Leveraged Loans - All Articles


  • Cerba mandates banks but multiples crippling buyouts

    Five banks have lined up to underwrite a loan and bridge financing to laboratory services operator Cerba Healthcare for PSP Investment’s secondary buyout of the French firm. But the deal comes as Fitch said on Tuesday that buyout multiples have hit a post-crisis high.

    • 31 Jan 2017
  • Tekni-Plex brings repricing to ‘best ever’ market

    Tekni-Plex, the US packaging maker, launched a repricing request on a €148m term loan due in 2022 this week, holding a lender call on Tuesday.

    • 31 Jan 2017
  • Long line of banks check out Profi loan

    A loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is attracting strong interest, according to bankers involved, with a meeting in Bucharest on Tuesday to discuss the deal heavily attended.

    • 31 Jan 2017
  • Ineos concocts repricing in flushed market

    Ineos, the energy conglomerate, launched a refinancing and repricing loan deal on Monday afternoon, extending the run of issuers coming back to cut funding costs in the market.

    • 30 Jan 2017
  • HSBC hires Doody to take leveraged finance to next level

    Ray Doody, former EMEA head of leveraged finance, is leaving JP Morgan and is set to join HSBC as global head of leveraged and acquisition finance at the bank.

    • 30 Jan 2017
  • Xella cuts proposed HY deal to build loan offering

    German building materials maker Xella has cancelled a proposed €350m high yield bond issue, adding that amount to its €1.15bn term loan ‘B’ offering, which backs Lone Star’s $2.3bn buyout of the firm.

    • 27 Jan 2017
  • ANZ boosts loans team in Sydney with new hire

    ANZ has made a new hire to its loan syndications team in Australia. The move comes close on the heels of high level changes in the department.

    • 27 Jan 2017
  • CVC brings repricing swing to sterling levloan market

    Sky Bet, the UK gaming company owned by private equity firm CVC, is planning to cut margins on its existing term loan as activity stirs in the sterling loan market.

    • 26 Jan 2017
  • Ziggo loan lines up aggressive week of refis

    VodafoneZiggo completed a bumper refinancing deal on Wednesday as several other leveraged finance borrowers came to market with euro deals, relentlessly pushing the market's repricing trend further.

    • 26 Jan 2017
  • Structured financing success puts focus on Indian M&A rules

    A recent spate of high profile loans has shown that Indian banks have the ability to execute highly structured M&A funding. This has reignited gripes about rules that bar Indian lenders from funding acquisitions of domestic companies, hindering the growth of small borrowers with big ambitions. Shruti Chaturvedi reports.

    • 26 Jan 2017
  • MUFG hires two levfin directors in London

    MUFG has hired two directors in its leveraged finance team in London, following the appointment of a new head of loan syndications last year.

    • 26 Jan 2017
  • USS signs $3bn direct lending JV with Credit Suisse

    The Universities Superannuation Scheme, one of the UK’s largest pension schemes, has bought most of $3.1bn of senior loans to direct lenders from Credit Suisse, a first in a market which promises growth as institutional funds look for more esoteric products to find yield.

    • 25 Jan 2017
  • Corporate, HY issuance slows but bid is still keen

    Corporate bond issuers are still coming to the euro market, but at a slower pace than in the past fortnight — perhaps a good thing, as signs of indigestion began to creep into the secondary market last week, and some new issues traded weakly.

    • 25 Jan 2017
  • Indomobil hikes three year borrowing to $250m

    Indomobil Finance Indonesia has increased the size of its latest syndicated loan to $250m from the initial $100m, keeping with its tradition of absorbing demand rather than heavily scaling back participants.

    • 25 Jan 2017
  • VodafoneZiggo zips tighter refi loans

    VodafoneZiggo obtained the go-ahead from leveraged loan investors on Tuesday to increase the size of its refinancing deal by more than €2bn while cutting margins.

    • 24 Jan 2017
  • Two early birds as Profi buyout loan launches

    General syndication has begun on loan facilities backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food.

    • 24 Jan 2017
  • ANZ appoints new acting head of Oz loan syndications

    ANZ has moved an executive director to the position of acting head of its loan syndications operation in Australia, as the incumbent steps into a new role.

    • 24 Jan 2017
  • CVC brings repricing swing into sterling levloan market

    Sky Bet, the UK gaming company owned by private equity firm CVC, has informed investors that it is planning to cut margins on its existing term loan.

    • 23 Jan 2017
  • Sinosteel returns for refi after three year break

    Sinosteel International Holding has approached the loan market for a $120m two year deal. The money is to refinance a loan from 2014, which falls due next month.

    • 23 Jan 2017
  • Trio signs up for Dasin Retail $359m multi-currency financing

    Dasin Retail Trust, which sealed the year’s first mainboard listing on the Singapore exchange earlier this month, has signed a loan that backed the IPO. The deal had four lead banks, which brought in three participants during syndication.

    • 20 Jan 2017
  • Stricter China rules seen pushing up pricing for offshore loans

    The margin compression that dominated the Asian syndicated loan market in 2016 was expected to spill into this year. But Chinese capital controls have proved to be a game changer, with Mainland companies compelled to turn to overseas funding, said market participants. Shruti Chaturvedi reports.

    • 19 Jan 2017
  • Xella pencils bank meeting for year’s first large cap buyout

    Xella, the German building materials maker, held a bank meeting on Thursday morning in London for the first large buyout of the year so far, as it markets €1.3bn of loans backing its buyout by US private equity house Lone Star.

    • 18 Jan 2017
  • 3i poaches TMT head from ING

    3i has hired ING’s co-head of technology, media and telecoms mergers and acquisitions in a raft of additions to its private equity practice around the world.

    • 18 Jan 2017
  • Agrokor bails out of loan syndication

    Agrokor, a Croatian retail, food and agriculture company, has abandoned its syndication of a three year term loan complaining of unfavourable terms.

    • 18 Jan 2017
  • Hungry investors gobble up every corp bond flavour

    Every shade of corporate bond has been able to find a home with euro investors this week, despite investors’ mutterings about overly zealous spread tightening and continued scepticism about the long end.

    • 18 Jan 2017
  • Sri Lanka back for more with $1bn RFP

    Sri Lanka has invited feedback from banks for a $1bn sovereign loan, with two bank groups said to be competing for the deal.

    • 18 Jan 2017
  • Credit Suisse appoints co-heads of global levfin

    Credit Suisse has named two bankers co-heads of global leveraged finance.

    • 17 Jan 2017
  • VodafoneZiggo tunes in tight JV refinancing

    VodafoneZiggo, the newly formed joint venture between Vodafone and Liberty Global-owned Ziggo, launched a €1.5bn-equivalent term loan package this week with a lender call at 4pm London time on Tuesday.

    • 17 Jan 2017
  • Douglas shops for refi in January sales

    Douglas, the German retailer, launched a refinancing of a €1.37bn seven year term loan ‘B’ on Tuesday, as the firm comes out of soft call protection from its last repricing in mid-2016.

    • 17 Jan 2017
  • HSBC appoints global head of sponsors account coverage

    HSBC has hired a new global head of account coverage within its financial sponsors group, following its reorganisation of the division last year.

    • 17 Jan 2017
  • China Energy Reserve fires up $400m debut

    China Energy Reserve and Chemicals Group is making its debut in the offshore loan market with a deal of up to $400m launched by a single mandated lead arranger and bookrunner on Tuesday.

    • 17 Jan 2017
  • Cairn India in talks with banks for $1bn refinancing

    Cairn India is speaking to banks for a loan that will refinance borrowings that are due to mature over the next few years, bankers said this week. The company is looking to borrow through a Scotland incorporated subsidiary.

    • 17 Jan 2017
  • Micro Focus to offer $1bn in euro levloans

    Micro Focus, a UK software firm, is poised to offer up $1bn-equivalent in euros to the European leveraged loan market as it looks to close its reverse merger with Hewlett Packard’s software business.

    • 16 Jan 2017
  • ZhengTong Auto zooms to bigger $409m financing

    The latest syndicated loan for ZhengTong Auto Services, a luxury auto dealership, has wrapped up at $409m, racing past the launch size of $300m as Chinese lenders came in with big commitments.

    • 16 Jan 2017
  • Carlyle makes raft of senior promotions

    The Carlyle Group promoted 62 staff to senior positions on Wednesday — 13 of them to partner, 17 to managing director and 32 to principal.

    • 12 Jan 2017
  • Lev investors must up deal term vigilance

    In the leveraged loan market, where pricing has plummeted, it was inevitable that issuers would push their luck with the terms of their deals. Investors must push back.

    • 12 Jan 2017
  • The covs are off: investors reeling from lev terms

    Aggressive leveraged loan borrowers are pushing investors to breaking point. Sponsors have milked buyers’ desperation for yield with ever looser covenants to the extent that one investor said, this week, that the situation was worse than at any point since the financial crisis.

    • 12 Jan 2017
  • KKR opens European repricings amid hot US market

    Two KKR backed firms have brought the first European leveraged loan market repricings of the year, picking up on a trend that is already in full swing in the US this year.

    • 12 Jan 2017
  • Pricing details out for Trans Retail Indo $575m loan

    Details on pricing have emerged on CT Corp company Trans Retail Indonesia’s $575m five year loan, which is expected to be pre-funded by seven lenders shortly.

    • 12 Jan 2017
  • Chinese banks eager to bite into McDonald’s financing

    M&A in Asia has started on a strong note this year, with the first big financing — for McDonald’s China’s $2.08bn acquisition by Citic and Carlyle — under way. While details of the syndicated loan are limited at this stage, the transaction has already gathered plenty of attention from bankers, writes Shruti Chaturvedi.

    • 12 Jan 2017
  • EY tops global PE biz with Herb

    Ernst & Young has appointed a head of global private equity to replace Jeffrey Bunder, who has moved to a US private equity firm.

    • 11 Jan 2017
  • Corporate primary market snowed in rush to beat rate hikes

    European corporate bond issues are coming thick and fast. Participants who predicted this week would be busy have been proved right, with 12 deals pushed into the euro, sterling and Eurodollar markets so far.

    • 11 Jan 2017
  • Ignorance on climate is still rife

    Everyone in debt capital markets has heard of green bonds, and most in the financial world accept that sustainability and greenness are Good Things. But for all the grand commitments and PR initiatives, understanding of the issues is still as hazy as a Beijing smog.

    • 10 Jan 2017
  • Levloans stutter off new year startline

    Primary activity in the European leveraged loans market is off to a stuttering start this year, with only a few small deals launched and larger borrowers either yet to appear or set to forego the market.

    • 10 Jan 2017
  • PIA touches down, Reliance Big wraps up $75m deal

    Pakistan International Airlines (PIA) has tied up funds totalling $130m via a syndicated loan facility.

    • 10 Jan 2017
  • Trans Retail firms up new loan, to prepay 2014 facility

    CT Corp company Trans Retail, which had been in discussions with banks for a fresh financing since late last year, is on the verge of signing the deal.

    • 10 Jan 2017
  • Bosses keep 44% of Tikehau as it lists via tender offer to Salvepar minorities

    Tikehau Capital, the asset manager, is seeking a listing on Euronext Paris via a tender offer for the shares and convertible bonds of its listed subsidiary Salvepar.

    • 09 Jan 2017
  • China e-commerce firm Fang Holdings eyes $120m

    Chinese real estate related e-commerce firm Fang Holdings is accessing loan market liquidity to refinance debt, mandating one Taiwanese lender to helm a $120m fundraising.

    • 06 Jan 2017
  • Unither and Profi to open levloan market as lenders shop for M&A

    A strong start to the year for leveraged buyout deals has helped stoke banker confidence that 2017 could be another solid year for event-driven loans following healthy activity in 2016, even as refinancing business bottomed out.

    • 05 Jan 2017
  • Unither manufactures levfin market opening

    French medicine manufacturer Unither Pharmaceuticals is set to kick off the primary market in European leveraged finance for 2017, setting a bank meeting for Tuesday in Paris for €260m of loans.

    • 05 Jan 2017