Leveraged Loans - All Articles

  • Refinitiv’s risky provision shows up in Envision buyout bond

    A weak term that was built into the bonds backing Blackstone’s leveraged buyout of Refinitiv last week has also been included in a $1.625bn high yield bond being marketed this week for KKR’s buyout of Envision Healthcare.

    • 27 Sep 2018
  • Tata Power breaks two year hiatus with new deal

    Indian electricity utility firm Tata Power has mandated five banks to lead a $245m borrowing, ending a two year hiatus from the offshore loan market.

    • 27 Sep 2018
  • European investors buyers march on stepping on covenants

    Europe’s leveraged finance issuance is fast catching up with last year’s record volumes, as investors open deep pockets. But the reverse side of this exuberance are weaker terms and more vulnerable issuers, said market watchers.

    • 26 Sep 2018
  • Zhengtong offers flat pricing for quick loan comeback

    Luxury auto dealership China Zhengtong Auto Services is seeking an up to $150m three year loan, offering banks margin and fees that are identical to a borrowing sealed in January.

    • 26 Sep 2018
  • Distributed Power lev loan arrives alongside BIS alert

    General Electric’s distributed power unit began marketing a $1.8bn leveraged buyout loan. The deal has high net leverage and tight pricing guidance, two of the possible risks in the market underlined by the Bank for International Settlements (BIS) this week.

    • 25 Sep 2018
  • HSBC mutiny memo is a chance for Flint to show character

    The lengthy complaint about HSBC management drafted, purportedly, by investment bankers within the firm must be taken seriously and investigated, if its new CEO John Flint wants to win the confidence of the rest of the staff and shareholders.

    • 25 Sep 2018
  • Demand for aggressive buyout debt routs covenant defence

    Leveraged finance investors in the US and Europe have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel this week, with demand driving pricing tighter despite aggressive covenant packages. David Bell and Victor Jimenez report.

    • 20 Sep 2018
  • Neiman Marcus debt dented by PetSmart-style move

    US department store Neiman Marcus’s unsecured bonds and term loan have dipped in trading this week after the company said it was moving its fastest growing online business, MyTheresa, out of the reach of lenders.

    • 20 Sep 2018
  • Dollar demand swarms for aggressive LBO debt

    US investors have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel, with pricing coming tighter than initial thoughts despite aggressive covenant packages.

    • 19 Sep 2018
  • Former co-head of BlackRock CLO biz joins Tetragon

    Scott Snell, former co-head of BlackRock’s US CLO business, has joined Tetragon Credit Income (TCIP) as a CLO portfolio manager, with the firm planning to expand the range of its investments in CLOs.

    • 19 Sep 2018
  • Covenant defence meltdown as levfin primary booms

    Private equity firms and corporates are unloading speculative grade debt deals with loose terms, but investors still pocket them this week, suggesting that their recent resolve for discipline may be short-lived.

    • 19 Sep 2018
  • CNBM to replace loan guarantor for price reduction

    China National Building Material (CNBM) is considering changing the guarantor of its $160m debut offshore borrowing in a bid to cut pricing.

    • 19 Sep 2018
  • Loomis Sayles loan veteran to retire in 2019

    Loomis Sayles’ senior loan portfolio manager Kevin Perry will retire in March 2019 after 17 years with the company and 37 years in the industry, the firm said on Tuesday.

    • 18 Sep 2018
  • O-film Tech debuts with $100m amid US-China trade war

    China’s O-film Tech is tapping offshore lenders for the first time for a $100m term loan, hitting the market amid escalating tensions between the US and China.

    • 18 Sep 2018
  • HSBC picks DCM stalwart to co-head securities services

    HSBC Securities Services has appointed two global co-heads — one of them a well-known figure in the debt capital markets.

    • 18 Sep 2018
  • Refinitiv boosts loans, slims bonds in buyout package

    Banks leading the financing package for Blackstone’s leveraged buyout of Thomson Reuters’ Financial & Risk business — soon to be renamed Refinitiv —have shifted some of the funding away from the bonds and into the loans, increasing leverage in the deal and mirroring the issuance trends seen in leveraged finance this year.

    • 17 Sep 2018
  • H&H divvies up $450m deal among 12

    Strong demand from bank lenders has allowed Health and Happiness International Holdings to bump up the size of its dual-currency loan to $450m-equivalent.

    • 14 Sep 2018
  • Fortune Oil closes three year borrowing at $430m

    Fortune Oil PRC Holdings has boosted its borrowing to $430m after attracting 10 participants during syndication.

    • 14 Sep 2018
  • ‘Have you forgotten your brothers?’

    Those at Lehman Brothers on Monday, September 15, 2008 will remember the moment the lines between the London and New York offices went dead.

    • 13 Sep 2018
  • Refinitiv deal heats up with euro portion set to be slimmed

    The Blackstone-led consortium of investors buying out Thomson Reuters’ Financial & Risk business is understood to be looking to decrease the amount of financing it needs from the euro market for the deal’s $13.5bn debt funding package, with demand appearing better for dollar bonds, according to investors.

    • 12 Sep 2018
  • Europe's levfin markets strong but tough

    Borrowers are unloading a still increasing number of new deals in the leveraged debt primary markets in September, hoping to find sufficient demand. But investor appetite, while supportive, is showing a selective taste this week.

    • 12 Sep 2018
  • Sterling lev loans brave Brexit uncertainty

    Sterling leveraged loan volumes are on the rise, even as sterling high yield bond volumes have been heavily curtailed, said Marlborough Partners this week.

    • 10 Sep 2018
  • RPC catches private equity’s eye

    The UK’s RPC Group is in talks with two private equity firms for a potential sale, with the plastics packaging company’s pre-acquisition leverage well below covenant breaching levels.

    • 10 Sep 2018
  • Rotam Global returns for $100m refi

    Taiwan-listed agro-chemical maker Rotam Global Agrosciences is tapping the loan market for $100m to refinance debt.

    • 10 Sep 2018
  • Luye Pharma seeks $300m for drugs acquisition

    China’s drug developer Luye Pharma Group has launched a $300m loan into general, to back the acquisition of two antipsychotic medical products.

    • 10 Sep 2018
  • European levfin pipeline shoots above €20bn before mid-September

    On Friday, AkzoNobel and Suse announced new deals in the already bustling European markets for high yield bonds and leveraged loans, bolstering expectations of record volume for September.

    • 07 Sep 2018
  • JSW Steel seeks $140m to back Acero Junction acquisition

    India’s JSW Steel has launched a $140m dual-tranche loan into general syndication, with the funds to go towards its acquisition of US-based steel plant Acero Junction Holdings.

    • 07 Sep 2018
  • Xiaomi waiting on lenders’ consent for deal repricing

    Chinese technology giant Xiaomi Corp, which recently floated in a landmark IPO in Hong Kong, is seeking lenders’ approval to slash the price on a $1bn loan closed last year.

    • 06 Sep 2018
  • Nomura joins RE venture for Brexit biz

    Japanese investment bank Nomura is increasing its involvement in European real estate — including the UK market, where the exit from the European Union could spark new business.

    • 05 Sep 2018
  • Levfin buyers vow to play careful hand

    Bankers working on the European deal pipelines for high yield bonds and leveraged loans promise a blazing September, but the talk among investors and their advisers is sober. Some fund managers believe the second half of the year might turn out to be reckoning time from what they described as “excesses” of the past.

    • 05 Sep 2018
  • Price talk emerges on Thomson Reuters buyout loans

    Arranging banks have released price talk on the $8bn of loans financing the leveraged buyout of Thomson Reuters’ Financial & Risk business.

    • 04 Sep 2018
  • Advent extends Circet leveraged loan for Ireland’s KN Group acquisition

    Telecom infrastructure firm Circet Odyssee has joined the early September pipeline of deals in the euro leveraged loans market with a small tap. It will fund the buyout of Irish peer KN Group, with parent company Advent planning to merge the companies.

    • 04 Sep 2018
  • Leo Paper takes HK$350m in green loan first

    Leo Paper Group, a Hong Kong-based printing services company, has signed a HK$350m ($45m) four year green term loan and revolving credit facility with seven banks, making it the first privately-held firm to complete such a transaction.

    • 04 Sep 2018
  • Crédit Agricole doubles down on Asia levfin

    Crédit Agricole has created two new desks in Asia focused on acquisition and leveraged finance and coverage of funds, according to a statement on Tuesday.

    • 04 Sep 2018
  • Acquisitive Cheplapharm refinances loans, loan notes with €780m deal

    Germany’s Cheplapharm Arzneimittel has signed €780m of loans, with the pharmaceutical company using the funds to refinance debt and fund acquisitions.

    • 03 Sep 2018
  • Tikehau hires Eurazeo director as private equity boss

    French asset manager Tikehau Capital has appointed a head of private equity.

    • 03 Sep 2018
  • Sinopharm eyes new $200m offshore borrowing

    Sinopharm Holding China Finance Leasing, a unit of state-owned China National Pharmaceutical Group, is tapping offshore banks for a $200m term loan.

    • 03 Sep 2018