Leveraged Loans - All Articles

  • Blackstone in line for Popular properties

    Banco Santander is in exclusive talks with US private equity firm Blackstone to sell a controlling stake in Banco Popular’s €40bn real estate and non-performing loan portfolio.

    • 31 Jul 2017
  • Funeral chain Mémora seeks €300m for buyout by Ontario Teachers

    Mémora, the Spanish funeral services provider, has released price talk on a €300m loan package backing its buyout by the Ontario Teachers’ Pension Plan from 3i.

    • 31 Jul 2017
  • Updated: I Squared Capital wins HGC for HK$14.5bn

    Infrastructure investment firm I Squared Capital has clinched the bid for fixed line asset business Hutchison Global Communications (HGC), giving the three banks that lined up the financing reason to celebrate.

    • 31 Jul 2017
  • CVC sells Ista to Li Ka-shing's CKPH for €4.4bn

    CVC has agreed a €4.44.4bn sale of its German metering and energy business Ista to Cheung Kong Property Holdings, founded and chaired by Hong Kong billionaire Li Ka-shing, in one of the biggest private equity deals of the year.

    • 28 Jul 2017
  • Senior Apac levfin banker exits BAML

    A senior Hong Kong-based leveraged finance banker has left Bank of America Merrill Lynch, according to two sources.

    • 28 Jul 2017
  • Kraton seeks euro debut despite chequered issuance history

    Kraton Polymers, the US chemicals, has scheduled a bank meeting for Monday in London for a debut €220m term loan, with proceeds repaying some of its existing dollar facilities.

    • 27 Jul 2017
  • LPs step up solo investment push as Partners Group takes €6bn

    Private investment firm Partners Group has further bulked out its standalone private equity business with the closing of its latest direct investment fund at €6bn, as players historically on the limited partners’ side of the sector increasingly focus on doing direct buyouts themselves.

    • 27 Jul 2017
  • Deutsche Bank’s ‘changed risk appetite’ hammers debt capital markets

    Deutsche Bank’s resurrection as a force in capital markets will have to wait a little longer, based on disappointing second quarter figures the bank released on Thursday. Though the bank has rebuilt its capital base and settled many of its legal issues, its investment bank underperformed second quarter numbers from US peers.

    • 27 Jul 2017
  • Call me! Loans bankers await Hutch decision

    The race for the fixed line assets of Hutchison Telecommunications is nearing the finish line, with details emerging on the financing to support a bid by US private equity firm I Squared Capital. The firm is competing against a joint bid from MBK Partners and TPG Capital, which can already boast one clear win in the sector. Shruti Chaturvedi reports.

    • 27 Jul 2017
  • Nirma taps US banks for Tronox M&A deal

    India’s Nirma is set to hit the US term loan B market for financing to back its bid for Tronox Alkali, a US-based company. The flexibility that comes with selling into an institutional market pushed Nirma to pick a combination of a US TLB and a bond for its acquisition, said bankers.

    • 27 Jul 2017
  • Jane Street makes market debut for $600m

    Jane Street Group, the electronic trading firm, held bank meetings in New York on Wednesday and London on Thursday for its debut syndicated loan, a $600m-equivalent term loan split between euros and dollars.

    • 26 Jul 2017
  • Hot conditions, few clouds augur well for summer deals

    Unilever, Eversholt Rail and Grand City Properties have all defied the season this week to bring corporate bond issues, and been rewarded with strong demand.

    • 26 Jul 2017
  • Sri Lanka rakes in $1bn on strong Indian demand

    Sri Lanka has reached its target of $1bn from a three year syndicated loan that was launched at $450m, after demand poured in from Indian lenders.

    • 26 Jul 2017
  • Refresco bottles Cott business for $1.25bn, lines up €2bn debt

    Rotterdam-headquartered drinks bottle maker Refresco is set to issue over €2bn-equivalent of loans following its $1.25bn acquisition of US drinks firm Cott’s bottling business.

    • 25 Jul 2017
  • Cairn India’s $651m loan nets commitments from five

    Cairn India Holdings has signed new lenders into a $651m loan that had been in general syndication since late May.

    • 25 Jul 2017
  • Bank Tabungan back for $155m one year refi

    Indonesia’s Bank Tabungan Pensiunan Nasional (BTPN) is back in the loan market with a $155m 360-day deal to refinance debt and for general working capital.

    • 25 Jul 2017
  • Xiaomi hikes loan to $1bn with 20 on board

    Chinese mobile phone maker Xiaomi has allotted its $1bn loan, fully exercising a $250m greenshoe option on the back of strong demand.

    • 25 Jul 2017
  • Cortefiel readies bond as PE funds buy out Permira

    Permira is selling its 33% stake in Cortefiel, the Spanish retailer, to the group's other two owners, CVC and PAI Partners. The deal includes a debt restructuring and ends rumours of an IPO.

    • 24 Jul 2017
  • Blackstone claims £600m Clarion, immediately after £3bn Paysafe offer

    Blackstone has agreed to buy exhibitions organiser Clarion Events from Providence Equity Partners, only days after it announced a £2.86bn public-to-private bid for UK fintech firm Paysafe alongside CVC.

    • 24 Jul 2017
  • China Shengmu sends invitations for $100m facility

    China Shengmu Organic Milk opened syndication for a Rabobank-led $100m three year financing last week, returning to the loan market after an absence of about one and a half years.

    • 24 Jul 2017
  • Chinalco’s Peru unit seeks $200m in syndication

    Aluminum Corporation of China (Chinalco) has approached lenders for a $200m two year loan through its Peruvian arm, according to bankers.

    • 24 Jul 2017
  • Thom Europe cuts leverage following lukewarm reception

    French jewellery retailer Thom Europe has widened pricing on its bond-to-loan refinancing by 75bp to 450bp, reducing the offering by €60m to €610m in the process.

    • 21 Jul 2017
  • Greenland Holdings mulls hiking loan to $300m

    Chinese property developer Greenland Holdings is planning to increase the size of its loan, launched in late April, to $300m from $250m.

    • 21 Jul 2017
  • One more bank joins Belle's HK$28bn take-private loan

    A short and limited syndication of a HK$28bn ($3.6bn) financing to support the take-private of Hong Kong-listed footwear company Belle International Holdings has wrapped up with one more bank jumping in.

    • 21 Jul 2017
  • Mergermarket, Sky Bet push leverage

    Of the near 20 borrowers in the leveraged loan market six are due to close this week, including business information provider Mergermarket’s £450m of sterling and dollar loans.

    • 20 Jul 2017
  • Loans news in brief — July 20 2017

    Turkish banks — GoDaddy

    • 20 Jul 2017
  • Diversey enjoys US reception as leverage levels spike across market

    US cleaning products maker Diversey has accelerated commitments on its €1.6bn-equivalent of loans, backing Bain Capital’s $3.2bn carve-out of the business from Sealed Air, despite one investor in London expressing concern over the deal’s leverage.

    • 20 Jul 2017
  • GoDaddy sells €400m PlusServer to BC Partners

    BC Partners has agreed to buy German cloud technology firm PlusServer from US internet group GoDaddy, mandating Société Générale with an all senior loan package due in early September.

    • 19 Jul 2017
  • Holland & Barrett launches £900m of buyout loans

    UK health retailer Holland & Barrett has launched £900m-equivalent of loans backing its £1.77bn buyout by L1 Retail, the consumer focused arm of holding company LetterOne, founded by Russian billionaire Mikhail Fridman.

    • 19 Jul 2017
  • Huge demand for triple-Bs as corp market nears shutdown

    In what bankers expect to be the last big week for corporate bond issuance in Europe before the summer, demand for deals — especially triple-B paper — is rampant.

    • 19 Jul 2017
  • StanChart appoints two loan syndications bankers in HK

    Standard Chartered has beefed up its loan syndications team in Hong Kong, hiring two bankers, according to sources.

    • 19 Jul 2017
  • Senior distressed debt banker exits BAML

    A senior banker involved in distressed debt trading at Bank of America Merrill Lynch has left.

    • 18 Jul 2017
  • HSBC hires levfin banker from Deutsche

    Paul Cahalan has moved from Deutsche Bank’s leveraged finance desk to head HSBC’s EMEA leveraged finance and acquisition team.

    • 17 Jul 2017
  • Permira to fund TBS buyout via levloan market in rude health

    Pantheon Healthcare, the pharmaceutical developer owned by Permira, is marketing a €300m loan to finance the acquisition of Telematic and Biomedical Services with bankers saying demand for leveraged loans shows no signs of abating.

    • 17 Jul 2017
  • China Shengmu preps borrowing as Huishan shadow looms

    Hong Kong-listed China Shengmu Organic Milk is set to make a comeback to the loans market about a year and a half after its last visit, as lenders remain wary about the company’s industry.

    • 17 Jul 2017
  • China Aircraft Leasing lands for $175m

    China Aircraft Leasing Group Holdings (CALC), which made its offshore loan market debut last year, is back for a $175m aircraft pre-delivery financing.

    • 14 Jul 2017
  • Indian lenders make beeline for foreign loans

    Indian banks are muscling into offshore loan syndications they previously rejected out of hand, driven by a desperate need to lend amid a slowdown in domestic borrowing. Shruti Chaturvedi reports.

    • 13 Jul 2017
  • Stada’s €5bn LBO to heat up post-summer pipeline

    The European leveraged finance markets are licking their lips in anticipation of a new €2.5bn deal backing Bain and Cinven’s takeover of Stada Arzneimittel, the German generic drug manufacturer.

    • 12 Jul 2017
  • Expectations of ECB tapering spark demand for triple-Cs

    Corporate issuers of triple-C rated bonds have finally found a reason to enter the primary market, as investor expectation over the chances of the European Central Bank raising rates has opened a window for them in July.

    • 11 Jul 2017
  • Swissport 'migrates' capital structure after cov default

    Swissport Group announced on Tuesday a technical capital restructuring following its breach on certain debt covenants. The restructuring includes a new €460m term loan ‘B’ and the repayment of its existing €660m term loan ‘B’.

    • 11 Jul 2017
  • StanChart loses executive director in loans team

    An executive director in the loan syndicate and distribution team at Standard Chartered has left the bank, according to two sources.

    • 11 Jul 2017
  • CVC adds sterling tech deal into LBO portfolio

    Private equity firm CVC has taken to the leveraged loan market to fund the acquisition of IT systems company QA Group, encouraged by the lower borrowing costs on loans than high yield bonds.

    • 10 Jul 2017
  • BIDV allocates $100m dual trancher

    Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has allocated its $100m loan among nine lenders, with three Indian banks collectively taking half the deal.

    • 10 Jul 2017
  • Adira Dinamika parks $200m loan in syndication

    Four lenders launched a $200m loan for Indonesian company Adira Dinamika Multi Finance into general syndication at the end of last week, according to a banker.

    • 10 Jul 2017
  • Cov-lite refis live on with Socotec’s new €425m term loan

    Leveraged loan investors have recently started to win victories on deal terms, but on Thursday French engineering firm Socotec brought confirmation that market conditions are still in favour of borrowers. However, another of this week’s deals underlined the fact that investors can sometimes succeed in getting better terms.

    • 07 Jul 2017
  • Belle HK$28bn take-private deal in limited syndication

    More banks now have the opportunity to join a HK$28bn ($3.6bn) financing to support the take-private of Hong Kong-listed footwear company Belle International Holdings, following a senior phase that attracted nine lenders.

    • 07 Jul 2017
  • Credit Suisse hires Greater China loans VP

    Credit Suisse has hired a banker for its Asia Pacific loan syndications team in Hong Kong.

    • 07 Jul 2017
  • Bain, HSBC make rare pair on Adler & Allan unitranche

    Environmental service firm Adler & Allan is refinancing all of its debt with a sub-£100m ($130m) unitranche loan from HSBC and alternative investor Bain Capital Credit. The product can pose competition to high yield at bigger sizes, said sources.

    • 06 Jul 2017
  • Nervous banks eye China risks, demand boost in loan margins

    Fears over debt and governance problems at Chinese companies are prompting banks to rethink their willingness to lend. The pull-back is leading to a push for more transparency — and looks set to send margins on many deals higher, bankers said this week.

    • 06 Jul 2017
  • CVC feeds Pasubio LBO to early birds as margins tighten

    Pasubio, the Italian maker of speciality car upholstery, is funding its buyout by CVC with a leveraged loan and revolver launched on Wednesday in an issuer-friendly market.

    • 05 Jul 2017
  • Investors not in holiday mode yet, luckily for £2.5bn Annington

    The cloudburst of corporate bond issues investors had been expecting during the dry first two business days of July arrived on Wednesday, with a five tranche salvo by Annington Funding, in euros and sterling, plus deals from Kedrion and National Grid.

    • 05 Jul 2017
  • Thom bids high yield bonds adieu with €670m loan

    The leveraged loan market is set to take in one more issuer from the high yield bond market as French jewellery retailer Thom Europe looks for new term loans to redeem all of its bonds.

    • 03 Jul 2017
  • Mu Sigma $400m heads into general syndication

    A loan of around $400m for Indian data analytics firm Mu Sigma is open for retail participation after a successful senior phase when seven lenders joined the deal.

    • 03 Jul 2017