Leveraged Loans - All Articles

  • Micro Focus launches $5bn loan for HPE Software acquisition

    Micro Focus, the UK legacy software firm, has launched the $5bn loan to finance its acquisition of Hewlett Packard Enterprise’s software business — the biggest new money loan in the European leveraged loan market this year.

    • 31 Mar 2017
  • SMBC boosts loans team in Singapore

    Sumitomo Mitsui Banking Corp has beefed up its loans distribution team for Asia, in line with its objective to build its capabilities in the business.

    • 31 Mar 2017
  • Banks sign up for Shanghai Sinooil $400m debut

    Shanghai Sinooil Energy Holding Hong Kong, a unit of China Energy Reserve and Chemicals Group, has had commitments from 23 banks during syndication of its debut $400m offshore loan.

    • 31 Mar 2017
  • ANZ global loans and advisory head exits

    Senior loans banker Sean Joseph left ANZ Bank on Friday, according to a source close to the matter.

    • 31 Mar 2017
  • HSBC eyes 'groundbreaking' direct lending platform

    HSBC is considering setting up a private debt platform within its asset management unit, a move one senior market professional said would break new ground in the sector.

    • 30 Mar 2017
  • Arvos tees up add-on with Friday bank meeting

    Arvos, the industrial equipment firm, has a bank meeting scheduled for Friday in London for a €130m incremental term loan as it looks to repay its existing second lien facility.

    • 30 Mar 2017
  • Loans bankers pin hopes on India, M&A in Q2

    The first quarter loan syndication numbers for Asia ex-Japan are out and they are not pretty, with volumes plummeting 50% year-on-year. But with some big M&A deals in the works, bankers are bullish about the second quarter and expectations are rising for more activity from China and India.

    • 30 Mar 2017
  • Arvos tees up add-on with Friday bank meeting

    Arvos, the auxiliary components business, has a bank meeting scheduled for Friday in London for a €130m incremental term loan as it looks to repay its existing second lien facility.

    • 30 Mar 2017
  • Gates Global, Chemours enjoy European comforts

    Gates Global, the US power transmission belt maker, rescheduled commitments for a euro term loan add-on to Thursday, after increasing it by nearly €200m from around €275m. The move came in a week when JP Morgan analysts and others voiced concern about risks in the leveraged finance market.

    • 30 Mar 2017
  • Cheng exits First Gulf HK amid merger with NBAD

    Mimi Cheng, chief representative of First Gulf Bank in Hong Kong, has left the firm less than a year after taking over the position.

    • 30 Mar 2017
  • Tennet adds green flavour to corporate hybrids

    In a busy week for European corporate bond issuance, two hybrid capital issues are taking centre stage.

    • 29 Mar 2017
  • Huiyuan Juice bags €160m from first round

    China Huiyuan Juice Group has sealed a slightly larger than planned syndicated loan of €160m with four banks. A few more lenders are still set to join, which will further bump up the fundraising, according to a source.

    • 29 Mar 2017
  • Telenet launches $1.75bn refi after just four months

    Telenet, the Belgian cable and telecoms company owned by Liberty Global, launched a €750m and $1bn term loan refinancing on Tuesday, just four months after signing the original facilities.

    • 28 Mar 2017
  • Shui On Development builds $150m fundraising

    Shui On Development has hit the syndications market for a $150m three year borrowing guaranteed by parent Shui On Land. The firm is the latest name to tap the bond and loan markets in quick succession.

    • 28 Mar 2017
  • Zhongding hikes to €200m with 15-strong syndicate

    Automobile parts maker Zhongding Hong Kong has wrapped up its latest syndicated loan at €200m ($217m), higher than the launch size of €150m, as 14 lenders chipped in.

    • 28 Mar 2017
  • Patheon, Platform board repricing train from US

    Patheon, the US pharmaceutical contract manufacturing firm, held a lender call on Monday for a repricing of its €465m cov-lite term loan, as did fellow US company Platform Specialty Products for its own €575m term loan.

    • 27 Mar 2017
  • Barclays' head of levfin EMEA set to leave

    Barclays’ head of EMEA leveraged capital markets is set to leave the bank, according to sources with knowledge of the matter.

    • 27 Mar 2017
  • REC Solar beams debut $330m loan into syndication

    High-end solar panel maker REC Solar has approached lenders in Asia for the first time, as it looks to raise up to $330m.

    • 27 Mar 2017
  • ICG CEO calls it a day

    Intermediate Capital Group’s CEO and chief investment officer is to retire later this year after 23 years at the firm.

    • 24 Mar 2017
  • MUFG hires levfin sponsors head from RBC

    MUFG has hired a senior leveraged finance banker from RBC Capital Markets to head financial sponsors within its leveraged finance team in EMEA.

    • 24 Mar 2017
  • Ghose aims to double Investcorp debt fund

    Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i.

    • 23 Mar 2017
  • Direct lending funds stalk bigger targets but credit cycle will be vicious

    Europe’s vibrant direct lending market, in which specialist funds lend privately to companies, often without bank arrangers, is swallowing bigger and bigger deals. But the market is heading for trouble when the credit cycle turns, participants warn. Max Bower and Jon Hay report.

    • 23 Mar 2017
  • Albéa launches another bond-to-loan refi

    Albéa, the French packaging firm owned by Sun Capital Partners, has scheduled a bank meeting for Monday in London about a $921m-equivalent bond to loan refinancing and dividend recapitalisation.

    • 23 Mar 2017
  • Banks in talks with Jindal for $760m restructuring

    India’s Jindal Steel and Power (JSPL) is negotiating with lenders to extend maturities on syndicated and bilateral loans worth a total of about $760m, according to sources. With commodity prices having come out of last year’s lows, lenders are thawing to the sector but will continue to approach it with caution, writes Shruti Chaturvedi.

    • 23 Mar 2017
  • HCP seeks additional funds with $540m deal

    Cosmetics packaging company HCP Global has approached lenders for a $540m borrowing that will replace a $430m loan sealed last year, according to bankers.

    • 23 Mar 2017
  • Fosun Intl $650m dual-currency refi hits syndication

    Hong Kong-listed Fosun International is back in the syndicated loan market for $650m equivalent to refinance a $800m deal raised two years ago.

    • 23 Mar 2017
  • Volkswagen revs four vehicles on bond market’s forecourt

    Volkswagen has returned to the public straight bond markets in its own name for the first time since September 2015, when it was swept from the market by its emissions test cheating scandal. Bond markets being what they are, a multi-billion euro blowout is likely.

    • 22 Mar 2017
  • Fosun poised to launch 2015 loan refinancing

    Hong Kong-listed Fosun International is set to return to the syndicated loan market to refinance a $800m deal raised two years ago, according to a banker.

    • 22 Mar 2017
  • Ardian goes large with €1.3bn Grand Frais deal

    Private equity firm Ardian has acquired a majority stake in Prosol Group, the parent company of Grand Frais, the French supermarket company.

    • 21 Mar 2017
  • Invitations out for Mu Sigma $400m financing

    The leads on Indian data analytics firm Mu Sigma’s $400m fundraising have invited lenders to join at the sub-underwriter level, according to bankers.

    • 21 Mar 2017
  • Chemours turns to euros as it reprices $1.5bn term loan 'B'

    Chemours, the listed US chemicals firm spun out of DuPont in 2015, held a lender call on Monday afternoon for a $350m-equivalent euro term loan to repay some of its existing dollar loan.

    • 20 Mar 2017
  • Pfleiderer returns to loan market to refinance post-restructuring bond

    Pfleiderer, the Warsaw-listed wood-based materials maker, has re-entered the leveraged loan market with a €450m deal.

    • 20 Mar 2017
  • Petron drills for $600m refinancing with four banks

    Philippines’ Petron Corp is tapping the syndications market for $600m to partly refinance a term loan due next year, as well as some peso-denominated notes.

    • 20 Mar 2017
  • Gates Global launches €285m add-on, taps bond for $185m

    Gates Global, the power transmission belts maker, held a lender call on Friday afternoon London time for a $300m-equivalent euro term loan ‘B’ add-on, having tapped its 2022 bonds on Thursday.

    • 17 Mar 2017
  • Stada rejects €3.6bn buyout offers, asks for more

    Stada, the German pharmaceuticals firm, has invited private equity bidders to raise their offers for a potential buyout, after a board meeting this week. If the LBO occurs, it would be the largest in Europe since 2015.

    • 17 Mar 2017
  • GlobalWafers ties up $350m acquisition loan

    Taiwanese semiconductor company GlobalWafers Co has wrapped up a $350m dual tranche acquisition financing with a group of local lenders. The same banks have also provided $200m to refinance the debt of the target company SunEdison.

    • 17 Mar 2017
  • Altice reappears at 'tedious' levloan repricing party

    Netherlands-based telecoms firm Altice, one of the European leveraged finance market’s leading issuers, held a lender call at 3pm London time on Thursday for €1.6bn of loan refinancings in euros, and more in dollars.

    • 16 Mar 2017
  • Cerba cuts HY bond amid 'best loan market conditions in history'

    Cerba has increased its buyout term loan to €794m after dropping a planned bond. It is the second successive large cap buyout this year in which that has happened.

    • 16 Mar 2017
  • Wells Fargo hires portfolio manager at ECM subsidiary

    Wells Fargo Asset Management has hired a new portfolio manager in its ECM Asset Management subsidiary.

    • 15 Mar 2017
  • Corporate debt markets shrug off Dutch fears

    Wednesday’s Dutch general election has not put the brakes on corporate bond issuance as it was expected to, probably because investors are expecting a fragmented result ending in a coalition, rather than a market-unfriendly all out vote for the far right.

    • 15 Mar 2017
  • Paroc joins BMC Software in rampant levloan market

    BMC Software, the US IT management firm, joined a packed European leveraged finance market on Monday with a €650m term loan refinancing, one of several deals launched since late last week.

    • 13 Mar 2017
  • Shandong Qingyuan rolls out $500m offshore trade

    Plastic films and base oils maker, Shandong Qingyuan Group, has invited participation from retail banks for a $500m three year borrowing.

    • 13 Mar 2017
  • First commitments in for Trans Retail Indo $575m loan

    A $575m borrowing by CT Corp company, Trans Retail Indonesia, has already received a few commitments, with still some time to go until the deadline.

    • 13 Mar 2017
  • BlackRock hires ex-Credit Suisse markets head

    BlackRock announced this week that Tim O'Hara, the former head of markets at Credit Suisse, was joining the investment management firm as co-head of global credit.

    • 09 Mar 2017
  • Styrolution prints ‘exceptional’ double-B loan under 300bp

    Ineos Styrolution this week completed a loan refinancing with margins well below the 350bp market average for new deals — but the pricing will be replicated by the leveraged market’s top credits, said market participants.

    • 09 Mar 2017
  • Banks brace for long haul on Royal loan restructuring

    Indonesian palm oil seller Royal Industries is looking to restructure a $405m loan after failing to repay the first and second instalments. And going by precedents, market participants are bracing themselves for a long-winded recovery process as legal proceedings unfold, writes Shruti Chaturvedi.

    • 09 Mar 2017
  • Horsburgh heads to HK in HSBC levfin switch

    HSBC has appointed a new head of leveraged and acquisition finance for Asia Pacific, transferring James Horsburgh from London as part of a shake-up of the business.

    • 09 Mar 2017
  • HSBC confirms Horsburgh heading to Asia

    HSBC confirmed that it was sending James Horsburgh, a senior member of its EMEA leveraged finance team, to run the business in Asia, as previously reported in GlobalCapital.

    • 09 Mar 2017
  • Funeral group OGF to pay divi with €960m loan as OTPP ups stake

    French funeral group OGF launched a €960m cov-lite term loan ‘B’ this week as minority owner Ontario Teachers’ Pension Plan plans to increase its stake to 74%.

    • 08 Mar 2017
  • Levloan repricing car rolls further downhill

    Tele Columbus led a band of issuers piling back into the leveraged loan market for repricing requests this week, ahead of an expected wave of new leveraged buyouts in Europe.

    • 08 Mar 2017
  • Volkswagen returns to unsecured debt markets with €900m Schuldschein

    Volkswagen’s main borrowing entities have not issued unsecured bonds since the company became embroiled in its diesel emissions test cheating scandal in September 2015. Last week, however, the company took a first step back, with a €900m Schuldschein issue for its financial services arm.

    • 08 Mar 2017
  • HSBC mulls moving London banker for top Apac levfin job

    HSBC is understood to be considering transferring a banker from London to take over leveraged and acquisition finance responsibilities for Asia Pacific. This follows the departures of senior Hong Kong-based bankers from the levfin and sponsor coverage teams last month.

    • 08 Mar 2017
  • Cerba ratchets in pricing for LBO

    Cerba Healthcare has released price guidance of just 325bp-350bp on its €544m buyout term loan, squeezing the tightening of recent repricings even further.

    • 07 Mar 2017
  • Advent adds div recap to Allnex repricing

    Coating resins business Allnex launched a €425m-equivalent incremental term loan dividend recapitalisation this week, the fourth such deal this year, on top of its repricing request on existing facilities.

    • 07 Mar 2017
  • Verisure launches €350m loan refi

    Verisure joined the runaway repricing train in European leveraged loans this week, launching a €350m term loan ‘B’ as it looks to refinance an existing Swedish kroner facility paying more than 500bp.

    • 06 Mar 2017
  • China Huiyuan Juice pours out €150m syndicated loan

    China Huiyuan Juice Group is tapping the offshore market for a €150m three year amortising term loan, about a year-and-a-half after making its international debut in the currency with a bond.

    • 06 Mar 2017
  • Cerba launches buyout debt into parched market

    Cerba Healthcare has scheduled the bank meeting for its much anticipated buyout loan package for Tuesday.

    • 03 Mar 2017
  • Updated: Royal Industries proposes restructuring $405m loan

    Indonesian palm oil seller Royal Industries has failed to repay the first and second installments of a $405m loan raised in 2015, and has now proposed a restructuring.

    • 03 Mar 2017
  • SMBC loses Asia loans distribution banker

    A Singapore-based banker who worked on south and southeast Asian loan syndications for Sumitomo Mitsui Banking Corp has left, according to a source.

    • 03 Mar 2017
  • GVC's syndicated loan bet pays out

    UK gaming group GVC Holdings has signed a €320m loan package marking its entry into the syndicated loan market in a deal said to have been heavily oversubscribed.

    • 02 Mar 2017
  • Concardis taps in for increased buyout loan

    German card payments firm Concardis this week increased the term loan backing Advent International and Bain Capital’s buyout of the firm to €300m, reducing price guidance in the process, in a market still waiting on larger buyouts such as Cerba Healthcare to be syndicated.

    • 02 Mar 2017
  • Indo telco Tower Bersama goes clubbing for $500m

    Indonesian telecom infrastructure provider Tower Bersama Infrastructure has approached its relationship banks for borrowings worth $500m.

    • 02 Mar 2017
  • Hotelbeds finds comfort in syndication

    Travel services provider Hotelbeds has increased its €172.5m term loan add-on to €200m, also cutting the margin guidance from 625bp to 500bp with a 0% floor.

    • 01 Mar 2017
  • Ineos Styrolution concocts yet another refinancing

    Ineos Styrolution released price talk on its €623m term loan ‘B’ refinancing following a bank meeting on Wednesday — less than six months after signing the facility to be redeemed.

    • 01 Mar 2017
  • FRNs in vogue as corporate debt pipelines bulge across products

    It has taken just two US companies to bring seven tranches of new bonds to the European market this week, with the two year floating portion of each multi-tranche transaction gaining the most affection from investors.

    • 01 Mar 2017
  • Singamas out for $250m with one at the top

    Hong Kong-listed Singamas Container Holdings has reached out to lenders for a $250m borrowing with one bank at the helm. Although the company posted a loss for the six months to June 30, 2016, its strong balance sheet due to low debt is expected to see the deal through, said bankers.

    • 01 Mar 2017
  • Air India flies in for $250m dual tranche financing

    Air India is set for a quick return to the loan market, launching a request for proposals (RFP) for a $250m deal that is divided into a senior and a junior piece.

    • 01 Mar 2017