Leveraged Loans - All Articles

  • New money volumes steady in US levloans, as deal recycling slows

    The pace of loan refinancing and repricing eased in the first quarter of 2018, according to a quarterly update from Fitch Ratings. Some investors expect this trend to continue as companies look to dodge rising rates by refinancing loans in the fixed rate bond market.

    • 30 Apr 2018
  • Paysafe launches lev loan add-on for iPayment LBO

    Fintech firm Paysafe was out in the leveraged loan market this week with a chunky $800m extension of the loan deal it sold for its own acquisition in November.

    • 30 Apr 2018
  • Agile launches HK$6bn borrowing with juicy price

    Hong Kong-listed real estate company Agile Property Holdings launched a HK$6bn ($765m) deal to the market last week, wooing lenders with a juicy margin and all-in pricing.

    • 30 Apr 2018
  • Double-B HY issuers cut costs despite spread widening

    Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.

    • 26 Apr 2018
  • Levfin markets rebalance emboldens investors

    Europe’s supply and demand in primary markets for corporate high yield debt has eased and fund managers like the new climate. Lower supply would afford debt buyers a better opportunity to check on deals and push back when needed, some said this week.

    • 25 Apr 2018
  • After bond market shutout, McGraw-Hill turns to private loans

    McGraw-Hill Global Education has obtained a payment in kind (PIK) term loan from funds advised by Guggenheim Partners and Ares to help refinance its 2019 PIK toggle notes, five months after it pulled a PIK toggle bond aimed at achieving the same goal.

    • 24 Apr 2018
  • Cambodia’s Prasac launches up to $100m deal

    Cambodia’s Prasac Microfinance Institution has launched a $50m three year term loan with a $50m greenshoe option into syndication.

    • 24 Apr 2018
  • Nghi Son 2 raises $1.9bn for electricity generation project

    Vietnam’s Nghi Son 2 Power, which counts Japanese trading and investment conglomerate Marubeni Corp as one of its investors, has raised a $1.869bn project loan from a group of mainly Japanese lenders.

    • 23 Apr 2018
  • Canvest Environmental eyes $150m loan through IFC

    Hong Kong-listed Canvest Environmental Protection Group Company, a waste-to-energy provider, is seeking a $150m-equivalent borrowing denominated in Hong Kong dollars.

    • 20 Apr 2018
  • Amundi targets €300m levloan fund

    The speculative grade loan market is leading leveraged finance issuance in Europe again, as investors pour more cash into the asset class. This week, Amundi opened its new leveraged loans Europe 2018 fund for institutional investors.

    • 19 Apr 2018
  • SC Lowy spies gains from Credito di Romagna takeover

    Boutique investment bank SC Lowy signalled the potential it sees in the Italian banking sector through its acquisition of Credito di Romagna this week. Michel Löwy, CEO of the firm, also views it as a way to expand the firm’s European leveraged finance operations.

    • 19 Apr 2018
  • Pakistan, Sri Lanka fuel sovereign loan push

    Asia’s syndicated loan market is offering razor-sharp funding to sovereign borrowers, and that is not just limited to the more developed countries in the market. Pakistan and Sri Lanka are returning to the market with $1.45bn of loans between them, and both look set to cut their pricing significantly. Pan Yue reports.

    • 19 Apr 2018
  • Vingroup eyes $400m loan for new automobile unit

    Vietnamese conglomerate Vingroup Joint Stock Company is seeking a $400m loan for its newly established car manufacturing business.

    • 19 Apr 2018
  • Heavy pipeline excites leveraged finance investors

    Fund managers were looking into €6.5bn of live high yield bond and loan deals in the European leveraged finance markets on Wednesday. Those speaking to GlobalCapital were happy to see that spreads are slightly widening across ratings from last year’s historic lows.

    • 18 Apr 2018
  • Macquarie hires former HSBC head of loan trading

    Macquarie Capital has hired the former head of US loan trading at HSBC to help take advantage of surging activity in leveraged finance markets.

    • 17 Apr 2018
  • Loans for GTT’s Interoute buyout out in ‘restless’ levfin

    Virginia-based GTT Communications launched a €1.7bn-equivalent package of leveraged loans this week, the first leg of funding for the acquisition of UK peer Interoute. The credits are well known, bankers said, but European investors have become more circumspect after overcoming a recent bout of volatility.

    • 17 Apr 2018
  • Sri Lanka invites banks for $1bn borrowing

    Sri Lanka has sent out a request for proposals for an up to $1bn-equivalent offshore loan, which can be denominated in dollars, Japanese yen or euros.

    • 13 Apr 2018
  • Pakistan sovereign returns for $450m loan

    Pakistan is back in the offshore syndicated loan market for a $450m facility led by two banks.

    • 13 Apr 2018
  • String of bankruptcies leaves US high yield unfazed

    A recent string of defaults in the US high yield bond market, particularly in the retail and supermarkets sectors, has not caused undue concern among market players, with most of the situations already factored into assumptions.

    • 12 Apr 2018
  • Roaring direct lending funds Bertram

    Californian private equity firm Bertram Capital is combining its European portfolio company Anord Control Systems with UK firm Mardix. The move was funded in the direct lending market with a participation from arranger Barings.

    • 12 Apr 2018
  • Levfin investors welcome cooler market

    Demand for high yield bonds and leveraged loans has become patchy, fund managers say, after several months of heavy issuance.

    • 11 Apr 2018
  • Deutsche must remain a European champion in global banking

    Once again, Deutsche Bank is at a crossroads. After a tough few years, it is still strong enough to fight back in global investment banking. New CEO Christian Sewing will decide whether it does. He seems rational and determined, but does he have the stomach for the battle?

    • 10 Apr 2018
  • Tata Steel fires up $1.86bn loan with larger top group

    A group of 23 banks opened syndication for Tata Steel’s $1.86bn dual-currency facility on Monday, but only after the deal went through numerous changes on its way to the market.

    • 10 Apr 2018
  • PGIM CLO boss to head bank loans biz

    PGIM Fixed Income announced on Thursday that its co-head of US CLOs would become the firm’s new head of US bank loan portfolio management, upon the retirement of Joe Lemanowicz later this year.

    • 09 Apr 2018
  • Two banks rev up loan to take eHi private

    Two banks are supplying a $200m loan to back a consortium’s move to take New York-listed Chinese auto rental company eHi Car Services private.

    • 09 Apr 2018
  • Permira Debt Managers signs its seventh direct lending deal as market boom goes on

    This week, Permira Credit Solutions III (PCS3) signed its seventh investment this year, a credit line for the acquisition of Maxicoffee by Daltys. The direct lending market seems on course to surpass last year’s record numbers, said market sources.

    • 05 Apr 2018
  • Unpredictable April for high yield bond market, say players

    Speculative grade borrowers stayed on the sidelines of the primary market this week. While bankers said the deal pipeline has a healthy list of issuers ready to go in April, investors warned that they might be pickier than in the first quarter.

    • 05 Apr 2018
  • Investors see new issue spreads inching wider in levfin

    European leveraged finance investors are expecting lower deal volumes and wider spreads in the primary market after an exceptionally busy and expensive 2017.

    • 04 Apr 2018
  • STP beams $577m dual-currency borrowing

    Solusi Tunas Pratama, an Indonesian telecommunications company, has launched a $577m-equivalent dual-currency loan denominated in dollars and rupiah into general syndication.

    • 04 Apr 2018