Leveraged Loans - All Articles

  • MacDermid, Eir seek invitation to refi party

    Specialty chemical manufacturer Platform and Irish telecom firm Eir both launched major refinancings this week, looking to tap into a market where nearly everything on offer is being tightened from initial guidance.

    • 29 Sep 2016
  • Ufinet, Ammeraal div recaps ride market tightening

    Ufinet has tightened price guidance on a €124m dividend recapitalisation term loan, while increasing the offering to €135m, as Ammeraal Beltech’s €85m dividend recap also tightened from initial guidance this week.

    • 29 Sep 2016
  • Prepayments add to tough year for Asia loans bankers

    A number of Asian borrowers are choosing to prepay their syndicated loans for various reasons, including a bearish outlook on growth. Their actions are compounding the woes of loan syndications bankers, who are already battling low deal activity, writes Shruti Chaturvedi.

    • 29 Sep 2016
  • Froneri adds Aussie as Keter cuts US tranche

    Froneri, the joint venture vehicle between R&R Ice Cream and Nestlé, has added an Australian dollar tranche to its €800m equivalent term loan ‘B’ as banks have reportedly took much of the deal, while Israeli plastics manufacturer Keter removed the US dollar tranche to its own €690m buyout loan.

    • 29 Sep 2016
  • Aircastle lands in Asia for $75m three year

    New York-listed aircraft leasing company Aircastle has sent invitations for a $75m unsecured financing through a single mandated lead arranger and bookrunner.

    • 29 Sep 2016
  • Loan settlement woes to receive blockchain technology barrage

    Syndicated loans are becoming a focal point of firms looking to demonstrate the power of blockchain, or distributed ledger technology, with different initiatives ramping up and competing to solve the problem of lengthy settlement times in the private debt market.

    • 28 Sep 2016
  • Pemberton launches sterling fund in 'commoditised' market

    UK asset manager Pemberton launched a £500m mid-market all-sterling direct lending fund this week, with one market participant arguing that opportunities in the space will expand because European banks are “the worst pricers of credit” in the market.

    • 28 Sep 2016
  • DBS syndicated finance team hires in HK

    A loans distribution banker has joined the syndicated finance team of DBS in Hong Kong.

    • 28 Sep 2016
  • Rush of sterling deals greets UK corporate QE

    Showing its openness to ideas from the European continent, the UK this week followed the eurozone into corporate bond quantitative easing. The Bank of England began its long anticipated Corporate Bond Purchase Scheme on Tuesday, and already it appears to be stimulating a flurry of sterling bond issuance.

    • 28 Sep 2016
  • Bridgepoint snacks on Pret with dividend recap

    Bridgepoint-owned Pret a Manger launched a £589m dividend recap and refinancing deal on Tuesday, as the market’s repricing momentum continues apace.

    • 27 Sep 2016
  • Former BAML loans banker to take up senior role at BTMU

    A veteran loans banker most recently with Bank of America Merrill Lynch is tipped for a senior role at Bank of Tokyo-Mitsubishi UFJ.

    • 27 Sep 2016
  • Loan Ranger: game of loans

    A European Central Bank official bigwig ruffled a lot of feathers at the LevInvest conference in Barcelona last week when announcing more regulation for the market, leading to some colourful insults. Luckily some managed to party through the pain. While in London, the Ranger ate some pebbles.

    • 26 Sep 2016
  • BTMU hires banker for loans origination

    Bank of Tokyo-Mitsubishi UFJ has hired a banker for its loans team in Singapore, according to sources.

    • 26 Sep 2016
  • Levlending guidance — well done ECB

    Leveraged finance bankers probably didn’t think their jobs could get any tougher. Not until Wednesday at least, when, at Euromoney's Levinvest conference, the ECB dropped the bombshell that it was, in all likelihood, set to introduce ‘guidance’ on leveraged lending.

    • 22 Sep 2016
  • Loans, news in brief — September 22, 2016

    Telxius — Tessi — Isbank

    • 22 Sep 2016
  • ECB to bring in US-style leveraged loan cap

    The European Central Bank is to consult leveraged loan players on official market guidelines similar to those the US brought in three years ago. The set it is already drafting for publication later this year and launch in 2017 is likely to contain what an official termed “key features of US guidance”.

    • 22 Sep 2016
  • Mauser joins Orion on repricing bandwagon

    German industrial packaging firm Mauser launched a €537m term loan refinancing with a lender call on Thursday afternoon, while at the same time fellow German firm Orion Engineered Carbons was set to close its repricing request.

    • 22 Sep 2016
  • India gives a GIFT to banks with first hub for overseas lending

    Banks are queueing to set up shop in an international financial services hub in India — the first of its kind in the country. Institutions operating there enjoy certain regulatory exemptions, which are expected to give a leg-up to domestic lenders looking to build a foreign currency loan book. Shruti Chaturvedi reports.

    • 22 Sep 2016
  • Cinven, Advent owned firms market div recaps

    Ufinet, the telecommunications firm with headquarters in Madrid, and Ammeraal Beltech, the Dutch conveyor belt manufacturer, both marketed dividend recapitalisations on Thursday. One senior market observer said that the regularity of such deals was reflecting poorly on the private equity community.

    • 22 Sep 2016
  • Tessi make €276m allocations after lengthy wait

    Tessi, the French payment processing firm, has allocated its €276m deal after marketing began in June.

    • 21 Sep 2016
  • ECB to consult on US-style leveraged loan guidelines

    The European Central Bank has announced that it plans to start consultations on introducing official guidelines for the leveraged loan market, similar to those implemented in the US in 2013.

    • 21 Sep 2016
  • Bonds stand by for FOMC, loans market bathed in Bayer

    Investment grade loans continued to bask in the glow of Bayer's $57bn deal while the levloan market is beset by repricings. But IG and high yield bond markets were quiet this week as participants waited for the outcome of Wednesday's US Federal Reserve meeting.

    • 21 Sep 2016
  • Trans Corpora nets commitments from two banks

    Trans Corpora has received commitments from two banks for a $150m three year senior secured term loan that launched into syndication in June.

    • 21 Sep 2016
  • SIG Combibloc allocates $2.37bn repricing deal

    SIG Combibloc allocated its $2.37bn equivalent deal on Thursday in a repricing deal that surprised some investors.

    • 20 Sep 2016
  • Wake up and smell the fintech

    Hong Kong and China-based fintech lender WeLab could be a sign of things to come in the Asian syndicated loans market as the start-up seeks out its debut borrowing. Some banks will no doubt cast off the industry as a fad and give it a miss. But now is as good a time as any to take a fresh look at fintech.

    • 20 Sep 2016
  • Misys uploads refi as Vista seeks exit

    UK financial software firm Misys launched a $1.5bn equivalent refinancing loan package on Monday with a bank meeting in London.

    • 19 Sep 2016
  • No love lost for levloan lovers

    Pricing is growing tight in the European leveraged loan market — very tight. Investors are moaning, but they will receive little sympathy from buyers of other asset classes.

    • 15 Sep 2016
  • Lev borrowers batter lenders into tighter terms

    It is open season for repricings in the levloan market and lenders are feeling the squeeze. Two firms, one Austrian and one US, launched requests on Wednesday. They followed SIG Combibloc and Ineos Styrolution’s lead in exploiting ever friendlier conditions for issuers looking for cheaper debt, writes Max Bower.

    • 15 Sep 2016
  • Styrolution turns music up at repricing party

    Ineos-owned styrene manufacturer Styrolution tightened guidance on its €1.1bn refinancing on Thursday while altering the structure of the deal, in a market dominated by refinancings.

    • 15 Sep 2016
  • WeLab tests waters for fintech with $50m trade

    Hong Kong-based WeLab is set to dip its toes in the Asian syndicated loans market for a $50m borrowing, potentially fuelling a trend of fintech start-up lenders hitting the wholesale market for funds.

    • 15 Sep 2016
  • Ardian, Tikehau bulk up unitranche funds

    Ardian and Tikehau both announced the closing of €4.5bn and €610m direct lending funds respectively this week, with Tikehau's private debt fund manager Jean-Baptiste Féat telling GlobalCapital that 2016 seemed to be one of its "best years".

    • 14 Sep 2016
  • Constantia and Western Digital launch into 'repricing' market

    Repricings are bubbling up across the levloan market as two firms, one Austrian and one US, launched repricing requests on Wednesday following SIG Combibloc's lead.

    • 14 Sep 2016
  • TMF Group, Unilabs ride issuance slipstream

    TMF Group, the business services provider based in Amsterdam, and Unilabs, the laboratory services firm from Geneva, have both launched loan refinancing packages with TMF holding bank meetings last Friday in London, Unilabs on Thursday.

    • 14 Sep 2016
  • Nomura levfin team makes Funke hire

    A former managing director at Goldman Sachs has joined Nomura as a managing director in its leveraged finance division.

    • 14 Sep 2016
  • High yield blows away summer sluggishness as IG rolls on

    The European high yield market looks bound to end the third quarter of this year with a flourish as the volume of September primary sales approaches the €10bn mark, some €2bn more than for June and July combined.

    • 14 Sep 2016
  • Froneri removes sweetner with loan pricing

    Froneri, the joint venture between Nestle and R&R Ice Cream, released tight price guidance on its €800m loan deal following a London bank meeting on Monday, yet market participants are sanguine on its chances of success.

    • 13 Sep 2016
  • Morrison signs first UK LBO post-Brexit

    Morrison Utility Services, the first UK leveraged buyout to come to market since the UK voted to leave the EU, received oversubscribed offers for its £170m loan package.

    • 13 Sep 2016
  • Reliance Industries' JV seals $330m 10 year

    Reliance Sibur Elastomers, a subsidiary of India’s Reliance Industries, has bagged a $330m term loan with a 10 year tenor, marking one of the longest dollar loans in Asia ex-Japan in almost a decade.

    • 13 Sep 2016
  • Reassertion of credit fundamentals 'crumbling', says JPM

    Credit is expensive relative to fundamentals, JP Morgan announced this week, yet the actions of central bank policy will ensure that it remains so toward year end as risk premiums are increasingly compressed, and investors remain desperate for paper.

    • 12 Sep 2016
  • Redco seals $130m loan with Hang Seng as lead

    China's Redco Properties Group has signed a $130m three year loan with a group of lenders, it said in a Hong Kong stock exchange filing.

    • 12 Sep 2016
  • Adams Street Partners adds four to private debt team

    Adams Street Partners has added four to its private debt team in New York as it looks to expand the business following the hires of Oaktree executives Bill Sacher and Shahab Rashid in January.

    • 08 Sep 2016
  • Keter crafts €790m deal for BC Partners buyout

    Israeli plastics manufacturer Keter Plastic has launched its €790m buyout loan package with a bank meeting scheduled for Monday morning in London.

    • 08 Sep 2016
  • Crunch time for Sky Vision as all eyes on $225m loan

    A long drawn out fundraising for MNC Sky Vision is coming down to the wire after Moody’s downgraded its parent this week, citing refinancing risks. A default could spell more bad news for Indonesian borrowers, especially coming so close to last month’s missed payment by Royal Industries Indonesia. John Loh reports.

    • 08 Sep 2016
  • SIG Combibloc joins Armacell with 'surprising' repricing deal

    SIG Combibloc, the Swiss packaging firm owned by Onex, launched its second repricing request on its leveraged buyout loans with a lender call scheduled for Thursday morning New York time, as replies were due on Armacell's own repricing.

    • 08 Sep 2016
  • Micro Focus $8.8bn merger brings one of 2016’s big UK loans

    The $8.8bn merger between UK software company Micro Focus and assets of Hewlett Packard Enterprise has gifted the loan market a $5.5bn deal, one of the largest in the UK this year.

    • 08 Sep 2016
  • Styrolution joins R&R in awakening levloan market

    Ineos-owned styrene manufacturer Styrolution launched a €1.1bn term loan with a lender call on Wednesday, following R&R Ice Cream in re-awakening the market and inviting further deals.

    • 08 Sep 2016
  • CLOs singled out for praise at loan market conference

    Despite tough market conditions this year so far, there were some bright spots singled out at the leveraged finance panel at the Loan Market Association conference on Wednesday, with the growth of CLOs highlighted as a strong point for the market.

    • 07 Sep 2016
  • Schaeffler signs €800m in loans with four banks as part of debt refinancing push

    Schaeffler Verwaltung Zwei, a holding company which owns 75% of bearings manufacturer Schaeffler, has signed a €800m credit agreement with four banks as part of a €3.3bn refinancing package.

    • 07 Sep 2016
  • IG corps on fire as HY and loans warm up

    After a muted Monday, when British American Tobacco’s sterling and Hemso’s euro trades were the only deals on screens, the European corporate bond market has surged as buy-side demand supported negative yields and hefty order books.

    • 07 Sep 2016
  • Vingroup allocates $300m loan to 12 banks

    Vietnam’s Vingroup Joint Stock Company has allocated its $300m borrowing after selling the full greenshoe of $60m.

    • 07 Sep 2016
  • R&R Ice Cream sprinkles €1bn loan on Nestle JV

    R&R Ice Cream is scheduled to launch €1bn of loans this month as its joint venture with Nestlé’s ice cream business, Froneri, nears completion.

    • 06 Sep 2016
  • Fresenius sets up Europe’s largest private hospital

    German health care group Fresenius is set to unroll more than €5bn of debt to fund its acquisition of Quirónsalud, a Spanish peer, which it will integrate into its Helios hospital network.

    • 06 Sep 2016
  • Intralot looks for refinancing following Gamenet merger

    Greek gaming company Intralot is looking to refinance €200m of loans following the completion of the merger of its Italian unit with Italian gaming firm Gamenet.

    • 05 Sep 2016
  • BAML loses senior members of HK loans team

    Two Hong Kong-based loans bankers from Bank of America Merrill Lynch’s Asia Pacific debt solutions team have left the firm.

    • 02 Sep 2016
  • Lenders jump on board eHi $150m three year

    Chinese auto rental company eHi Car Services has signed up new lenders for its $150m loan that opened for retail participation in May.

    • 02 Sep 2016
  • Armacell looks to reprice €445m Blackstone buyout loan

    Luxembourg-headquartered Armacell has launched a repricing request on its €445m term loan ‘B’, following Blackstone and Kirkbi’s acquisition of the foam insulation manufacturer from Charterhouse earlier this year.

    • 01 Sep 2016