Leveraged Loans - All Articles

  • 3i brings fifth dividend recap of Action with €2.3bn loan

    Private equity firm 3i is taking advantage of bullish conditions in the leveraged loan market to launch its fifth dividend recapitalisation of Action, the Dutch non-food discount retailer it bought in 2011.

    • 30 Jan 2018
  • Tyre maker Shandong Linglong hits the road for $200m debut

    Chinese company Shandong Linglong Tire Co has chosen dollars and euros for its maiden overseas fundraising.

    • 30 Jan 2018
  • Don’t ignore the GIFT that keeps on giving

    A recent syndication for Omani borrower Bank Sohar made market observers take notice, thanks to the presence of Axis Bank at the top group, reflecting Indian banks’ rising eagerness to provide liquidity for foreign currency deals. Yet the country rarely features in the roadshow schedule for fundraisings — an oversight that banks should rapidly correct.

    • 30 Jan 2018
  • PAI’s French moves spark buyout deals in levfin markets

    Private equity firm PAI's divestment of its majority stake in Kiloutou, the French equipment rental firm, is pumping supply into the term loan market this week through a secondary buyout. Meanwhile, PAI is itself funding its leveraged buyout of Albéa, a French beauty product packaging group, with a high yield pay-if-you-can (PIYC) bond.

    • 29 Jan 2018
  • Bain glides in with $305m loan for Trans Maldivian Airways

    Trans Maldivian Airways has landed back in the Asian loan market for a $305m senior secured deal, following its acquisition by a consortium led by Bain Capital Private Equity at the end of last year.

    • 26 Jan 2018
  • Investors swarm US CLOs despite weaker terms

    Looser documentation is emerging in the hot US CLO market, with debt investors in some instances now allowing managers to include terms that permit trading gains to be funnelled straight through to the pockets of equity investors, which is sometimes the CLO manager themselves.

    • 25 Jan 2018
  • Tikehau’s unitranche tap for cross-border buyout

    Terratest, the Spanish geotechnical engineering business, has acquired US construction consultancy GeoStructures with funding from Tikehau IM.

    • 24 Jan 2018
  • Investors hope social returns will make bond yields look better

    So far this year, the European corporate bond market has been an issuer’s market without many issuers. Or perhaps, the feeling that this January has been quiet is a measure of how used market participants have become to a torrent of deals.

    • 24 Jan 2018
  • Dongying Fangyuan mines for $100m loan

    Dongying Fangyuan Nonferrous Metals Co has made a rapid return to the dollar loan market, seeking commitments for a $100m one year facility.

    • 24 Jan 2018
  • Lev loans heat up, some buyers cool down

    Axilone, Comexposium and Hurtigruten have begun the syndication of a combined deal volume of €1.5bn, but European leveraged loan spreads are now so tight that some investors are heading for the exit.

    • 23 Jan 2018
  • Shenzhen Sunway beams debut financing into syndication

    Shenzhen Sunway Communications has reached out to lenders for an up to $250m borrowing, marking its debut in the overseas loan market.

    • 23 Jan 2018
  • China Houze sets out for $60m loan with IFC umbrella

    China Houze Group, a non-bank financial company, has embarked on its maiden offshore loan syndication with the help of International Finance Corp.

    • 23 Jan 2018
  • HIG taps direct lender for Beinbauer stake

    HIG Capital has acquired a controlling stake in German manufacturing firm Beinbauer Group. The fund used financing from direct lender Beechbrook Capital, with both borrower and lender praising the flexibility of the evolving direct lending market.

    • 22 Jan 2018
  • Survey shines light on 3.29m index tally

    The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.

    • 22 Jan 2018
  • Alloheim launches €600m lev loan for Nordic buyout

    The German private nursing care group Alloheim Senioren-Residenzen is out with a new leveraged loan offering to fund its buyout by Nordic Capital. This loan is among the first deals to be lined up to close in February, as hopes build of a surge of merger and acquisition driven borrowing.

    • 19 Jan 2018
  • US loan covenants sink to weakest level on record

    Moody’s Investors Service said on Thursday that quality of covenants in the US leveraged loan market have dropped to their weakest ever level.

    • 18 Jan 2018
  • EG Group launches jumbo syndication

    UK petrol station operator EG Group launched a jumbo leveraged loan facility on Thursday, totalling €3.5bn-equivalent, to finance its acquisition of Esso sites in Italy and Germany. Bank meetings are due to be wrapped up by the end of this week.

    • 18 Jan 2018
  • EQT Credit signs largest deal as alternatives power on

    Institutional investors are playing a bigger role in alternative asset classes, a BlackRock survey showed on Thursday, increasing the chance of larger deals. EQT Credit’s latest investment was a case in point.

    • 18 Jan 2018
  • EG Group oils acquisition plans with jumbo syndication

    UK petrol station operator EG Group launched a jumbo leveraged loan facility on Thursday totalling €3.5bn-equivalent to finance its acquisition of Esso sites in Italy and Germany, with bank meetings due to wrap up by the end of this week.

    • 18 Jan 2018
  • Indian lenders woo FIs with overseas push

    Axis Bank’s presence in the top group of a recent loan for Oman’s Bank Sohar has once again put the focus on Indian lenders’ efforts to expand their overseas balance sheets. Banks from the south Asian country see FIG deals as a safe gateway to business in unfamiliar geographies — and are keen to step up their game. Shruti Chaturvedi reports.

    • 18 Jan 2018
  • Pan Brothers spins $150m three year deal

    Three bookrunners have kicked off primary distribution of an up to $150m revolver for Indonesian garment maker Pan Brothers.

    • 18 Jan 2018
  • Cineworld launches $6.6bn financing package for Regal takeover

    On Wednesday, Cineworld launched a $4bn term loan and £1.7bn rights issue to back its acquisition of Regal, the second biggest cinema operator in the US.

    • 17 Jan 2018
  • ZhengTong Auto winds up $380m loan with 19 on board

    Luxury auto dealership China ZhengTong Auto Services has wrapped up its latest borrowing at $380m.

    • 17 Jan 2018
  • Deutsche strengthens Asia loan origination with hire

    Deutsche Bank has beefed up its debt origination team in Asia with the addition of an experienced loans banker.

    • 17 Jan 2018
  • Muoio readies exit from Jefferies levfin as Ramesh joins

    Tom Muoio, head of European leverage finance capital markets at Jefferies, who was appointed six years ago, will be leaving the bank, as former HSBC leveraged finance director Bala Ramesh joins the team.

    • 16 Jan 2018
  • Crédit Agricole veteran Sodhi promoted to global DCM corporates head

    Crédit Agricole has named Atul Sodhi as head of global debt capital markets corporates, for which he will relocate from Hong Kong to Paris.

    • 16 Jan 2018
  • Updated: Tata Steel mandates 21 for up to $2.16bn six year loan

    India's Tata Steel has lined up a group of 21 lenders for an up to $2.16bn six year loan, which will be launched into primary syndication in a couple of weeks, said bankers close to the deal.

    • 15 Jan 2018
  • Altran adds to early signs of expected LBO big bang

    Market participants hoping for a surge of large leveraged buyout financings in 2018 have been rewarded already by the arrival of seveal deals. One of them is the funding to finance French engineering services firm Altran's purchase of its peer Aricent.

    • 12 Jan 2018
  • Trans Media tunes in for $301m fundraising

    A $301m-equivalent five year refinancing for Trans Media Corpora has been launched into general syndication by five mandated lead arrangers and bookrunners.

    • 12 Jan 2018
  • Euro lev loan bankers upbeat after bumper start to year

    With issuers already lining up €6bn of new deals in January, leveraged loan bankers are confident that the European market is set for another booming year in 2018.

    • 11 Jan 2018
  • TowerBrook funds Bosal unit buyout with private EQT loan

    Bosal, the Dutch manufacturer of industrial equipment, is selling its tow bar division to private equity firm TowerBrook. EQT has provided the financing for the acquisition.

    • 11 Jan 2018
  • India to be a bright spot for loan syndications in first quarter

    Indian loan activity has got off to a steady start, with a large borrowing for companies under the Tata Group, including Tata Steel, due to be mandated shortly. Lacklustre credit demand from Indian firms may become a thing of the past as market participants are betting on a pick-up in momentum from the country this year. Shruti Chaturvedi reports.

    • 11 Jan 2018
  • LBO loans and roses: Flamingo seeks €300m loan

    Private equity firm Sun European Partners is merging its portfolio business Flamingo with Afriflora, the world’s largest exporter of roses to Europe, and funding it with an all-leveraged loan deal.

    • 10 Jan 2018
  • KKR, Barings close private debt funds

    KKR closed fundraising for a $2.24bn global private credit fund on Monday that will target private junior and mezzanine corporate debt as well as asset-backed financing, while on Tuesday Barings said it had closed a $1.85bn fund that will invest in private senior secured middle market loans.

    • 09 Jan 2018
  • Investcorp hires Rothschild senior adviser for new credit funds business

    Investcorp has hired Phil Yeates as managing director and head of European credit funds, after he had spent 24 years at Rothschild.

    • 09 Jan 2018
  • Investors offered €5bn levloan pipeline in borrower’s market

    The list of European leveraged loan deals for January is rapidly growing, with multi-billion offerings in euros, sterling and dollars as borrowers seek low margins. But some buyers believe the market is becoming too hot, too fast.

    • 09 Jan 2018
  • Trans Media plans new loan outing

    Trans Media Corpora, the TV broadcasting arm of Indonesian conglomerate CT Corp, is due to launch a new borrowing into general syndication soon, according to two bankers working on the transaction.

    • 09 Jan 2018
  • VietinBank taps loan market for new $100m financing

    Vietnamese state-owned VietinBank is back in the loan market with a $100m fundraising, this time with one lender at the helm.

    • 09 Jan 2018
  • Mangla Group sets up €1.2bn Catalan lending fund

    India’s real estate firm Mangla Group has joined with a Catalonian pro-independence business lobby, Cercle Català de Negocis (CCN), to establish a new property-backed direct lending fund aimed at businesses in Catalonia and the Balearic islands.

    • 08 Jan 2018
  • Regional Capital Markets Awards Part I: Loans

    In the first instalment of our 2017 awards, we present the full write-ups of the winners for Best Investment Grade Syndicated Loan, Best High Yield Syndicated Loan, Best Leveraged/Acquisition Finance, Best Loan and Best Loans House.

    • 07 Jan 2018
  • Lev loan first deals: Dexko, Planasa

    While the high yield bond pipeline has yet to reveal its first roadshow of 2018, two leveraged loan borrowers announced new deals on Friday. They are trailer supplier Dexko Global and Planasa, the Spanish berry producer.

    • 05 Jan 2018
  • Tata Motors' £640m refi heavily oversubscribed

    The response to Tata Motors' £640m ($839m) refinancing has been phenomenal, with the loan generating commitments exceeding $1bn, said bankers close to the situation.

    • 05 Jan 2018
  • Shelved Ant-MoneyGram deal casts cloud over China M&A

    Asia’s leveraged finance bankers started the year hopeful that volumes would pick up. However, US regulators have already undermined those hopes, blocking Ant Financial’s high-profile acquisition of local firm MoneyGram, calling into question the chances of further outbound deals from China. Shruti Chaturvedi reports.

    • 04 Jan 2018
  • Theme for 2018: Radical US tax reform could change the corporate landscape

    Economic conditions are ripe for the mergers and acquisitions that drive capital markets. Into this mix comes a potential US tax reform more radical than any for decades. This is bound to tilt boardroom decisions about strategy — if nothing else, US CEOs could suddenly have more cash back at HQ than they know what to do with. Jon Hay and Sam Kerr report.

    • 03 Jan 2018
  • Refresco UK plant sale seen as way to save Cott leveraged buyout

    Refresco’s $1.25bn acquisition of Cott’s drinks bottling business raises monopoly concerns, the UK Competition and Markets Authority (CMA) said this week. But market sources see a quick fix ahead.

    • 03 Jan 2018
  • Citi’s Drury wins ‘inch by inch’ fight for ECM supremacy

    Citi finished 2017 in its highest ever position in the EMEA league tables, leading from the front in ECM. David Rothnie asks whether it can topple JP Morgan.

    • 03 Jan 2018
  • South Africa’s MTN Group heads to Taipei for NDR

    South African telecommunications company MTN Group is holding a non-deal roadshow in Taipei this month.

    • 03 Jan 2018
  • Tata Steel and Jio-RComm loans in spotlight

    India’s Tata Steel has issued indicative pricing for a borrowing totalling $2.15bn, which will mainly refinance debt at its Singaporean and Dutch units.

    • 03 Jan 2018
  • EQT helps Abac Capital with Catalan Metalcaucho

    Sweden-based EQT has provided funding to Abac, a private equity firm in Catalonia, to invest further in local portfolio company Metalcaucho, which makes spare parts for cars. This was despite political unrest in the region.

    • 02 Jan 2018