Leveraged Loans - All Articles

  • DRT in potential levfin M&A deal pipeline

    Private equity firm Ardian is ready to tap Europe’s leveraged finance markets to fund the acquisition of a controlling stake in Dérivés Résiniques et Terpéniques (DRT), the French plant chemistry specialist, but there are mixed views on the outlook for further M&A-fuelled leveraged finance activity.

    • 30 Nov 2017
  • Asian sustainable lending in focus amid green loan first

    A novel green loan for Singapore’s Wilmar International has put the focus on the potential for sustainable products in Asia. While green bonds have gained popularity in the region, the loan market is still lagging far behind — but that appears to be set to change, writes Shruti Chaturvedi.

    • 30 Nov 2017
  • Banks plan festive finish for €3bn Refresco LBO

    Lead banks have scheduled a December date for the syndication of a €3bn equivalent multicurrency loan package that is supporting PAI and British Columbia Investment Management Corporation’s leveraged buyout of bottling company Refresco.

    • 29 Nov 2017
  • Commitments pour in for Pakistan’s $700m IBRD-backed loan

    The first set of commitments are in for Pakistan’s latest outing in the syndicated loan market — a $700m 10 year facility that is partially guaranteed by the International Bank for Reconstruction and Development (IBRD).

    • 29 Nov 2017
  • CPI Ronghe exits with $306m maiden facility

    CPI Ronghe Financial Leasing, which launched its first international syndicated loan a couple of months ago, has wrapped up the deal with a dozen banks chipping in.

    • 29 Nov 2017
  • Follow-the-leader leveraged newbies set to suffer most

    The terms of leveraged finance deals are growing ever more aggressive. The most regular borrowers are the biggest pushers of tough terms, but those who follow their example may pay the heaviest price in a market correction.

    • 28 Nov 2017
  • BMC Software preps €3bn refi for bullish levfin buyers

    As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.

    • 28 Nov 2017
  • TVS Logistics out for $153m senior secured loan

    Indian company TVS Logistics Services has approached the international loan market for a $153m-equivalent financing, with participants invited to commit in dollars and sterling.

    • 28 Nov 2017
  • US sponsors swell loans at expense of high yield

    Sponsors are leading a shift away from high yield bonds and into second lien leveraged loans, causing the loan market to swell while high yield market starts to shrink.

    • 27 Nov 2017
  • Fitch boosts levfin team with sell side hires

    Fitch Ratings has hired two experienced bankers to help expand its footprint in US leveraged finance.

    • 27 Nov 2017
  • Another €2bn of LBOs in invulnerable loan mart

    The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.

    • 27 Nov 2017
  • Green capital relief makes first step on to EU legislative agenda

    Political calls for the bank capital system to favour green assets are intensifying. GlobalCapital has learnt that Peter Simon, the German MEP running the European Parliament’s work on a big package of banking legislation, is backing the idea.

    • 24 Nov 2017
  • Two aboard levloan divi recap gravy train with investor greetings

    Dividend recapitalisation deals, such as the ones ChemicaInvest and Ten Cate launched this week, are on the rise. The move, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer’s market.

    • 23 Nov 2017
  • Levloan market shakes off HY jitters as pricing tightens back

    Two leveraged loan deals in the market this week, for Tele Columbus and PlusServer, have both had their margins tightened by 25bp, suggesting that market participants who predicted early this week that spreads were going to start widening had spoken too soon.

    • 23 Nov 2017
  • Centratama, Home Credit add spice to Asean loans

    Centratama Telekomunikasi Indonesia has launched a triple-tranche $390m financing into general syndication through two mandated lead arrangers and bookrunners.

    • 23 Nov 2017
  • Greatship, Sino Horizon beam $849m loans into general

    Greatship (India) and Sino Horizon Holdings are in the market with their latest financings, each offering three ticket levels.

    • 23 Nov 2017
  • ‘Comfortable’ lev loan buyers fund ChemicaInvest divi recap

    Dutch polymer and resins group ChemicaInvest increased the size of its loan deal at the tight end of guidance on Wednesday, as it repriced its old debt and paid a dividend to its sponsors CVC and DSM.

    • 22 Nov 2017
  • Investors foresee small bouts of corp spread widening

    Corporate bond investors are developing their views for 2018, particularly as new issuance looks set to peter out for the year. There may be only a week or two left of active primary markets, and this week has been shortened by Thursday’s Thanksgiving holiday in the US.

    • 22 Nov 2017
  • Universal Medical, Luxshare Precision allocate loans

    Universal Medical Financial & Technical Advisory Services has doubled its debut financing to $600m, with 13 banks joining in general syndication.

    • 22 Nov 2017
  • Ten Cate joins lev loan dividend recap gravy train

    Dividend recapitalisation deals, like Ten Cate’s new €125m term loan, launched on Tuesday, are on the rise. The technique, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer's market.

    • 21 Nov 2017
  • CeramTec adds LBO to bulky lev loan market

    Deals topping €1bn are becoming more common in the European leveraged loan market, pushing gross issuance to annual record levels. CeramTec announced the latest, with a €1.1bn leveraged buyout.

    • 20 Nov 2017
  • Sino Horizon lays groundwork for new $600m refi

    Sino Horizon Holdings, a Chinese property developer, has opened a $600m refinancing into general syndication with retail banks.

    • 20 Nov 2017
  • Centratama Telekomunikasi eyes $390m in three tranches

    Centratama Telekomunikasi Indonesia, an IT and internet services provider, is in the market with a triple-tranche $390m loan tied to its M&A plans.

    • 20 Nov 2017
  • Home Credit Vietnam clubs $80m loan

    Home Credit Vietnam has put together a $80m borrowing with four banks. The deal marks the firm’s second loan in the international market.

    • 17 Nov 2017
  • Direct lenders staking bigger claim in euro leveraged loan market

    Leveraged loan issuers used to call on direct lending players to pre-place small portions of their offerings, mostly second liens. But as direct lenders grow bigger funds, their appetite for loans is starting to impact entire deals.

    • 16 Nov 2017
  • Festive European levfin wipes US jitters

    Borrowers and investors marched on in the European leveraged finance markets this week, pricing €1.5bn of high yield bonds while bankers have been able to tighten terms on new loan deals during syndication. Deals pulled earlier in the week in the US are already a fading memory.

    • 16 Nov 2017
  • Elis seeks new loans after Berendsen buy

    Elis, the French laundry group, has raised €600m from 12 banks, in part to pay off the bridge facility it used to acquire UK rival Berendsen in the summer.

    • 16 Nov 2017
  • Wanda property eyes offshore cash to avoid guarantee call

    Dalian Wanda Commercial Properties (DWCP) has put together a three-pronged plan to address problems related to its offshore loans, worth close to $1.5bn. The deal itself is giving lenders enough of a headache. But it has also put the spotlight on other loans guaranteed by onshore parents in China, writes Shruti Chaturvedi.

    • 16 Nov 2017
  • Natixis hires from BNP for SEA loan syndications

    Natixis has boosted its distribution capabilities in southeast Asia by bringing in a former BNP Paribas loans banker.

    • 16 Nov 2017
  • Paysafe offers LBO loan as investor hunger grows

    Investors are keeping pace with heavy issuance in the European leveraged loan market, with ticket sizes increasing in response to a rush of jumbo sized loans this week, including a $2.4bn equivalent deal from Paysafe.

    • 15 Nov 2017
  • IG credit premiums widen, leveraged debt still hot

    Investors are keeping a close eye on the widening of corporate bond spreads that started in the second half of last week and has continued this week. And for the first time in many weeks, issuers are having to pay more for their new debt.

    • 15 Nov 2017
  • PE firms bask in hot European leveraged loan market

    CVC and Ardian charged up the leveraged loan deal pipeline with new buyouts of European businesses in Ireland, Greece and Spain this week. A strengthening European economy is likely to attract more, said market participants.

    • 14 Nov 2017
  • Levfin repricing climbs with Salt, Gates deals

    Borrowers repricing and refinancing their debt are taking an ever bigger share of overall issuance in European leveraged finance markets. This week, Salt Mobile and Gates added to the already large list of names taking advantage of borrower-friendly conditions.

    • 13 Nov 2017
  • Payments processing firms out with $5.3bn

    A rush of consolidation has swept through Europe’s payments processing industry in the past six months and the financing for two of the deals, the acquisitions of Nets and Paysafe, hit the leveraged finance market this week.

    • 13 Nov 2017
  • Details emerge on Wanda offshore loan negotiations

    Dalian Wanda Commercial Properties (DWCP) has chalked up a three-pronged plan to address problems related to one of its offshore borrowings. The deal was in danger of being accelerated after the company was downgraded by two credit rating agencies in September.

    • 13 Nov 2017
  • Virgin increases refi as sterling levfin booms

    UK telecoms firm Virgin Media increased its sterling loan offering on Friday, as recovering leveraged finance issuance in the currency seems to be leaving Brexit strains behind.

    • 10 Nov 2017
  • Hong Kong Airlines poised to refinance $90m

    Hong Kong Airlines, which last visited the international syndicated loan market in 2015, is working with a bank to refinance that facility.

    • 10 Nov 2017
  • Loans lead leveraged finance with multitude of deals

    Leveraged loan issuance is set to outpace sales of new high yield bonds with a surge this year, pushed by a varied array of borrowers seeking not just tighter margins on old debt, such as US chemical group Angus this week, but also funding for acquisitions, as with Nordic travel operator Etraveli.

    • 09 Nov 2017
  • Bilateral loans grow at expense of syndications

    Slowing corporate demand for loans in Asia is increasingly pushing banks to clinch bilateral deals rather than execute syndications. While no one is calling the end of the loan syndications market, bilaterals have quickly risen in popularity — and for now, are offering a win-win solution to lenders and borrowers. Shruti Chaturvedi reports.

    • 09 Nov 2017
  • LBO deals resurface in leveraged loan pipeline

    Excelitas and Axilone have added to the list of leveraged buyouts catching the attention of the European market amid a busy stream of loan repricings.

    • 08 Nov 2017
  • Quick take-off for Alvest LBO loan syndication

    The loan funding for CDPQ and Ardian’s acquisition of a stake in Alvest, the unrated French manufacturer of aeroplane parts, was allocated among a "limited" number of investors on Tuesday, amid growing demand for small and mid-sized credits.

    • 07 Nov 2017
  • Verisure’s €1bn dividend deal challenges European levfin market

    In a new sign of how hot Europe's leveraged finance market has become, Verisure, the Swedish security systems company, is seeking to raise €3.5bn of bonds and loans, partly to fund the market's biggest dividend recapitalisation this year.

    • 07 Nov 2017
  • Virgin’s $4.5bn deal joins ‘repricing hysteria’

    UK telecoms group Virgin Media will begin marketing a jumbo loan this week, in a market that bankers describe as awash with demand. Many issuers are returning in search of tighter margins as soon as their loan terms allow.

    • 06 Nov 2017
  • Asia loans veteran Crane leaving StanChart

    Justin Crane, head of loan syndicate and distribution at Standard Chartered, is set to leave the bank at the end of this month, sources said.

    • 06 Nov 2017
  • Wells Fargo names new head of US DCM

    Wells Fargo Securities has named its new head of debt capital markets, covering US investment grade debt, high yield debt and loan originations and executions.

    • 02 Nov 2017
  • China firms increasingly eyeing shorter loans

    Several Chinese borrowers have hit the loan market for two year money in recent months, in contrast to more established firms from the mainland which are pushing out tenors on their borrowings. While typically banks and borrowers prefer to lock in longer-term loans, for some the nature of the business and the lenders’ unfamiliarity with the company necessitates a shorter life to mitigate risks.

    • 02 Nov 2017
  • ANZ picks loans veteran Raciti as Korea CEO

    ANZ has promoted Chris Raciti, a senior loans banker who looked after North Asia, to CEO of its Korean arm, the bank said in a press release on Wednesday.

    • 02 Nov 2017
  • Bain plugs NGA loan amid repricings

    NGA UK, the provider of human resources software, launched a €300m loan on Wednesday, which it will be hoping appeals to CLO managers that have been eager for new money deals.

    • 01 Nov 2017
  • Corp investors eager to make the most of November

    Corporate bond investors in Europe are hoping for a fruitful November, after October proved rather barren for new deals. But with holidays in several countries this week and central bank meetings in the UK and US, November has started slowly.

    • 01 Nov 2017
  • GlobalCapital Loan Awards: Vote now

    The poll to decide the winners of GlobalCapital's Loan Awards 2017 has opened.

    • 01 Nov 2017