Leveraged Loans - All Articles

  • NPL specialist Pillarstone appoints COO as ambitions grow

    KKR-backed Pillarstone, the non-performing loan acquisition and advisory company, has picked a chief operating officer after starting operations last year.

    • 31 Aug 2016
  • IG corps race into autumn as HY warms up

    Europe’s investment grade corporate bond market has surprised few with the intensity of its start to autumn as issuers begin a run of primary activity that shows little sign of abating.

    • 31 Aug 2016
  • Royal Industries seeks additional $95m after default

    Royal Industries Indonesia, which failed to pay the first principal instalment of a loan borrowed in June 2015, has asked banks for additional funds to help resolve its liquidity problem.

    • 31 Aug 2016
  • Asia Minerals seeks $61m dual trancher; Soechi finds commitments

    Manganese producer Asia Minerals has approached the syndicated loan market for a $61m two tranche borrowing.

    • 30 Aug 2016
  • China XD Plastics winds up $180m loan with seven

    Nasdaq-listed China XD Plastics Co has signed a $180m two year financing after a senior syndication phase that lasted a month.

    • 30 Aug 2016
  • Lee & Man Paper, NewOcean raise syndicated loans

    A subsidiary of Lee & Man Paper Manufacturing has signed loans worth HK$4bn ($515.6m) to refinance debt, including bilateral loans, and for general corporate funding.

    • 29 Aug 2016
  • Allocations revealed for Sri Lanka $700m loan

    Allocations are out for the government of Sri Lanka’s $700m three year borrowing, which has more than doubled from the launch size of $300m.

    • 29 Aug 2016
  • Sri Lanka to hike syndicated loan to $700m

    The government of Sri Lanka’s three year borrowing has turned out to be a hit, allowing it to hike the loan to $700m, beyond the $500m it was eyeing after a greenshoe.

    • 26 Aug 2016
  • Baoxin exits with bigger $750m borrowing

    Baoxin Auto Group has hiked the size of its latest borrowing to $750m from $550m, after its acquisition by China Grand Auto made the deal more appealing, according to bankers.

    • 26 Aug 2016
  • High yield heartache as LBOs lead on

    The investment grade bond market saw raging demand for the one small deal of the week, lining the market up for a strong September, while the high yield market has seen appetite for European credits weaken. Investment grade and leveraged loans alike have settled into the summer lull, though Cinven’s latest acquisition could raise hopes for more LBOs in the final quarter.

    • 24 Aug 2016
  • Cinven pops latest €7bn fund for $1.4bn Bioclinica acquisition

    Cinven has made the first acquisition from its latest €7bn European focused fund for US healthcare firm Bioclinica.

    • 23 Aug 2016
  • Royal loan default is a time for introspection

    Royal Industries Indonesia rattled the loans market last week when it failed to pay the first principal instalment on a $380m deal signed in June 2015. The incident has caused consternation among participating banks, with many being quick to blame the bookrunners on the trade. But this should be a wake-up call to lenders, who need to re-examine their internal approval procedures.

    • 23 Aug 2016
  • OCI Nitrogen picks ten new banks for €550m refi

    OCI Nitrogen, the subsidiary of fertiliser giant OCI, has signed a €550m credit agreement with 17 banks, 10 of which are new lenders.

    • 19 Aug 2016
  • Royal Industries skips first instalment on $380m deal

    Agro-industrial company Royal Industries Indonesia has failed to pay the first principal instalment on a $380m loan borrowed in June 2015. Although the incident was driven by circumstances unique to the borrower, market observers reckoned banks would now be more wary of lending to smaller, privately-held firms from the country. Shruti Chaturvedi reports.

    • 18 Aug 2016
  • HNA's gategroup acquisition ready for take-off

    Chinese conglomerate HNA officially filed notification of its acquisition of Swiss airline caterer Gategroup this week in a move which market participants hope could provide much needed issuance for a subdued levfin market.

    • 18 Aug 2016
  • BOC Aviation takes flight for $1.5bn revolving facility

    BOC Aviation has ended an eight month break from the loan market, sending out a request for proposals for a $1.5bn revolver.

    • 18 Aug 2016
  • Royal Industries misses first repayment on $380m loan

    Royal Industries Indonesia is understood to have failed to repay the first principal installment on a $380m loan raised in 2015.

    • 18 Aug 2016
  • Blackstone acquisition loan for Mphasis enters general

    A $405m loan for Blackstone’s acquisition of Indian fintech firm Mphasis has entered general syndication, a couple of months after the borrower expanded the lending group in the senior phase.

    • 18 Aug 2016
  • LBO volumes floundering but Indian summer plausible

    Sponsor driven merger and acquisition activity has suffered in 2016, with volumes sliding 25% this year to date. There could be a boost to come though, with the final four months of the year historically proving fruitful.

    • 17 Aug 2016
  • Levfin revs up as IG idles

    European high yield bonds and leveraged loans have maintained interest this week for investors, despite a lack of deals, as other parts of the corporate market have finally been lulled to summer slumber.

    • 17 Aug 2016
  • Bank Tabungan takes loan into limited syndication

    Indonesian lender Bank Tabungan Pensiunan Nasional, which is backed by Sumitomo Mitsui Banking Corp, is seeking $155m from the syndicated loan market.

    • 17 Aug 2016
  • Riemser leaves leveraged loans near empty

    German pharmaceuticals firm Riemser allocated its €256m term loan dividend recapitalisation on Tuesday, according to one banker. The deal comes as deal flow in the levloan market dissipates.

    • 16 Aug 2016
  • Ratings agencies split over Noble after banks agree covenant waiver

    Commodities trader Noble Group is in the spotlight again after Fitch and Moody's published divergent ratings on Monday. Fitch took a more benign view on Noble, but Moody's downgraded it to B2 from Ba3 with a negative outlook.

    • 16 Aug 2016
  • Sime picks Saizen for reverse takeover

    Malaysia’s Sime Darby is injecting its Australian properties into Singapore-listed Saizen Real Estate Investment Trust via a reverse takeover in exchange for new units and cash raised from bank debt.

    • 16 Aug 2016
  • Ziggo loan increase astonishes market

    Dutch telecoms firm Ziggo made a bumper increase to its $1.6bn refinancing earlier this week, more than doubling the size of the loans offered and stunning some investors.

    • 15 Aug 2016
  • Indonesia, India firms seek $125m in loans

    A power plant construction firm from Indonesia and an equipment and infrastructure finance company from India are raising debt worth a collective $125m.

    • 15 Aug 2016
  • Bankers give DBS vote of confidence

    Increased provisioning and DBS’ high exposure to Swiber has raised some questions about the bank’s handling of the problem and the overall quality of Singaporean lenders’ portfolios, considering their local market is heavily composed companies in cyclical sectors such as oil and gas.

    • 11 Aug 2016
  • Morrison launches rare sterling LBO

    Morrison Utility Services launched on Wednesday £170m of loans to early bird syndication, bringing supply to a market where sterling issuance has dropped more than 55% year to date.

    • 11 Aug 2016
  • JP Morgan poaches loan trading head from Credit Suisse

    JP Morgan has hired a new head of European loan trading in London, poaching the banker from Credit Suisse.

    • 10 Aug 2016
  • Corporate borrowers ignore summer slowdown memo

    Two weeks into August and the anticipated summer slowdown is still not that slow, with big name borrowers continuing to test both the investment grade and high yield bond market, as well as bringing leveraged loans.

    • 10 Aug 2016
  • TCC International hikes syndication to $540m

    Cement producer TCC International Holdings has decided to increase the size of its five year fundraising to $540m from $450m, exercising the full greenshoe.

    • 10 Aug 2016
  • Morrison Utility launching UK LBO

    Morrison Utility Services is to launch this week loans backing the first UK leveraged buyout since Britain’s vote to leave the EU, according to a banker with knowledge of the deal.

    • 09 Aug 2016
  • Chailease sees 20 banks climb in for $195m

    Chailease International Financial Service has upped its three year revolving facility to $195m from an initial size of $130m after some 20 lenders joined during general syndication, sources said.

    • 09 Aug 2016
  • Ratings upgrades help ZF in €3.5bn refinancing

    German automotive supplier ZF Friedrichshafen has refinanced debt it took on for the acquisition of TRW with €3.5bn of loans. The company said credit rating upgrades earlier this year helped it to secure the improved deal.

    • 08 Aug 2016
  • Ziggo seeks pre-Vodafone merger refi

    Dutch telecom firm Ziggo marketed a $1.6bn loan refinancing package during an investor call on Monday afternoon, after the European Commission cleared its proposed merger with Vodafone’s dutch unit last week.

    • 08 Aug 2016
  • VietinBank returns for $100m three year bullet

    VietinBank, one of the largest state-owned commercial lenders in Vietnam, is back in the market with a $100m bullet just five months after signing its previous loan. This time around, the borrower has managed to narrow the margin by 40bp.

    • 05 Aug 2016
  • Ion Trading and Mediq both set to close div recaps

    Ion Trading, the Ireland-domiciled electronic trading software firm, had replies due on Wednesday for its $200m equivalent incremental term loan dividend recapitalisation, as had Dutch pharma firm Mediq, with some investors saying market valuations look frothy.

    • 03 Aug 2016
  • Sterling deals see the sun as summer break looms

    There is a distinct sense of impending summer slowdown in corporate debt this week, both for loans and bonds. But that has not stopped a number of borrowers rushing to wrap up sizeable deals before the window closes.

    • 03 Aug 2016
  • Soc Gen: Marina sails into top levloan berth

    Société Générale this week appointed a new European head of leveraged loan syndicate, after the former levloan boss left the bank.

    • 02 Aug 2016
  • Avast allocates buyout debt amid ambiguous tech outlook

    Czech software security firm Avast had commitments due on its $1.6bn equivalent six year term loan package, following a notable price tightening, on Tuesday, yet market participants remain sceptical about the broader tech sector's trajectory in European levfin.

    • 02 Aug 2016
  • Konecranes signs €1.5bn acquisition facilities

    Finnish crane manufacturer Konecranes has signed €1.5bn of loan facilities for its revised agreement to purchase a unit of US firm Terex.

    • 02 Aug 2016
  • Consortium looks to tap staple for GenesisCare buy

    In a rarely seen occurrence in Asia, a Chinese company-led consortium is set to use staple financing to support its acquisition of shares in Australian company GenesisCare, according to sources.

    • 02 Aug 2016
  • Fed anxiety mounts as leveraged a key cause for credit concern

    The leveraged loan market remains one of the biggest sources of concern for the US Federal Reserve, which has cited it as the 'primary contributor' to the number of inadequate credits it examines.

    • 01 Aug 2016