have low expectations for syndicated loan volumes over the next year, although Schuldscheine will provide some hope, according to the latest Loan Market Association (LMA) poll.

    • 09 Jun 2016
  • Private equity duo to pay 25 times for Cegid

    Cegid has launched €365m of loans for its buyout, at a 25 times multiple, by two investment firms. One of the buyers was set up by the former chief operating officer (COO) of Goldman’s investment banking unit in Japan.

    • 09 Jun 2016
  • JP Morgan appoints new sponsors head for France

    JP Morgan has appointed a new head of financial sponsors and family offices in France.

    • 09 Jun 2016
  • Refinancings punctuate 'overbought' levloan market

    Springer Nature, the German publisher, Unit4, the Dutch software firm, and German telecoms firm Tele Columbus have all brought refinancing deals to the leveraged loan market this week. But the majority of deal flow remains in the mid-market space.

    • 08 Jun 2016
  • Ultrasonic loan timeline

    According to the statement emailed by Cathay Financial Holdings to GlobalCapital Asia, the Ultrasonic loan was signed among Nomura and the participants in August 2014. A month later, the CEO of the company Qingyong Wu went missing after which the company defaulted on its obligations.

    • 08 Jun 2016
  • Nomura lawsuit reveals rift in syndicated loans

    Legal action launched by six Taiwanese lenders against Nomura for a syndicated loan that went into default, has unearthed simmering conflicts in the tightly knit Asian syndicated loan community. The fallout will have ramifications for Nomura and the wider loan market, writes Shruti Chaturvedi.

    • 08 Jun 2016
  • Altice and Veritas return to European levfin

    French telecoms firm Altice and US software firm Veritas are returning for a second stab at the European levfin market — after the former shunned euros for dollars in April and the latter failed to sell its LBO debt in November.

    • 08 Jun 2016
  • Asia loans news in brief, June 10, 2016

    Zhongyu Gas fires up refi — Trans Corp hit syndication — Cheng Loong raising Vietnam funds — Global Bank gets bigger loan

    • 08 Jun 2016
  • The ECB arrives in IG, while HY picks up the pace

    After three months of pumping issuance and tightening spreads, the moment has arrived. On Wednesday, the European Central Bank finally entered the investment grade corporate bond market as a buyer.

    • 08 Jun 2016
  • Artsana will not allocate for another week

    Artsana, the Italian babycare products manufacturer, will not allocate its €575m debt package for at least another week, according to a banker on the deal.

    • 07 Jun 2016
  • Chou set to succeed Wong at Standard Chartered

    A senior banker covering onshore China loans at Standard Chartered is set to step into the shoes of Lewis Wong, who quit as regional head of loan syndications for Greater China and northeast Asia, in May.

    • 07 Jun 2016
  • StanChart loans banker joins UBS

    An executive director who quit the loans syndicate and distribution team of Standard Chartered in April, has joined UBS.

    • 07 Jun 2016
  • President of Apollo Investment Corp resigns

    Apollo Investment Corp’s president has resigned after four years at the firm.

    • 06 Jun 2016
  • Allnex turns to US market in loan allocation

    Allnex, the Brussels-headquartered coating resins business, has allocated its €730m cov-lite seven year term loan after transferring €30m to the dollar tranche and further increasing it.

    • 06 Jun 2016
  • Verisure adds further euro tranche in allocation

    Verisure, the B2/B rated Swedish alarms systems company, has allocated its €1.02bn term loan ‘B’ after adding a €135m tranche.

    • 06 Jun 2016
  • Cheng Loong looks for $165m

    Cheng Loong Corp, a paper manufacturer, is in the market for a loan related to its Vietnam operations.

    • 06 Jun 2016
  • TCC International eyes $450m refi

    Cement producer TCC International Holdings has tapped the market after a two year gap, for a $450m borrowing that will refinance a loan that matures this year.

    • 06 Jun 2016
  • RBS's Rome joins law firm after restructure

    Dave Rome, head of loan capital markets at Royal Bank of Scotland, resigned at the end of last week to join law firm Ashurst. The move follows RBS's reorganisation of its loans business, which limited the banker’s role, said a source at the UK bank.

    • 03 Jun 2016
  • Loans news in brief — June 2 2016

    Airbus — Ethypharm — Vopak — Cocobod —Ahlstrom

    • 02 Jun 2016
  • Hotelbeds releases price guidance

    Majorca-based travel services operator Hotelbeds has released price guidance on its €490m cov-lite seven year term loan ‘B’ following bank meetings on Tuesday in London.

    • 02 Jun 2016
  • Dollar financing demand falls as Indo firms eye rupiah loans

    Indonesia’s Solusi Tunas Pratama is looking to replace its dollar liabilities with local currency borrowings in a bid to curb risks from FX volatility. The firm is just one of a list of borrowers considering a similar approach. But the change in tack has caused some concern among foreign lenders, which would struggle to compete with local banks. Shruti Chaturvedi reports.

    • 02 Jun 2016
  • Dalian Wanda firms up loans for property arm take private

    Dalian Wanda Group has tied up financing totalling HK$30.78bn ($3.9bn) for a HK$34.5bn offer to take its property arm private.

    • 02 Jun 2016
  • Verisure accelerates deadline in 'dysfunctional' market

    Verisure, the B2/B rated Swedish alarms systems company, had accelerated commitments due at 3pm on Thursday for its €1.02bn term loan ‘B’.

    • 02 Jun 2016
  • Quartet helps HDFC construct $375m five year facility

    Indian mortgage lender HDFC is seeking $375m five year money in general syndication and is set to receive the entire loan from the leads this week.

    • 02 Jun 2016
  • Ethypharm releases LBO price guidance

    Ethypharm, the French pharmaceutical firm, has released price guidance on its €337m seven year term loan ‘B’, following a bank meeting on Wednesday morning.

    • 01 Jun 2016
  • Airbus allocates €425m buyout loan

    Airbus Group has allocated its €425m term loan ‘B’, backing KKR’s €1.1bn buyout of Airbus' defence electronics business.

    • 01 Jun 2016
  • Corporate issuance cruises in second gear before QE launch

    Corporate bond new issuance in Europe has eased off the accelerator, with market participants talking of oversupply in recent weeks. But two events on the horizon are exerting an influence: the Brexit referendum on June 23 and the European Central Bank’s expected start of its Corporate Sector Purchase Programme.

    • 01 Jun 2016
  • MPM Finance makes quick return with $100m

    Indonesia's Mitra Pinasthika Mustika Finance has launched the retail phase of a $100m borrowing, in what is the company's second outing in the syndicated loan market.

    • 01 Jun 2016