Leveraged Loans - All Articles

  • Levfin investors win ‘game of chicken’ on Amer Sports loan

    Loan investors succeeded in the ‘game of chicken’ in setting deal terms on the first two major new money acquisition loans in the European market this year, winning a package of concessions that could help achieve a better balance between borrowers and lenders in a market that has seen documentation deteriorate.

    • 28 Feb 2019
  • Loans in Brief: 29/02/2019

    • 28 Feb 2019
  • Loan investors in the driving seat as Amer and Ahlsell change docs

    The first two big acquisition loans of the year in Europe, for Amer Sports and Ahlsell, have both been subject to pushback from investors on some of the most borrower-friendly terms in their original security packages. That has set a standard for new deals, now markets have recovered much of the ground they lost in the fourth quarter.

    • 27 Feb 2019
  • Macro news boosts corporate conditions as Coke and Colgate print

    Macroeconomic conditions have converged to create a strong market for new investment grade corporate bond issues in Europe, with a more dovish US Federal Reserve, a potential delay to Brexit, and signs of progress in the US-China trade discussions prompting investors to turn risk-on.

    • 27 Feb 2019
  • Bilfinger seeks lender redemption in Schuldschein market

    German industrial services company Bilfinger has launched a Schuldschein months after pulling a transaction in public markets. The BB-rated company is offering a spread substantially higher than the typical Schuldschein borrower, in the hope that lenders will forego its failed foray and be charitable with its chequered past.

    • 26 Feb 2019
  • Petron launches $700m borrowing with six banks

    Philippine oil company Petron Corp has returned to the offshore loan market after a two year absence, picking a bigger lead group that has allowed it to achieve much tighter pricing.

    • 26 Feb 2019
  • Taishin Leasing debuts with $80m borrowing

    Taishin Financial Leasing (China) is making its debut in the offshore loan market with an $80m borrowing helmed by Bank Sinopac.

    • 25 Feb 2019
  • Green Taxonomy risks becoming a greenwash

    Of all the parts of the EU Sustainable Finance Action Plan, the Taxonomy is closest to the heart of the green bond market.

    • 21 Feb 2019
  • Conservative MEPs quail at pushing for ‘brown’ list in green Taxonomy

    Centre right members of the European Parliament have balked at approving a proposal to change the EU’s Taxonomy of Sustainable Economic Activities so it highlights unsustainable activities. Jon Hay reports.

    • 21 Feb 2019
  • Second lien shines as Goldman helps private debt bid beat bonds

    Second lien loan structures are substituting in for unsecured high yield issues, as a strong bid from direct lending funds pushes prices for the product tighter. Despite wariness from many banks about the product, Goldman Sachs has been seen actively competing with private debt funds to offer second lien finance, adding to the product’s advantages for sponsors.

    • 21 Feb 2019
  • Playtech raises ante on revolver

    UK gambling software firm Playtech has raised its revolving credit facility to €272m, having agreed its first deal of that type since printing its debut bond in the last quarter of 2018.

    • 21 Feb 2019
  • IG wide open, euro long-end in favour as Siemens prints 20s.

    The investment grade European corporate bond market is wide open this week, with a swathe of jumbo new issues in euros. Boosted by a relative lack of supply in recent weeks, issuers are achieving good terms, particularly on longer dated issues, with Siemens issuing the first 20 year bond of the year so far. But the sterling market is quiet as investors wait for clarity on what form the UK’s exit from the European Union in March will take.

    • 20 Feb 2019
  • Home Credit Vietnam slashes margin on loan comeback

    Home Credit Vietnam has launched an up to $60m loan into general syndication after two year absence.

    • 20 Feb 2019
  • Sivantos calls bonds as Widex merger clears anti-trust

    Sivantos, a German hearing aid company owned by EQT Parters, is calling €275m of 8% 2023 notes at 102, and drawing on its acquisition debt, issued in July last year, after the European Commission cleared its merger with Denmark’s Widex. Like other companies hit by the deteriorating market conditions last year, it ended up substituting second lien debt for bonds.

    • 19 Feb 2019
  • Blackstone bid for Scout24 set to disappoint leveraged market

    Blackstone and Hellman & Friedman’s bid for German listings and classified ad group Scout24 is likely to disappoint the leveraged finance market in Europe, which is keen to see some jumbo event-driven supply. The firms are targeting a takeover of the group, but not as a full take-private structure — and with a large equity cheque cutting the likely debt volume on offer, as well as the leverage and price.

    • 18 Feb 2019
  • Cognita wraps acquisition package subbing second lien for bonds

    Jacob Holdings’ acquisition financing for emerging markets schools group Cognita has been wrapped up, with the planned unsecured high yield issue marketed in November stripped out and replaced with a €225m second lien loan.

    • 18 Feb 2019
  • Adira Dinamika launches $250m into general

    Adira Dinamika Multi Finance has launched a $250m three year term loan into general syndication. The deal was led by five lenders.

    • 15 Feb 2019
  • Levfin and a bad block weigh on Credit Suisse

    Credit Suisse’s fourth quarter results showed damage from the high yield and leveraged finance market’s tantrum in the last quarter of 2018. The bank was also hit by a Canada Goose block trade gone wrong.

    • 14 Feb 2019
  • PV Gas preps loan amid buoyant bid for SE Asia

    PetroVietnam Gas Joint Stock Corp has picked Mizuho as sole mandated lead arranger and bookrunner for a $200m borrowing. It is the latest sign of a boom in southeast Asia’s offshore loan market that is leaving bankers divided on pricing, tenors and covenant packages.

    • 14 Feb 2019
  • Vingroup returns for $300m through Deutsche Bank

    Vingroup Joint Stock Company has made a quick return to the offshore loan market, attempting its third borrowing in 12 months.

    • 14 Feb 2019
  • First test for levloans as Amer and Ahlsell enter euro market

    Banks met on Tuesday for the first sizeable new money European leveraged loan of 2019: a €1.7bn acquisition loan funding the purchase of Finnish sports equipment company Amer Sports. CVC’s take-private of Swedish installation products maker Ahlsell then hit the market on Wednesday.

    • 13 Feb 2019
  • Green knowledge is not an efficient market

    Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.

    • 12 Feb 2019
  • Debenhams strikes rescue refi deal

    UK department store chain Debenhams has agreed a refinancing with its existing lenders, giving it an extra 12 months and an extra £40m of headroom, along with certain covenant waivers — but the race is on for a full recapitalisation by the end of the second quarter.

    • 12 Feb 2019
  • Tian Lun Gas closes HK$2bn refi

    China Tian Lun Gas has closed an oversubscribed loan worth HK$2bn ($255m) after attracting 13 lenders in general syndication.

    • 12 Feb 2019
  • Nikko Asset Management adds to London high yield credit team

    Nikko Asset Management said it had hired Richard Kehoe as senior high yield analyst for its global fixed income team in London.

    • 11 Feb 2019
  • Cork popped on Searcy’s acquisition loan

    Banks have started marketing the sterling loan to fund the acquisition of a stake in Westbury Street Holdings, the parent company of Searcy’s champagne bars and Benugo coffee bars, with a £363m seven year term loan and a £91m eight year second lien on offer.

    • 11 Feb 2019
  • SMBC brings $125m loan from Bharat Oman Refineries

    India’s Bharat Oman Refineries, a joint venture between Bharat Petroleum Corp and Oman Oil Co, has returned to the offshore loan market with a $125m deal that breaks a four-year absence.

    • 11 Feb 2019
  • JP Morgan looks to burnish jewel in the crown

    JP Morgan has overhauled its European management team as it places its oldest franchise at the heart of a push to boost its UK M&A business.

    • 07 Feb 2019
  • French Stella Group hits home stretch

    A loan for Stella, a French shutter and grill manufacturer, is set to be allocated on Friday, with the deal oversubscribed at original guidance on Thursday afternoon, wrapping up another project shelved in the face of last year’s deteriorating market.

    • 07 Feb 2019
  • Fintech M&A forecast for another big year

    Global fintech M&A is forecast to have another stellar year after providing multi-billion dollar lending opportunities in the last 12 months, with the UK expected to continue leading the way despite Brexit uncertainty.

    • 07 Feb 2019
  • GlobalCapital Syndicated Loan and Leveraged Finance Awards 2018: the winners

    GlobalCapital revealed the winners of its 2018 Loan Awards at its annual Syndicated Loans and Leveraged Finance Awards Dinner at the Jumeirah Carlton Tower in London on February 6. The complete results are below. GlobalCapital congratulates all the winners and nominees.

    • 06 Feb 2019
  • Here Tech signs loan as Feb starts more brightly than Jan

    Here Technologies, the Dutch provider of mapping and location services, has signed a €500m credit facility. Some European loans bankers insist they are swamped with deals, even though they have just finished the quietest January for years.

    • 06 Feb 2019
  • First Derivatives signs £130m loan at tighter margin

    First Derivatives, a UK technology company, has signed £130m of bank facilities, earmarking some of the funds to refinance an acquisition agreed last summer.

    • 06 Feb 2019
  • ESG shaping investors’ corporate bond decisions

    Green bond issuance has been in hot demand so far this year with investors allocating ever greater sums to sustainable and ethical mandates. However, it is not just the green labels on deals that are affecting their decisions.

    • 06 Feb 2019
  • Roll-up fears unfounded as IVC hits tight end of guidance

    Concerns about a rapid debt-fuelled acquisition spree by UK and European veterinary group IVC left some investors reluctant to subscribe for its loans, particularly after a profit warning from another group in the sector. But fears proved unfounded as the deal was allocated at the tight end of guidance by Thursday.

    • 05 Feb 2019
  • Tip Trailer's revolver nears €1bn as it funds growth

    Tip Trailer, the Dutch trailer services company, has refinanced its revolving credit facility, ramping the size up to €967m as it gathers funding for a range of growth plans.

    • 05 Feb 2019
  • Goldman launches PhysIOL acquisition debt

    Goldman Sachs has launched syndication of the acquisition financing supporting TPG and Beaver-Visitec International’s purchase of PhysIOL Group, with a €450m seven year senior secured first lien on offer.

    • 04 Feb 2019
  • ICG hires new CFO from Blackstone

    ICG said on Friday that it had hired Blackstone’s Vijay Bharadia as chief financial and operating officer and as a director, subject to regulatory approval.

    • 04 Feb 2019
  • Vallourec bonds slide as refi concerns rise

    High yield bonds issued by French pipeline tubing firm Vallourec slid last Friday on concerns that it would struggle to access competitive refinancing terms this year. The company’s shares were down 5.41%, with its bonds down between 1.6 and 3.7 points, according to MarketAxess data.

    • 01 Feb 2019