Leveraged Loans - All Articles

  • Logan Property wraps up $150m three year refi

    Hong Kong-listed Logan Property has sealed a $150m three year loan from three banks, and will use the money to repay debt.

    • 28 Apr 2017
  • Tata AutoComp exits with 18 banks on board

    A $120.6m borrowing to support an acquisition by Indian company Tata AutoComp Systems was signed this week, with 16 lenders joining the two mandated lead arrangers and bookrunners.

    • 28 Apr 2017
  • Banks eye potential multibillion financing from Toshiba

    The potential sale of Toshiba’s multibillion dollar flash memory arm is drumming up interest among banks that are looking for opportunities to finance the bidders. Depending on the outcome of the sale, the transaction could result in big business for European, Taiwanese and Japanese lenders, said market observers. Shruti Chaturvedi reports.

    • 27 Apr 2017
  • Misys increases dollars as swap play proves inviting

    Misys has tinkered with the $5.35bn-equivalent loan package backing its acquisition of Canadian competitor D+H, with a banker on the deal saying the basis swap between dollars and euros was especially attractive to the issuer.

    • 27 Apr 2017
  • Asia loans news in brief, April 27, 2017

    BPRL seeks SBLC-backed $400m — Singamas nets $270m with latest facility — Tower Bersama allocates among nine

    • 27 Apr 2017
  • JP Morgan levfin MD leaves for Prague-based CFO role

    A longstanding managing director in JP Morgan’s leveraged finance team in London has left the bank to join a Czech power company as CFO, based in Prague.

    • 26 Apr 2017
  • Singamas Container bags bigger $270m facility

    Hong Kong-listed Singamas Container Holdings has signed its latest syndicated loan at $270m, higher than the $250m it set out for when the deal was launched in late February.

    • 26 Apr 2017
  • Soho House keeps it private with £375m deal

    Private members club Soho House has secured a £375m refinancing deal from Permira Debt Managers, the latter’s largest direct lending deal to date, following its pulled high yield bond issue in 2015.

    • 25 Apr 2017
  • Labeyrie fattens pricing as market conditions bite

    French food producer Labeyrie Fine Foods both widened pricing and reduced the size for its €500m term loan this week, as changeable market conditions have driven a cheapening of several primary deals in the leveraged loan market.

    • 25 Apr 2017
  • Credit Suisse M&A, TMT COO leaves for PE advisory

    The chief operating officer of M&A and telecoms, media and technology at Credit Suisse’s investment bank has left for a fundraising advisory firm.

    • 25 Apr 2017
  • Vedanta syndicate shrinks as one lender goes solo

    The top lending group for a dual-tranche borrowing by Vedanta Group has shrunk after one bank dropped out of the syndicate to tie up its portion of the financing bilaterally.

    • 25 Apr 2017
  • Changes at the top for Axis Bank loan syndications team

    Indian lender Axis Bank has promoted its international loan syndications head to lead the operation globally, according to sources.

    • 25 Apr 2017
  • Tikehau appoints head of London business

    Tikehau Capital has appointed a new head of its London operations.

    • 24 Apr 2017
  • Top of levloan market called as Micro Focus leans on dollars

    A strange and, until recently, rare phenomenon has been witnessed in the leveraged loan market — pricing widening on deals. On Thursday Micro Focus chose only the minimum amount for the euro tranche within its $5.5bn loan package, prompting whispers among some observers that this hitherto red-hot market may have found its floor, and even rebounded off it.

    • 21 Apr 2017
  • HCP Global gets 17 for $540m borrowing

    HCP Global has distributed its $540m facility among 17 banks, with mostly Taiwanese lenders receiving an allocation.

    • 21 Apr 2017
  • Euro Garages repricing a 'big test' for levloan market

    UK forecourt operator Euro Garages held a lender call this morning for a repricing request on its £250m and €585m term loans, a deal one investor on Thursday said was a potential barometer of where market pricing now is.

    • 20 Apr 2017
  • Banks calm despite series of China firm defaults

    Three Chinese companies have been hit by difficulties that resulted in them breaching covenants on international syndicated loans. Despite the cluster of problems, bankers says this does not point to more systemic failure in China Inc. John Loh and Shruti Chaturvedi report.

    • 20 Apr 2017
  • Bridgepoint-owned Element lines up £620m Exova acquisition

    Element Materials Technology has agreed to purchase Exova, the laboratory testing specialist, for £620m, with the deal set to bring further new paper to the leveraged loan market.

    • 19 Apr 2017
  • Leoch eyes $150m borrowing in general

    Leoch International Technology is in the market for a $150m fundraising that launched into general syndication via three mandated lead arrangers and bookrunners.

    • 19 Apr 2017
  • China Orient AM may hike $300m fundraising

    China Orient Asset Management International Holdings is deciding whether to increase the size of its $300m loan after attracting a blowout response in syndication.

    • 19 Apr 2017
  • Hot April for high yield and leveraged loans

    Leveraged finance is once again Europe’s most vigorous corporate capital raising market this week, as investment grade markets remain slumbrous. Five high yield bond issues were mandated on Tuesday, the first day after the Easter holiday, and two cross-border leveraged loan repricings also came to market.

    • 19 Apr 2017
  • Misys leaves IPO in rear view mirror with $5.35bn loan deal

    Misys, the UK financial software firm, held bank meetings on Tuesday in London for a €1bn term loan to back its $3.6bn-equivalent acquisition of D+H, a Canadian competitor, following sponsor Vista Equity Partners’ failed IPO of the UK firm last year.

    • 18 Apr 2017
  • Hongqiao obtains lenders’ nod for covenant waivers

    Embattled China Hongqiao Group’s banks have given it a reprieve from a credit crunch, after consenting to a covenant waiver on its $700m syndicated loan.

    • 18 Apr 2017
  • Huiyuan Juice taps excess demand for €280m loan

    China Huiyuan Juice Group aims to bump up its latest borrowing to €280m after raising a larger than expected €160m last month.

    • 13 Apr 2017
  • Bain, Cinven win €4.1bn Stada deal as public-to-privates reappear

    Bain Capital and Cinven have agreed to buy Stada, the German generic pharmaceuticals firm, for €4.1bn, in what Dealogic shows is the biggest public-to-private buyout of a European company for four years.

    • 12 Apr 2017
  • Nomura appoints TMT head for EMEA

    Nomura has appointed a new head of technology, media and telecoms for EMEA, while making its co-head of financial sponsors EMEA sole head.

    • 12 Apr 2017
  • Deutsche's global chairman of M&A leaves

    The chairman of global mergers and acquisitions at Deutsche Bank has left the bank.

    • 12 Apr 2017
  • Refresco snubs PAI's €1.4bn buyout approach

    Refresco, the Dutch soft drinks and juices bottle maker, has rejected a €1.4bn buyout approach from PAI Partners, only two years after it floated at a valuation of around €1.1bn.

    • 12 Apr 2017
  • Huishan affair reopens debate on China lending

    China Huishan Dairy Holdings’ credentials have gone from bad to worse after it said on Monday that an event of default has been declared on its $200m loan, once again turning the spotlight on lending to non state-backed firms. While some bankers shrugged off the matter as a one off, others fear that getting lending approvals is set to become even more difficult. Shruti Chaturvedi reports.

    • 12 Apr 2017
  • Cérélia raising dough for roll-up acquisition

    French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.

    • 12 Apr 2017
  • Royal loan attracts bids from distressed debt managers

    Asset managers are looking to buy a piece of a $405m loan that is being restructured for Royal Industries, according to bankers on the deal. The Indonesian palm oil seller proposed the restructuring after failing to pay its first and second instalments.

    • 11 Apr 2017
  • Citi hires CS's Francis to co-head EMEA levfin

    Citi has appointed a new head of global capital management for EMEA and new co-heads of EMEA loans and has hired a new co-head of leveraged finance EMEA, as it reorganises its leveraged finance and loans businesses within the global asset managers group.

    • 10 Apr 2017
  • Bain, Cinven victorious with €4.1bn Stada deal

    Bain Capital and Cinven have agreed to buy Stada, the German generic pharmaceuticals firm, for €4.1bn, in the biggest private equity acquisition of a European company for four years.

    • 10 Apr 2017
  • Bank names emerge for $750m Vedanta financing

    Eight lenders will arrange a $750m five year borrowing for an entity in the Vedanta Group, in a deal that has been in discussion since January.

    • 10 Apr 2017
  • Novelis wraps up $1.8bn term loan B refi

    Aditya Birla Group unit Novelis wound up a $1.8bn Asian refinancing of its US term loan B at the end of March, with eight banks joining during general syndication.

    • 10 Apr 2017
  • Allocations out for Trans Retail Indo $575m loan

    CT Corp company Trans Retail Indonesia has allocated its $575m borrowing among a group of 36 lenders.

    • 07 Apr 2017
  • Brazil’s Petrobras launches global syndication of $1bn loan

    Brazilian energy company Petrobras has kicked off global syndication for a $1bn facility, which it is borrowing through its overseas arm Petrobras Netherlands.

    • 07 Apr 2017
  • Citi caps sponsors build out with Borisoff hire

    Citi has hired Shawn Borisoff into its global asset managers group, one of the final pieces in its long-running build out in sponsors coverage and leveraged finance. GlobalCapital understands the bank is still looking to hire for M&A and advisory, but Borisoff represents the final piece of the sponsors build-out.

    • 06 Apr 2017
  • KKR's global head of private debt exits

    The global head of private credit at KKR has left the firm — despite its filing documents for a third ‘Lending Partners’ fund this week, suggesting it is raising another direct lending vehicle.

    • 06 Apr 2017
  • Prosol pushes leverage with €1.4bn buyout

    The loan package backing Ardian’s buyout of Prosol Group, the parent of French food retailer Grand Frais, is set to increase leverage at the firm to more than five-and-a-half times Ebitda, a level that one investor said was overly aggressive in the sector.

    • 05 Apr 2017
  • Sterling stars in vigorous corporate bond market

    Corporate bond issuers in Europe were making up for lost time with a slew of deals on Wednesday, after a sluggish start this week with just one deal for Renault’s finance arm RCI Banque on Monday. Books are big and deals are tightening strongly in bookbuild.

    • 05 Apr 2017
  • JP Morgan leads as banks' levfin revenues spike

    Investment banks' revenues from leveraged finance in Europe rose 146% to $537m in the first quarter from the first quarter of 2016, as the high yield market surged back into life and loan refinancings were ubiquitous.

    • 04 Apr 2017
  • CVC takes 25% stake in CLH at €1.5bn

    CVC has acquired a 25% stake in Spanish oil transportation and storage firm CLH, making it the largest shareholder in the firm.

    • 03 Apr 2017
  • Acetow launches loans for €1bn Blackstone LBO

    Acetow, the cigarette filter maker Blackstone is carving out of parent Solvay, has launched €630m-equivalent of loan facilities for the buyout, four months after it was announced.

    • 03 Apr 2017
  • Inovyn, Labeyrie join bond-to-loan refi trend

    Inovyn, the chlorvinyls firm owned by chemicals group Ineos, and French food producer Labeyrie both joined the bond-to-loan refinancing trend in the leveraged finance market this week, holding a lender call and bank meeting respectively for term loan deals of at least €500m each.

    • 03 Apr 2017
  • Investec adds banker to levfin team in London

    Investec has added another banker to its corporate and acquisition finance team, to work on leveraged finance and private debt deals.

    • 03 Apr 2017