Leveraged Loans - All Articles

  • Exterion saves refi from Brexit fail with 825bp spread

    Though the UK referendum in June derailed the advertising firm Exterion Media's bid for a £220m loan, the company has returned and closed the offering, cutting the deal size and ramping up the margin in the process.

    • 31 Oct 2016
  • Interoute refis floater with loan, Exterion Media closes div recap

    Interoute, the UK data networks and centres company, has scheduled bank meetings for Monday in London for a €250m seven year term loan ‘B’, to refinance floating rate notes issued last year. Exterion Media has also closed a £150m div recap loan.

    • 28 Oct 2016
  • Oxley builds $200m three year in syndication

    Singapore-listed property developer Oxley Holdings has hit the market for a $200m senior secured financing.

    • 28 Oct 2016
  • Indomobil Finance sets out for $100m with four

    Indomobil Finance Indonesia has returned to the syndicated loan market for a $100m borrowing after a break of nearly one and a half years.

    • 28 Oct 2016
  • Telenet launches €500m refi, OGF seeks tap

    Liberty Global-owned Belgian telecoms firm Telenet launched a €500m eight year term loan ‘B’ on Thursday as it looks to take advantage of propitious issuer conditions to refinance existing debt.

    • 27 Oct 2016
  • JDE grinds investors down to 225bp

    Jacobs Douwe Egberts rode the market repricing wave emphatically this week, increasing its new loan offering to €1.3bn and cutting margins on existing loans to just 225bp.

    • 27 Oct 2016
  • Wharf T&T LBO loan in limited syndication

    A HK$4.851bn ($625m) leveraged buyout financing to back the acquisition of Wharf T&T by MBK Partners and TPG Capital has entered limited syndication.

    • 27 Oct 2016
  • Permira offers hope to sullen investors

    Permira has added to its recent shopping basket of acquisitions with the purchase of German online retailer Schustermann & Borenstein from Ardian.

    • 26 Oct 2016
  • IG and HY deals pour in despite investor concerns

    After weeks of caution and defensive trades, with tentative order books to match, the euro corporate bond market has swung back to notch a jumbo trade among its deal count. Meanwhile the loan market continues to search for a sane medium between leveraged loans' buying hysteria and investment grade’s catatonic summer.

    • 26 Oct 2016
  • Shangri-La squeezes pricing with $130m refinancing

    Shangri-La Asia Treasury is seeking retail participants for a $130m borrowing that will refinance existing debt.

    • 26 Oct 2016
  • Ardian appoints co-head of private debt

    French private equity firm Ardian has appointed a new co-head of its private debt division, as it prepares for big things from the sector.

    • 25 Oct 2016
  • Euro Garages drives sterling offering wider

    Euro Garages has widened the discount on its £250m term loan ‘C’ to 97.5, with prospects for sterling issuance less clear following a pulled deal last week.

    • 25 Oct 2016
  • Full marks for Infinitas on refi pricing

    B2 rated Infinitas priced on Tuesday its €380m term loan ‘B’ refinancing at the lower end of the guidance having first signed the deal just eight months ago.

    • 25 Oct 2016
  • Compliance: Not the friend you want but one you need

    One month from the US regulator fining the New York unit of Mega International Commercial Bank, Taiwanese lenders are feeling the pressure and facing an unprecedented level of scrutiny on their existing loan books. But the extra paperwork should be viewed as a minor inconvenience with long-term benefits.

    • 25 Oct 2016
  • Air India takes off for $69m syndication

    Air India is tapping the syndicated loan market to refinance a $69.065m aircraft purchase facility. The carrier, which reported its first operating profit in a decade in the 2016 fiscal year, is relying on a guarantee from the Indian government to reel in demand.

    • 25 Oct 2016
  • BMI adds loans to levfin sterling activity

    BMI Healthcare, the operating arm of General Healthcare Group, added a loan package to the run of sterling issuance in the European leveraged finance market of late.

    • 24 Oct 2016
  • Ion Trading taps loan after another acquisition

    Electronic trading firm Ion Trading has tapped its term loan signed in August by subsidiary Wall Street Systems for €130m, as the latter acquires fellow fintech firm Reval.

    • 24 Oct 2016
  • BNPP seeks bigger private equity wallet share with senior hire

    BNP Paribas is hoping to win more business from private equity firms across its product lines, following the appointment of James Seagrave as global head of financial sponsors.

    • 24 Oct 2016
  • JP Morgan names new head of Emea DCM

    JP Morgan has chosen a new head of debt capital markets in Emea, as part of a wider reshuffle designed to promote a new generation of bankers to top jobs.

    • 21 Oct 2016
  • Cogobuy unit boosts debut loan to $194.5m

    A unit of e-commerce platform Cogobuy Group has close to doubled the size of its debut syndicated loan to $194.5m following an oversubscription from nine banks.

    • 21 Oct 2016
  • Loans, news in brief — October 20, 2016

    Valmet — Segro — Ecom — Aluminium Bahrain — Morpho

    • 20 Oct 2016
  • Inovyn in vogue but M&A could enjoy autumn

    Ineos-owned chlorvinyls firm Inovyn increased and tightened the size and guidance on its term loan ‘B’ repricing on Thursday afternoon, as the market hopes for some overdue buyout activity.

    • 20 Oct 2016
  • Euro Garages poised for chequered flag

    Final commitments were due on Thursday for Euro Garages’ €1.16bn of loan facilities backing its merger with European Forecourt Retailer, while New York listed beauty firm Coty has commitments due Friday on its repricing and €325m add-on to its term loan ‘B’.

    • 20 Oct 2016
  • Reception to Shui On $300m loan suggests real estate revival

    Chinese property names are trickling back into the syndicated loan market, with Shui On Land becoming one of the first mid-size borrowers to access the market this year. The credit is appealing to banks on a standalone basis, but early signs show that appetite for the sector has also improved. Shruti Chaturvedi reports.

    • 20 Oct 2016
  • Thirteen banks back €2.43bn Morpho acquisition

    Advent’s €2.43bn acquisition of French software solutions firm Morpho is supported by 13 banks, according to one banker, with up to €2bn of loans expected to be marketed by early November.

    • 19 Oct 2016
  • Corporate bond markets busy despite QE qualms

    Despite tricky conditions in the European corporate bond market, a varied array of issuers has come to market this week, with the flow increasing as the week has gone on.

    • 19 Oct 2016
  • JDE, Infinitas seek invite to refinancing party

    Coffee maker Jacobs Douwe Egberts (JDE) and education publisher Infinitas both held lender calls on Tuesday for refinancing deals, though merger and acquisition financing could subdue the latest spate of repricings in leveraged loans, one senior banker said.

    • 18 Oct 2016
  • Fresenius lands €1.2bn deal, adds bank to €3.75bn club

    Fresenius has completed a €1.2bn incremental loan to help fund the acquisition of Spanish hospital group Quirónsalud. The company has also added a fourth bank to a separate €3.75bn club loan to help fund the purchase, according to a banker close to the deal.

    • 17 Oct 2016
  • Dollars at the fore for $3.2bn Allegro LBO

    Lenders are preparing the financing package for the $3.2bn leveraged buyout of Polish online retailer Allegro. A loan for the deal is likely to be mostly dollar denominated, bankers said.

    • 17 Oct 2016
  • Shui On offers juicy pricing on $300m amortiser

    Shui On Development Holding is offering a hefty margin on its $300m three year amortiser to entice lenders cautious about investing in Chinese property related firms.

    • 17 Oct 2016
  • STP beams $225m loan into limited syndication

    Indonesian telecommunication tower company Solusi Tunas Pratama has opened the dollar portion of a $350m-equivalent multi-currency loan to retail lenders.

    • 17 Oct 2016
  • SFR, Platform increase euro offerings amid more refis

    Three deals priced in the leveraged loan market on Friday, all at the tight end of guidance, with SFR and Platform increasing the size of their euro offerings.

    • 14 Oct 2016
  • Open ended loan funds: an illiquid lunch

    Insurance companies taking leveraged loan exposure through open ended funds, rather than CLOs, should cause alarm. Given the liquidity risk inherent in the structures, regulators ought to be watchful.

    • 13 Oct 2016
  • SMBC hires Barclays loans veteran

    SMBC has hired Barclays’ head of private loan sales, who had worked at the bank for 10 years before his departure.

    • 13 Oct 2016
  • SFR looks to follow Eircom with $2.4bn refinacing

    French telecoms firm SFR launched a $2.4bn-equivalent refinancing with a lender call on Tuesday afternoon, aiming to lower margins by as much as 100bp despite a poor performance this year, while Eircom closed its repricing on Wednesday evening.

    • 13 Oct 2016
  • Powerflute tunes up €315m of buyout loans

    Finnish packaging firm Powerflute held bank meetings in London on Thursday afternoon for its €315m loan package backing its acquisition by Madison Dearborn Partners, as the LBO pipeline in Europe builds.

    • 13 Oct 2016
  • Opportunistic FIG borrowers bring respite

    An increase in fundraising from financial institutions this year has helped an otherwise sluggish Asia ex-Japan syndicated loan market, as borrowers have found opportunistic windows to cut costs and extend maturities. But as corporate credit growth has slowed, bankers are sceptical about business prospects from the FIG sector, writes Shruti Chaturvedi.

    • 13 Oct 2016
  • Cabot tightens margin in £250m deal, syndicate unchanged

    Cabot Credit Management, the debt purchasing and recovery business, has amended its senior secured revolving credit facility and lowered the margin but kept the same group of lenders.

    • 12 Oct 2016
  • Flakt allocates LBO as pipeline grows

    Flakt Woods, the Swedish air conditioner supplier, allocated its €300m buyout term loan on Wednesday, at notably wider pricing than most other deals in the market of late.

    • 12 Oct 2016
  • Corporate investors push back against tight NIPs

    Corporate bond issuance is continuing at a fast rate in Europe, with three deals on Monday this week and six on Tuesday. But investors have become less willing to accept the tight spreads, yields and new issue premiums that quantitative easing has underpinned for much of this year.

    • 12 Oct 2016
  • PrimeCredit self-arranging up to HK$1.5bn club

    A number of banks are processing approvals for a club loan being arranged by Hong Kong-based personal loan provider PrimeCredit.

    • 12 Oct 2016
  • Lindorff moves away from syndicated loan with €225m of bilats

    Swedish financial services firm Lindorff has signed €225m in loans to fund its non-performing loans business and to reduce the group's reliance on its revolving credit facility.

    • 11 Oct 2016
  • Lucky number 13 for Delta Dunia $260m borrowing

    Indonesian textile company Delta Dunia Sandang Tekstil has signed its $260m fundraising with 13 lenders, about four months after banks were first sounded out.

    • 11 Oct 2016
  • HNA Group unit taps MS, UBS for $10bn acquisition

    Avolon Holdings, indirectly owned by China’s HNA Group, has tapped Morgan Stanley and UBS to provide $8.5bn of debt for the acquisition of the aircraft leasing business of CIT Group.

    • 07 Oct 2016
  • Pret, Ufinet allocate as Element reprices

    Bridgepoint-owned Pret A Manger and Civen-owned Ufinet both allocated dividend recapitalisations on Thursday, while another Bridgepoint-owned firm, Element Materials, released price talk on a proposed repricing of its buyout loans signed only in February.

    • 06 Oct 2016
  • Theresa May swipes at unconventional monetary policy, UK set to stimulate

    The UK government has lent its voice to the growing current of international opinion that expansive monetary policy has gone far enough, and may even be harming growth. Britain is set to embark on a fiscal stimulus, likely to be welcomed by financial markets.

    • 06 Oct 2016
  • Mega scandal brews trouble for Taiwanese lenders

    A recent fine by US regulators on the New York branch of Mega International Commercial Bank has led to demands for overseas branches of Taiwanese lenders to collect more comprehensive information about their clients. This is causing fears that the credit approval process for syndicated loans will lengthen, while banks will also find it tricky to lend to smaller borrowers. Shruti Chaturvedi reports.

    • 06 Oct 2016
  • Klockner manufactures $1.05bn refi

    German film packaging manufacturer Klockner Pentaplast launched a $1.05bn-equivalent loan refinancing with a lender call on Wednesday afternoon as it looks to tap into the trend of tightening prices.

    • 06 Oct 2016
  • Banks prep LBO financings for Tricor, Wharf

    Details about a $350m-$400m financing for private equity firm Permira’s acquisition of corporate services provider Tricor Group have emerged.

    • 06 Oct 2016
  • Euro Garages drives €1.16bn onto forecourt

    Euro Garages has launched €1.16bn of new loan facilities with a bank meeting on Thursday as it moves toward merging with European Forecourt Retail.

    • 05 Oct 2016
  • Banks line up $550m loan for Wharf T&T acquisition

    Lenders have put together a financing package of $550m to back MBK Partners and TPG’s joint acquisition of Wharf T&T from Wharf Holdings.

    • 05 Oct 2016
  • Soechi Lines docks for $180m fundraising

    A $180m financing for Indonesian tanker company Soechi Lines has been opened to a wider group of banks, with a roadshow scheduled in Taiwan this week.

    • 05 Oct 2016
  • Investment grade gets butterflies but HY and levloans pumping

    This has been a week of wariness for euro investment grade corporate bonds. A German public holiday on Monday kept a lid on deals, but there were at least two go/no-go calls on Tuesday that yielded no deals, despite an improving tone in corporate spreads and stock markets.

    • 05 Oct 2016
  • BNP Paribas IP takes on SME direct lending with €500m fund

    BNP Paribas Investment Partners has launched a €500m direct lending fund which offers longer dated institutional loans alongside bank loans to small and medium sized European companies.

    • 04 Oct 2016
  • MPS allocates in 'mad' levloan market

    New York-headquartered Multi Packaging Solutions allocated its multi-currency term loan refinancing late on Tuesday afternoon, with several more deals scheduled to have followed this week.

    • 04 Oct 2016
  • Sampath pushes longest tenor loan up to $100m

    Sri Lankan commercial lender Sampath Bank has wrapped up its latest fundraising at $100m, fully using a $50m greenshoe on the back of demand from Middle Eastern and Indian lenders.

    • 04 Oct 2016
  • Blackstone acquisition loan for Mphasis pulls in seven

    Seven banks subscribed to a $297m loan for Blackstone’s acquisition of Indian fintech firm Mphasis during general syndication. The deal was initially conceived as a $405m facility but the amount was reduced after an open offer.

    • 04 Oct 2016