Leveraged Loans - All Articles

  • Stada-led €4bn loan spree could push lev pricing wider

    The European leveraged finance market is set to contend with loan deals approaching €4bn for the start of September. Over half of that is for the German pharmaceutical firm Stada — a deal that could help make funding more expensive for everyone else, writes Victor Jimenez.

    • 31 Aug 2017
  • Banks bolster sponsor coverage amid Asian private equity boom

    Banks are making efforts to boost their sponsor coverage in Asia, responding to the growing prominence of private equity funds in the region and a shift in business ownership to a younger generation that is more open to selling stakes. Shruti Chaturvedi reports.

    • 31 Aug 2017
  • Spanish housing magic for international banks as Neinor branches out

    Neinor Homes, the Spanish builder, has chosen its first international bank as a lender this week, instead of a domestic bank. Its CEO, Juan Velayor, explained why to GlobalCapital.

    • 30 Aug 2017
  • Srei Equipment Finance builds $150m facility with two

    Indian company Srei Equipment Finance is seeking an up to $150m five year loan from the offshore market.

    • 30 Aug 2017
  • Neinor to buy land with JP Morgan loan

    Spanish builder Neinor Homes will accelerate a land purchase programme after signing a new loan with JP Morgan, it said in a regulatory filing on Tuesday.

    • 29 Aug 2017
  • CTFE fires up HK$17bn loan for Alinta buy

    Chow Tai Fook Enterprises (CTFE) has rolled out a HK$17bn ($2.17bn) loan for its acquisition of Alinta Energy.

    • 29 Aug 2017
  • Marlin returns for longer, cheaper $560m loan

    Marlin Enterprise is making a quick comeback to the loan market to refinance a borrowing from November 2015. It is offering lower returns for a deal with a longer maturity.

    • 29 Aug 2017
  • Adira, MPM wrap up loans after strong bid

    Two Indonesian borrowers have managed to increase short-dated dollar loans after impressive demand in syndication.

    • 28 Aug 2017
  • MUFG hires again in levfin expansion drive

    MUFG said on Thursday that it had hired former HSBC banker Jeff Bennett as head of leveraged corporate origination and structuring, part of the bank’s longer term expansion of its leveraged finance and investment banking businesses in EMEA.

    • 24 Aug 2017
  • Tikehau Capital adds former French PM François Fillon for private debt boost

    Former French prime minister François Fillon will become a new partner at Tikehau Capital in September, a source told GlobalCapital on Wednesday, with a ‘full dedication’ job to increase the firm’s domestic business and international reputation.

    • 23 Aug 2017
  • Sritex weaves $100m offshore syndication

    Indonesian textile company Sri Rejeki Isman (Sritex) has approached offshore banks for a $100m three year syndicated loan.

    • 23 Aug 2017
  • Paysafe wires large bridge for $4bn LBO

    Fintech firm Paysafe has disclosed the financial structure initial lenders have put in place before they begin marketing the all-leveraged loan funding of its acquisition by CVC and Blackstone from Old Mutual and Threadneedle.

    • 22 Aug 2017
  • Details emerge on Samson Paper's HK$570m loan

    The terms are out for Hong Kong-listed company Samson Paper’s HK$570m ($73m) refinancing. The deal has three arrangers, which circulated term sheets among existing lenders a couple of weeks ago. Invitations have now gone out to other banks.

    • 22 Aug 2017
  • Stiga leads new loans with shareholder Alcentra

    Stiga, the company known until June as Global Garden Products, is out with a refinancing loan deal led by one of its shareholders, the speculative grade investor Alcentra.

    • 21 Aug 2017
  • Senior participants sought for I Squared Capital acquisition loan

    The three bookrunners of a $900m-equivalent Hong Kong dollar loan for I Squared Capital’s acquisition of Hutchison Global Communications (HGC) have invited lenders to join the syndicate at a senior level.

    • 21 Aug 2017
  • Laotian trio mull overseas dollar syndications

    Cathay United Bank has invited lenders for meetings in Laos during the first week of September, as it prepares to launch three different loans from the country.

    • 18 Aug 2017
  • Cairn India gets two more for $651m loan

    Cairn India Holdings, which signed up new lenders for a $651m borrowing in late July, has received commitments from two more banks.

    • 18 Aug 2017
  • Neuberger Berman calls for global HY funds to incorporate euro levloans

    A growing number of European high yield borrowers are replacing their bonds with leveraged loan debt. This week, investment management company Neuberger Berman decided to add leveraged loans into its bond strategy, and said more investors should follow suit to avoid missing new speculative grade issuance.

    • 17 Aug 2017
  • Intas Pharma to command lower pricing for M&A loan

    Indian company Intas Pharmaceuticals is lining up banks to help it fund an acquisition in Europe and the US, turning back to lenders who helped the company pull off a successful takeover earlier this year. But this time around, it has more bargaining power. Shruti Chaturvedi reports.

    • 17 Aug 2017
  • Lev loan market prepares for more retail asset stripping

    The number of highly leveraged retailers including clauses in loans that allow them to strip out valuable collateral into separate subsidiaries, out of reach of secured lenders, has reached “extreme” levels, according to loan market sources.

    • 16 Aug 2017
  • Zhuhai Holdings, China Lesso tie up Hong Kong dollar loans

    Transport and tourism services provider Zhuhai Holdings Investment has sealed a successful return to the loan market through an increased HK$2bn ($255.7m) financing. The company, which tapped offshore liquidity after two years away, launched the deal at HK$1.5bn.

    • 16 Aug 2017
  • CVC’s AR ups leverage at no extra cost

    AR Packaging, the Swedish maker of packaging for food, increased its LBO loans with a dividend recapitalisation deal on Tuesday. The move follows a trend of loan borrowers taking on more leverage ahead of new European Central Bank guidance on leverage limits.

    • 15 Aug 2017
  • Europe’s levfin should use ‘Merkron’ card to win US PE over

    US private equity firms keep an eye on European deals, but their doubts over the eurozone’s future become a deterrent at times. Now that Germany and France are signalling a zealous commitment to the European project, the chance is ripe to regain their trust.

    • 15 Aug 2017
  • Medco Malaka eyes $360m from RBL facility

    Medco Energi Internasional, which issued a dollar bond last week, has returned to the debt market for a reserve based lending (RBL) facility for subsidiary Medco E&P Malaka.

    • 15 Aug 2017
  • Direct lending open for sterling UK business in August

    Private equity firms have deployed their direct lending arms in three UK mid-sized deals in the past week, just as public market bankers begin to fret about the effects of Brexit on the sterling market.

    • 14 Aug 2017
  • Cambodia’s ABA Bank wraps up $50m loan with six

    Cambodia's Advanced Bank of Asia (ABA Bank) has tied up a $50m borrowing with Taiwanese lenders, taking double the amount raised in its international loan debut last year.

    • 14 Aug 2017
  • Vedanta plots loan hat-trick with $300m

    India's Vedanta Resources is talking to banks about a $300m borrowing for its mining operations in South Africa, setting the wheels in motion for its third international loan of the year.

    • 11 Aug 2017
  • Failed loans could hit harder under new accounting rules

    New accounting rules could hit the loan syndications market, potentially adding to earnings volatility and changing how banks book their underwriting fees. But the rules could clash with the EU’s leveraged lending guidance.

    • 10 Aug 2017
  • Holland & Barrett still at till with LBO financing

    All eyes in the leveraged loan market this week were trained on UK health food retailer Holland & Barrett.

    • 10 Aug 2017
  • Indian borrowers get strategic with long loans

    Indian borrowers are increasingly raising offshore loans with tenors of five to seven years, in a bid to smooth out their maturity profiles and avoid a massive debt overhang. The shift comes at the right time, as international lenders slowly warm up to longer-dated deals, writes Shruti Chaturvedi.

    • 10 Aug 2017
  • Allocation out for SPi Global’s $235m acquisition loan

    Allocations for a $235m three-tranche financing for private equity firm Partners Group’s acquisition of Philippine business process outsourcing company SPi Global were firmed up on Tuesday.

    • 10 Aug 2017
  • EQT’s Vetcare adds to loan as sentiment sours over UK

    Independent Vetcare, a veterinary group based in the UK, is back in the market with an add-on to the sterling loans that funded its leveraged buyout in April.

    • 09 Aug 2017
  • Investors to survive on cigs and health food for summer

    Most corporate issuers have deserted the markets for the summer. Not BAT however, which has inhaled $17.25bn already this week and is now back for more.

    • 09 Aug 2017
  • Eurazeo adds Spanish flavour with Iberchem

    Eurazeo, the private equity firm, is offering a loan to fund the leveraged buyout of Spain’s Iberchem, a fragrance and flavour maker, from Magnum Capital.

    • 08 Aug 2017
  • Mémora expects calm success for LBO loan

    Conditional books are already oversubscribed for the €240m term loan that funds the Ontario Teachers' Pension Plan's acquisition of Mémora, an Iberian funeral services provider.

    • 08 Aug 2017
  • Samson Paper mandates three for HK$570m financing

    Hong Kong-listed company Samson Paper is back in the loan market, after a two and a half year absence, for a HK$570m ($73m) refinancing.

    • 08 Aug 2017
  • SMBC hires in Singapore for Asia loan origination

    A former Standard Chartered loans banker has resurfaced at Sumitomo Mitsui Banking Corp in a senior origination-related position, said a source.

    • 08 Aug 2017
  • Environmental risk management: a must for banks, says PBOC expert

    One of the most promising vehicles for moving the financial system on to a greener path – risk management – is gathering momentum.

    • 07 Aug 2017
  • Bridgepoint, Permira in for Cruise's German buy

    Cruise.co.uk, a UK online travel agent, is buying German peer Kreuzfahrtberater in a deal that brings together the direct lending arms of private equity firms Bridgepoint and Permira.

    • 07 Aug 2017
  • Sebi tightens scrutiny on bank loan defaults

    India’s market regulator has asked listed companies to disclose any default on bank loans within one working day from the date of the missed payment, in a move to tackle the country’s bad loan problems.

    • 07 Aug 2017
  • Ozner eyes $150m from general syndication

    Deutsche Bank is arranging an up to $150m syndication for water purification company Ozner Water International Holding, said bankers.

    • 04 Aug 2017
  • Incoming ECB rules drive one last hurrah for hairy lev loans

    Deals in the leveraged finance market have grown increasingly aggressive in recent weeks, as a strong run of buyouts has seen leverage levels ramp up. Some in the market have identified the European Central Bank’s leveraged lending guidelines, due to come into effect in November, as fuelling the fire. Max Bower reports.

    • 03 Aug 2017
  • Loans news in brief — August 3

    Mémora — Miller Homes

    • 03 Aug 2017
  • Scandlines surfs to IG after €860m refi deal

    Danish ferry operator Scandlines has refinanced all its debt with BBB rated bank loans and notes in the European and US private placement markets.

    • 03 Aug 2017
  • Holland & Barrett pricing in focus as concerns mount over leverage

    With the deadline looming on Holland & Barrett’s £825m-equivalent of loans, several investors have raised concerns over both leverage and terms on the deal, in a market otherwise winding down for summer.

    • 03 Aug 2017
  • Gajah Tunggal gets four for $250m dollar-rupiah combo

    Gajah Tunggal, an Indonesian tyre maker, has tapped the syndicated loan market for a dual-currency $250m facility.

    • 03 Aug 2017
  • Citi India loan syndications head moving to StanChart

    A veteran loan syndications banker at Citi in India is understood to have quit to take up a bigger role in Standard Chartered.

    • 03 Aug 2017
  • SPi Global's acquisition loan bags five commitments

    A $235m three-tranche financing for private equity firm Partners Group’s acquisition of Philippine business process outsourcing company SPi Global has gathered commitments from five lenders.

    • 02 Aug 2017
  • Euskaltel grows RCF for Telecable’s LBO

    Basque telecoms firm Euskaltel gained access to a third market in northern Spain after the acquisition of Telecable from Zegona Communications, which it is funding with loans and equity.

    • 01 Aug 2017
  • Vedanta mining for new syndicated loan

    Mining company Vedanta Resources is making a rapid return to loans, mandating five banks for a deal of around $500m while simultaneously wooing investors for a dollar bond.

    • 01 Aug 2017