Leveraged Loans - All Articles

  • Longfor Properties inks Rmb3bn three year loan

    Hong Kong-listed Longfor Properties has sealed a Rmb3bn ($431m) fundraising with a Chinese bank at the helm.

    • 23 Dec 2016
  • Apax closes latest fund as PE dry powder piles up

    Apax Partners closed its ninth fund at a hard cap of $9bn this week, as the private equity community adds to its record amounts of dry powder amid difficult buyout conditions.

    • 21 Dec 2016
  • Wanda Properties wraps up slimmer $487.5m loan

    Wanda Commercial Properties Hong Kong is due to sign a syndicated loan facility at $487.5m, slightly lower than the launch size of $500m. But a few more banks that were unable to make the deadline are expected to come in later, which will allow the company to boost the deal size.

    • 21 Dec 2016
  • Five pick up signal for bigger Axiata unit loan

    A subsidiary of Malaysian telecommunications company Axiata Group has expanded the bookrunner group of a $400m loan, which was overhauled and boosted from the original $100m in November.

    • 21 Dec 2016
  • Direct lending marches into Europe

    The number of European direct lending deals increased 6% in the first three quarters of 2016, thanks largely to activity in mainland Europe, according to recent Deloitte research. Deals have also got bigger.

    • 20 Dec 2016
  • Trans Retail in talks for fresh financing

    CT Corp company Trans Retail is in discussions with several banks for a financing of $550m-$750m. The Indonesian borrower is yet to firm up the size of the facility, as it is still chalking out its capital expenditure plans.

    • 20 Dec 2016
  • Shui On Development exits with bigger $550m loan

    Shui On Development Holding has increased the size of its fundraising to the equivalent of about $550m from $300m, following an oversubscription from 15 banks.

    • 20 Dec 2016
  • BSN Medical joins Parkdean in M&A pipeline

    Swedish private equity firm EQT has sold German-based healthcare group BSN Medical to SCA, in a deal valuing the firm at €2.74bn, following Onex’s announced acquisition of Parkdean Holidays for £1.35bn.

    • 19 Dec 2016
  • Elysium Healthcare cuts loan following rent agreement

    Elysium Healthcare, the property portfolio being spun out of the Priory Group to BC Partners, has cut its sterling loan offering to £133m after reaching a ground rent agreement mid-transaction.

    • 16 Dec 2016
  • Investors should keep heart, PE will be back

    The story of the leveraged finance market in 2016 was in many ways the story of the LBO — or perhaps more aptly, the non-story.

    • 15 Dec 2016
  • Elsan enjoys liquidity as home straight beckons

    Commitments for CVC-owned French healthcare firm Elsan were due on Thursday for its €730m acquisition term loan, after guidance was tightened twice in an ever bullish loan market as the year end drew near.

    • 15 Dec 2016
  • Loans set for a reboot in 2017 as rate hikes loom

    Next year’s Asian loan market could see a shift in dynamics as lenders juggle rate hikes and abundant liquidity. Borrowers could also turn away from bonds in favour of syndicated lending, setting the stage for a year of growth, writes Shruti Chaturvedi.

    • 15 Dec 2016
  • Equinix doubles euro offering even with collateral cap

    US data centre firm Equinix has doubled the size of its euro term loan offering to €1bn, as it looks to acquire 29 data facilities from Verizon for $3.6bn, even as one investor noted an unusual 50% collateral cap on the firm’s secured debt.

    • 15 Dec 2016
  • Commerzbank's former levloans head goes to Fitch

    Fitch has hired the former head of loan capital markets within Commerzbank’s leveraged finance team, who joins the agency’s corporate rating operation.

    • 15 Dec 2016
  • Tata International mandates one for $110m

    Tata International Singapore has mandated one bank to supply a $110m loan, which will be used to make payments to bondholders.

    • 15 Dec 2016
  • Bridgepoint dines out on Azzurri div recap

    Bridgepoint launched a dividend recapitalisation term loan of its restaurant firm the Azzurri Group with a lender call on Thursday afternoon, the private equity firm's second since October.

    • 14 Dec 2016
  • Pricing still tightening as lev loan bankers wrap up busy December

    It is commitments week in the European leveraged loan market this week, after a busy December packed with deals. Nine transactions are due to be priced, with several, including Morpho’s €2.1bn term loan, having already been completed.

    • 14 Dec 2016
  • Morpho brings few tidings of joy for desperate investors

    French e-security and biometrics firm Morpho tightened guidance on its €2.1bn-equivalent buyout term loan this week, as the strength of the leveraged loan bid is still squeezing prices.

    • 13 Dec 2016
  • Novelis mandates 10 for $1.8bn Asia refi of US TLB

    US based-Novelis, part of Indian company Aditya Birla Group, has lined up a syndicate of 10 lenders to arrange an Asia loan that refinances a $1.8bn US term loan B from last year.

    • 13 Dec 2016
  • M&G's head of leveraged finance to retire

    The head of leveraged finance at M&G Investments, one of the longest serving fund managers in the European levfin market, is to retire at the end of this year after 12 years at the firm and 38 in the wider industry.

    • 12 Dec 2016
  • Kerneos cancels term loan as Imersys swoops in

    Calcium aluminate maker Kerneos has cancelled its proposed €445m term loan ‘B’ refinancing deal, with French industrial minerals maker Imersys set to buy the firm from sponsor Astorg Partners.

    • 12 Dec 2016
  • Apollo shines LBO light on Philips' lighting business

    Philips is set complete the divestment of its lighting businesses next year, with US private equity firm Apollo Global Management agreeing to acquire its Lumileds LED unit at a $2bn valuation.

    • 12 Dec 2016
  • Central China Real Estate eyes savings with loan

    Central China Real Estate has hit the market for a $150m syndicated loan that will go towards refinancing outstanding — and more expensive — bonds.

    • 12 Dec 2016
  • Country Garden raises $1.5bn in two currencies

    Property developer Country Garden Holdings has signed a $1.5bn dual currency syndicated loan for general corporate purposes, including prepayment of debt.

    • 09 Dec 2016
  • Equinix launches euros following Verizon deal

    US data centre firm Equinix launched a €500m seven year term loan ‘B’ at bank meetings this week, following its announcement of plans to acquire a portfolio of data centres from Verizon for $3.6bn.

    • 08 Dec 2016
  • Apollo returns with yet another Verallia deal

    Apollo-owned French glass maker Verallia launched a €1.375bn term loan refinancing with a lender call on Thursday afternoon, its first deal since its failed €500m pay-if-you-can dividend recap offering in October.

    • 08 Dec 2016
  • Royal Industries' waiver request waits on one

    The syndicate that supplied a $405m loan on which Royal Industries defaulted, is waiting for one last bank’s go-ahead for the borrower’s waiver request. All lenders must sign off the changes before they can be implemented.

    • 08 Dec 2016
  • Direct lending 'not in competition' with banks

    The leveraged finance market should not view direct lending as competition but instead as a complementary funding source, said a direct lending official speaking at the Euromoney Nordic high yield conference in Stockholm this week.

    • 07 Dec 2016
  • GoDaddy taps dollars for HEG buy

    In yet another takeover funded entirely in the loan market, GoDaddy, the US internet domain registrar, is acquiring peer Host Europe Group (HEG) from private equity firm Cinven and raising dollar leveraged loans for the deal.

    • 07 Dec 2016
  • Late LBO financing assuages high yield's defeat by levloans

    In a rare win for the high yield bond market — which has repeatedly lost out to leveraged loans for new buyout financings this year — Schustermann & Borenstein, the German fashion retailer, on Monday began roadshowing a €260m bond to fund its acquisition by Permira.

    • 07 Dec 2016
  • Ex-DB levfin banker to run Houlihan Lokey's European cap markets team

    A former managing director at Deutsche Bank has joined Houlihan Lokey in newly established position leading the expansion of its European capital markets group.

    • 06 Dec 2016
  • Elsan releases guidance in 'wondrous' levloans

    French health care group Elsan, owned by private equity firm CVC, on Tuesday announced price guidance on its €730m loan for the buyout of MédiPôle Partenaires.

    • 06 Dec 2016
  • Axalta allocates euro and dollar loans in bustling lev mart

    US coatings manufacturer Axalta's euro and dollar term loans allocated this week, with 10 other leveraged loan deals expected to close in the next two weeks.

    • 05 Dec 2016
  • French M&A to add to levloans

    Two further French M&A loan deals are lined up to join the leveraged loan market, with sponsors finding the post-US election leveraged loan market increasingly accommodating.

    • 02 Dec 2016
  • Citic Resources completes $310m self-arranged loan

    Citic Resources Holdings signed a $310m three year self-arranged term loan on Thursday, with five banks joining the trade.

    • 02 Dec 2016
  • Renzi’s tantrum is a made-up crisis — fear Austria

    Markets are obsessing about the Italian referendum on Sunday. Commentators are cramming everyone’s inboxes with warnings about how a 'no' vote on premier Matteo Renzi’s attempt to streamline Italy’s Senate could precipitate a fresh eurozone crisis and imperil Italy’s creaking banks.

    • 01 Dec 2016
  • The LMA marks 20 year history and prepares for next test

    Now in its 20th year, the Loan Market Association (LMA) faces tough paths to climb such as navigating the UK’s exit from the European Union, but the organisation is confident that its English law documentation will still hold its own.

    • 01 Dec 2016
  • Levloans eats high yield's lunch as floaters triumph

    Issuance in the European leveraged finance market has been one-sided since the shock result of the US election last month. A notable bond-to-loan trend has prevailed, with sponsor-driven single-B issuance making the loan market increasingly hot, while leaving the high yield market out in the cold. Max Bower reports.

    • 01 Dec 2016
  • Moody’s dips United Biscuits’ ratings into single-B zone

    The UK's United Biscuits is now rated B1 after a one notch downgrade by Moody’s on Thursday.

    • 01 Dec 2016
  • MRH tightens loan on busy commitments day

    Service station operator MRH tightened guidance on its £250m sterling term loan this week, with commitments on the deal due alongside several others on Thursday.

    • 01 Dec 2016
  • M&A financing fillip amid China's fresh capital curbs

    China put the brakes on capital outflows again this week, taking aim at both large and small scale transactions amid a falling renminbi. Market participants are digesting the impact of the new curbs, as yet unconfirmed, but some thought that they could weed out dodgy deals and raise the quality of M&A financing. John Loh and Shruti Chaturvedi report.

    • 01 Dec 2016
  • Sam joins BTMU in senior event finance role

    Bank of Tokyo-Mitsubishi UFJ (BTMU) has named Vivian Sam as assistant general manager of event finance at its Asian investment banking division (AIBD), in a new role for the former Citi acquisition finance banker.

    • 01 Dec 2016