Leveraged Loans - All Articles

  • Chinese education trio serves up loans

    Three Chinese borrowers with education businesses are seeking funds from retail lenders in syndication.

    • 30 Nov 2018
  • Central banks raise levfin risks with industry

    Several European central banks have contacted the Loan Market Association (LMA), raising concerns about the risks of the leveraged finance market. But following a round of private meetings in London, the authorities are not expected to bring forward new regulations.

    • 29 Nov 2018
  • It’s defaults, not the covs

    Leveraged debt fund managers seem resigned to a low-rated deal pipeline and aggressive documentation this week, with the market likely to accept these conditions, despite a sell-off which saw the iTraxx Crossover at its widest so far this year, 340bp, on Wednesday.

    • 28 Nov 2018
  • Semen Indonesia seeks $1.3bn from senior lenders

    Semen Indonesia has launched senior syndication for a $1.28bn loan that will be used to buy the local operations of rival LafargeHolcim.

    • 28 Nov 2018
  • Stada seeks €1.5bn of debt to finish LBO

    Private equity firms Bain Capital and Cinven are financing their purchase of a further 28.3% stake in Stada Arzneimittel, the German pharmaceutical group, in the euro leveraged finance markets this week, and are having to contend with investors who are in a risk-averse mood.

    • 27 Nov 2018
  • ANZ levfin banker to relocate to Sydney

    ANZ is relocating a senior leveraged and acquisition finance banker and former head of Asia loan syndications from Singapore to Sydney.

    • 23 Nov 2018
  • ADB Safegate bolts on for acquisition

    Belgium’s ADB Safegate has raised €59m in the leveraged loan market through a bolt-on transaction, with the airport services provider set for its acquisition of the UK’s Ultra Electronics Airport Systems.

    • 22 Nov 2018
  • Brexit upheaval scuppers Co-op tender

    The Co-operative Group pulled out of a new bond issue and took the rare step of cancelling a tender offer this week, with bankers pinning the blame on the UK’s Brexit brouhaha.

    • 22 Nov 2018
  • TDC squashes euro TLB margin

    Denmark’s TDC is seeking to reprice its euro-denominated term loan ‘B’, as the telecoms company continues to slash at its debt costs and size in the wake of selling Norwegian cable firm Get.

    • 22 Nov 2018
  • China lev loans face new hurdle from EU M&A rule

    Loans bankers in Asia already bemoaning the reduced outbound M&A driven activity from China could be dealt a further blow after the European Union (EU) said it will start screening foreign direct investment (FDI) more closely. Pan Yue examines the impact this will have on Asia’s leveraged and acquisition financing market.

    • 22 Nov 2018
  • Project finance risks almost as good in EM as OECD

    The gap between default rates for OECD and emerging market project finance bank loans has narrowed to almost nothing. However, on average, banks can expect to wait longer after a default to recover money owed outside the world’s most developed economies, according to S&P Global.

    • 21 Nov 2018
  • Sands China seals $2bn dual-currency revolver

    Sands China has closed a $2bn five year borrowing with participation from around 10 banks.

    • 21 Nov 2018
  • Shanghai Industrial mulls HK$3bn refinancing

    Shanghai Industrial Holdings is talking to relationship lenders for a refinancing of HK$2bn-HK$3bn ($255.4m-$383mm).

    • 20 Nov 2018
  • Nemera, Cognita change sponsor hands with new buyout loans

    Nemera, the French maker of drug delivery devices, and UK school operator Cognita are funding their new ownerships in a euro leveraged loan market dominated by acquisition deals.

    • 19 Nov 2018
  • Hong Kong Airlines sounds out banks for new borrowing

    Chinese conglomerate HNA Group’s Hong Kong Airlines is in talks with lenders for a new borrowing, two loans bankers have told GlobalCapital Asia.

    • 19 Nov 2018
  • High yield dented by oil price drop

    A slide in the price of oil has put pressure on energy-related bonds in the US high yield market, which contains a large proportion of energy issuers.

    • 15 Nov 2018
  • China may be first to cut green loan risk weights after Ma calls for it

    Ma Jun, a member of the People’s Bank of China’s monetary policy committee, has come out in favour of altering bank capital rules to give lower risk weights for green assets — which could be a sign the PBoC is close to adopting the policy. He calls on China to lead the way and argues there is evidence green assets are less risky.

    • 15 Nov 2018
  • Lev loan market lives 'like there’s no tomorrow’

    Recent deterioration in credit quality, deal terms and potential recovery rates may be storing up trouble in the leveraged loan market but market sources in Europe fear that many of their peers are taking on these risks with no heed to their future impact.

    • 15 Nov 2018
  • Beijing Enterprises and Youyuan seek funds

    Beijing Enterprises Group and Youyuan International Holdings hit the loan market this week for their latest syndicated fundraisings.

    • 15 Nov 2018
  • Wake-up call for investors in human rights laggards like Heinz and Starbucks

    Investors need to use their voices, especially by voting at AGMs, to improve the poor performance of many companies on protecting human rights, according to supporters gathered in London on Monday for the launch of the second annual results of the Corporate Human Rights Benchmark.

    • 14 Nov 2018
  • Antin’s debt backed Idex buy underwritten

    Private equity firm Antin Infrastructure Partners has signed €673m of debt facilities to back its acquisition of French energy infrastructure and services company Idex.

    • 14 Nov 2018
  • Leveraged debt primary markets learn to play with danger

    Despite the mounting number of risks on the horizon, the European leveraged finance market has ploughed on at a steady pace. While some investors say that is proof of healthy sophistication, others believe it is time for a big push back.

    • 14 Nov 2018
  • Apollo widens pricing, tightens covenants on LifePoint buyout debt

    Apollo-sponsored RCCH Healthcare Partners made investor-friendly changes to the bonds and loans it sold this week to support its acquisition of LifePoint Health, widening the pricing as well as tightening the covenants in the debt package.

    • 13 Nov 2018
  • OpenLink plugs repricing of March buyout loans in tightening wave

    In a further sign that the European leveraged loan market is approaching the end of the year on a hot note, trading software provider OpenLink is looking to reduce the spread on the leveraged buyout loans it sold in March.

    • 13 Nov 2018
  • Mei Ta wraps up €245m loan with seven

    Taiwan’s Mei Ta Industries has closed a €245m loan, attracting five participants during syndication.

    • 13 Nov 2018
  • Youyuan pays up for $120m refi

    Chinese paper manufacturer Youyuan International Holdings is seeking commitments for a $120m refinancing loan, wooing banks with a juicier margin when compared to its last fundraise.

    • 13 Nov 2018
  • Weil banking head joins White & Case in London

    Weil, Gotshal & Manges’ acquisition finance-focused head of banking is joining White & Case in London as the US firm looks to expand its leveraged finance offering.

    • 12 Nov 2018
  • Appetite for floating rate feeds new levfin deals

    Leveraged borrowers Adb Safegate and Groupe Ecore had active euro roadshows for floating rate debt, keeping the leveraged finance markets open this week.

    • 12 Nov 2018
  • HCMC Power lights up first Vietnamese dong financing

    Ho Chi Minh City Power has sealed Vietnam’s first syndicated financing in the onshore dong market, with a bevy of Taiwanese and South Korean lenders piling in.

    • 12 Nov 2018
  • Tie banker bonuses to ESG, says Euro Parliament in radical push for green finance

    The chances of a profound transformation of financial markets to equip them to fight climate change rose this week, when the European Parliament adopted a bold set of policies that would require investors, banks and companies to take into account their impacts on the environment and society. Bonuses would be linked to sustainability targets.

    • 08 Nov 2018
  • Europe’s ‘market trap’ biggest threat to leveraged covenants

    A combination of high demand, asymmetric advice and aggressive borrowers is crushing protection terms for leveraged loan investors in Europe, according to fund managers, analysts and lawyers. But the level of demand means that more cov-lite deals emerged this week.

    • 08 Nov 2018
  • Aircastle flies in for new $250m three year revolver

    New York-listed aircraft leasing company Aircastle, owned by Japan's Marubeni Corp, has returned to the loan market for a $250m revolving credit facility.

    • 08 Nov 2018
  • Indonesia’s Barito Pacific, BRI return for new loans

    Barito Pacific and Bank Rakyat Indonesia have returned to the international loan market for new fundraisings.

    • 08 Nov 2018
  • Apollo adds CMBS carveout to LifePoint high yield bonds

    The high yield bonds being issued to support Apollo’s acquisition of hospital group LifePoint Health include carve-outs that allow the private equity firm to pay itself dividends by securitizing LifePoint’s property and equipment without falling foul of additional debt and restricted payments covenants.

    • 07 Nov 2018
  • Apax switches out lenders

    A fund owned by Apax Partners has signed a €140m-equivalent revolving credit facility, with the private equity firm switching lenders for the deal.

    • 07 Nov 2018
  • Tritax EuroBox puts loan funding to use

    The newly formed Tritax EuroBox is buying a real estate asset in Germany, weeks after the European arm of the UK logistics company signed its debut revolving credit facility.

    • 07 Nov 2018
  • Barito Pacific returns for $200m refi

    Indonesia’s Barito Pacific has returned to the loan market for an up to $200m refinancing, hiring two banks to run the deal.

    • 07 Nov 2018
  • Marlow debuts in Asian loan market for £120m

    Marlow Foods, a UK-based company that was acquired by the Philippines’ Monde Nissin Corp in 2015, is tapping the Asian loan market for the first time for ‎£120m ($156m).

    • 06 Nov 2018
  • Lucky 13: BRI hires for $700m borrowing

    Bank Rakyat Indonesia has mandated 13 banks for a $700m multi-tranche borrowing, breaking a three-year absence from the loan syndications market.

    • 06 Nov 2018
  • HK$7.8bn needed for I Squared Capital

    Hong Kong private equity firm I Squared Capital is tapping the loan market for a total of HK$7.8bn ($998m).

    • 05 Nov 2018
  • Banque de France to meet LMA over lev loan frenzy

    France’s central bank representatives will attend a consultation meeting with the Loan Market Association to discuss recent warnings over the lack of financial covenants in new issue leveraged loans.

    • 02 Nov 2018
  • Man Wah woos banks to $100m maiden loan

    Hong Kong furniture manufacturer and retailer Man Wah Holdings has launched its debut $100m loan into general syndication.

    • 02 Nov 2018
  • Shanghai Pharma seeks $655m for Cardinal Health acquisition refi

    Shanghai Pharmaceutical Holding is raising a $655m dual-tranche facility to refinance a bridge loan that was used to support the acquisition of Cardinal Health (L).

    • 02 Nov 2018
  • Tian Lun Gas fires up HK$1.2bn refi

    China Tian Lun Gas Holding is seeking a Hong Kong dollar denominated loan to refinance a $240m dollar facility sealed in 2015.

    • 02 Nov 2018
  • Inspired brings new cov-lite loan deal

    The euro leveraged loan market appears keen to counter recent criticisms against lack of financial maintenance covenants with yet more cov-lite issuance, including a buyout deal from private schools operator Inspired.

    • 01 Nov 2018
  • Guodong, Bestway debut in offshore market

    Two Chinese companies, Guodong Network Communications and Bestway Global Holding, have ventured out for their maiden loans, seeking €150m ($170m) and $150m respectively.

    • 01 Nov 2018
  • Tata Motors’ JLR drives back for $1bn six year loan

    Jaguar Land Rover, owned by India’s Tata Motors, has returned for a $1bn loan, just months after closing a smaller £640m ($839m) dual-tranche facility.

    • 01 Nov 2018