Leveraged Loans - All Articles

  • EMEA loan volumes nosedive 75%

    Syndicated lending volumes in the EMEA region are down 75% from last year to record their worst January in five years, and senior loans bankers say the rest of the year is unlikely to get much better.

    • 31 Jan 2019
  • Getty Images dusts off full refi after family takes back control

    Getty Images launched a refinancing of its capital structure on Thursday, the company’s first capital markets outing since the Getty family regained control of it last September. An investment vehicle controlled by conservative activists the Koch brothers was willing to commit $500m of preferred PIK equity last year, but the refi of the debt stack had to wait for market conditions to improve.

    • 31 Jan 2019
  • IFRS 9 could worsen leveraged default rates, according to S&P

    S&P expects speculative grade default rates to rise to 2.6% in 2019, from 1.9% at the end of last year, thanks to tightening credit conditions, and slowing economic growth. But new accounting standards could also worsen the credit cycle.

    • 30 Jan 2019
  • Comexposium raises loan to fund CAA buy

    Comexposium, the French exhibitions group, has raised new debt to finance Crédit Agricole Assurances’ purchase of a majority stake from Charterhouse Capital Partners.

    • 29 Jan 2019
  • Interplex eyes $400m to refinance acquisition loan

    Singapore’s Interplex Holdings has returned for a $400m five year loan to refinance a 2016 borrowing that supported its acquisition by Baring Private Equity Asia.

    • 28 Jan 2019
  • Wittur pockets loan add-on as market mood improves

    Leveraged loan bankers in Europe speak of a growing pipeline, but the only deal priced this week was a small loan extension from Wittur, the German maker of lift parts.

    • 25 Jan 2019
  • Luye Pharma allocates $300m loan among nine

    Chinese drug developer Luye Pharma Group has closed a $300m loan after a five-month syndication.

    • 25 Jan 2019
  • Corporates form their own green finance body

    Sixteen European industrial companies have formed the Corporate Forum on Sustainable Finance, to grant themselves a stronger voice in the green bond market and promote the use of sustainable finance products.

    • 24 Jan 2019
  • Profit Reach uses put option in lieu of loan guarantee

    Profit Reach, an investment vehicle owned by Chinese billionaire Shen Guojun, is seeking a $550m refinancing loan with a rare put option provided to lenders. The deal has raised debate over whether the structure can catch on in Asia. Pan Yue reports.

    • 24 Jan 2019
  • Apollo cheers levfin market with £3.3bn take-private of RPC

    Apollo Global Management is to buy UK plastic packaging producer RPC in a £3.323bn debt-backed leveraged buyout. The US private equity firm beat off competition from Bain for the FTSE 250 listed company.

    • 23 Jan 2019
  • Levfin perks up: IVC, Univ Europea coming

    Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long.

    • 21 Jan 2019
  • Profit Reach cuts pricing on $550m refi

    Profit Reach International, an investment vehicle owned by Chinese billionaire businessman Shen Guojun, has returned to the loan market for a $550m refinancing.

    • 21 Jan 2019
  • Huifeng Petrochemical debuts with $200m borrowing

    Shandong Huifeng Petrochemical Group is tapping the offshore loan market for the first time, seeking a $200m two year borrowing.

    • 21 Jan 2019
  • Leveraged loan worries dominate US bank earnings

    End of year earnings calls at the US banks all featured anxieties about the exposure of the firms to a leveraged finance market that was looking increasingly stretched through year end, with some bridges said to be hung and discounts offered on risk positions.

    • 17 Jan 2019
  • Climate activists boo Larry Fink’s CEO letter

    Larry Fink, chief executive of BlackRock, became one of the most namechecked people in the responsible investing movement in 2018 when he affirmed that “Companies must benefit all of their stakeholders, including shareholders, employees, customers and the communities in which they operate.”

    • 17 Jan 2019
  • When a bad deal leads to no deal, no one wins

    Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.

    • 17 Jan 2019
  • BNPP hires in the Nordics

    BNP Paribas has hired numerous bankers to bolster its corporate and institutional banking presence in the Nordic countries, including senior bankers in equity and derivatives roles.

    • 16 Jan 2019
  • End Brexit paralysis, plead levfin investors

    This week’s parliamentary vote in the UK on a withdrawal agreement for its exit from the European Union has emptied the deal pipeline in the euro leveraged finance markets in early January. But after the plan was rejected on Tuesday, any clarity about the near future looks unlikely, and some debt buyers say borrowers have little reason to wait for longer.

    • 16 Jan 2019
  • PE sponsors eager to bring new wave of loose deal documentation

    Private equity sponsors have bankers and lawyers working on deals that will seek more flexibility and borrower-friendly covenants this year. But investors are also likely to offer tougher scrutiny this year.

    • 15 Jan 2019
  • ASM Pacific seeks debut loan to refinance CB

    ASM Pacific Technology is tapping the offshore loan market for the first time, raising a HK$2.25bn ($287m) five year borrowing to refinance a convertible bond maturing in March.

    • 15 Jan 2019
  • Japanese buyers to widen bids for US triple-A CLOs

    Large Japanese buyers of US triple-A CLO debt are set to move their bids for the bonds wider as managers line up the first US deals of 2019, said sources this week.

    • 14 Jan 2019
  • Shandong Qingyuan closes $430m loan with five

    Shandong Qingyuan Group has closed a $430m one year self-arranged club loan with five participants.

    • 14 Jan 2019
  • BRI launches $700m borrowing at tight levels

    Bank Rakyat Indonesia (BRI) has launched a $700m multi-tranche loan into general syndication, raising some debate among bankers about the tight pricing on offer.

    • 14 Jan 2019
  • Sritex eyes $350m loan for bond buy-back

    Indonesian textile company Sri Rejeki Isman (Sritex) has returned to the syndications market for a $350m loan that will go partly towards a bond buy-back.

    • 11 Jan 2019
  • Levfin investors band together against borrower domination

    Investors in the leveraged finance market established a new trade body this week, giving them the chance to push back against aggressive covenant terms, and offering an alternative forum to the Association for Financial Markets in Europe, increasingly dominated by the sell side following a mass walk-out by the buy side last year.

    • 10 Jan 2019
  • Fitch joins ESG caravan with relevance scores

    Fitch Ratings has remedied its long lack of a visible response to the rise of environmental, social and governance investing by launching a set of ESG relevance scores.

    • 10 Jan 2019
  • Cobepa mandates two for Scalian as underwriters start deal hunt

    Belgian private equity firm Cobepa is funding its acquisition of Scalian, the engineering consultancy, with two French investment banks.

    • 10 Jan 2019
  • Anta launches €2.2bn loan with HSBC joining as MLAB

    Anta Sports Products has launched its €2.2bn loan to back the acquisition of Amer Sports Oyj into general syndication, with HSBC joining the bookrunning group.

    • 10 Jan 2019
  • Elfa triggers chain reaction across levfin trade bodies

    Leveraged finance industry bodies are a changin’. The two main trade organisations led by the sell side are set to open talks with a new, more independent investor lobby taking its first steps on Wednesday.

    • 09 Jan 2019
  • Overheating lev loans may breed HY issuance, says HY sell side

    While leveraged market participants expect loans to maintain their lead over fixed income in volume terms, some underwriters and lawyers believe market fatigue is beginning to make borrowers turn their attention to high yield bonds again.

    • 08 Jan 2019
  • Pick-up in China M&A loans is just a pipe dream

    A handful of outbound M&A deals announced in the second half of 2018 have given leveraged and acquisition finance bankers hopes for a rebound in action this year. But with many roadblocks ahead, being "cautiously optimistic" will be critical.

    • 08 Jan 2019
  • Danske hires Thirasilpa for leveraged finance

    Danske Bank has hired DNB Markets’ JoJo Thirasilpa as a managing director in leveraged finance.

    • 07 Jan 2019
  • VPBank Finance returns for short tenor loan

    VPBank Finance has made a quick comeback to the international syndications market for a $130m borrowing with a short one year tenor.

    • 04 Jan 2019
  • Bank of the Lao PDR seeks separate $100m loan

    The central bank of Laos is seeking a $100m loan through Taipei Fubon Bank, while simultaneously syndicating another deal of the same size via Cathay United Bank.

    • 04 Jan 2019
  • Loans primed but levfin needs strong start

    The 2019 loans market is raring to go, but lending officials say that the leveraged loan market needs some strong deals right away to ease the hangover lingering from last year.

    • 02 Jan 2019
  • Laos central bank keeps pricing flat on loan return

    Bank of the Lao PDR is taking commitments for a $100m four year borrowing in general syndication, offering lenders terms that are identical to its last offshore facility from 2015.

    • 02 Jan 2019