Leveraged Loans - All Articles

  • China levfin hopes rise despite regulatory woes

    Leveraged finance loans for Chinese companies will rebound this year, driven in part by the abundant liquidity available from the private equity funds. But winning government approval for deals will remain a stumbling block. Pan Yue reports

    • 28 Mar 2019
  • Loans in Brief: 28/03/2019

    • 28 Mar 2019
  • M&A loan market hots up as RPC, Scout24 unveil acquisition packages

    The European leveraged finance market is heating up, as long-awaited deals for the buyouts of UK plastics company RPC and German online listings firm Scout24 break cover. The two chunky deals will deliver much needed new money supply after a sluggish start to the year.

    • 28 Mar 2019
  • Ctrip.com seeks €600m three year offshore facility

    Chinese online travel agent Ctrip.com International has launched its first offshore deal, for €600m, two years after raising a larger onshore facility.

    • 28 Mar 2019
  • Konew eyes $150m for debut offshore loan

    Hong Kong’s Konew International Group has debuted in the offshore loans market, raising $150m.

    • 28 Mar 2019
  • Corporates cool as excess cash runs out

    Almost everyone in the European corporate bond market admits they were wrongfooted by the storm of demand that has overwhelmed issuers this year. But the weather has changed again, as unexpectedly. From last week to this, the temperature is cooler and new issue premiums are, in most cases, back.

    • 27 Mar 2019
  • Sports Direct bids £61m for Debenhams

    Retailer Sports Direct has offered to buy Debenhams for around £61.4m in cash, though the companies disagree on whether Mike Ashley’s firm will be able to deal with the department store’s immediate debt servicing requirements.

    • 27 Mar 2019
  • WuXi Biologics launches $200m debut borrowing

    Chinese pharmaceuticals company WuXi Biologics has launched a debut offshore loan of $200m through sole lead Standard Chartered.

    • 27 Mar 2019
  • Bondholders set for payday as Inmarsat LBO steps forward

    Holders of Inmarsat’s 6.5% 2024 high yield notes are recommended to take profits, as the board of the UK-listed satellite company recommended an LBO offer from a consortium of investors. Barclays, Bank of America, and UBS are arranging a $3.625bn term loan and a $600m-equivalent multicurrency revolver to fund the deal.

    • 26 Mar 2019
  • Castlelake flies offshore to back AirAsia acquisition

    Global alternative investment firm Castlelake is tapping the offshore loan market for $685.1m to support its purchase of aircraft from Malaysia’s AirAsia.

    • 25 Mar 2019
  • BRI allocates $700m among 27 lenders

    Bank Rakyat Indonesia has closed its $700m offshore syndicated loan, with 15 participants joining during syndication.

    • 22 Mar 2019
  • Leveraged loan pipe heats up as 2019 projects take flight

    Banks are bringing forward leveraged loans to fund projects from earlier this year, launching them into a strong market buoyed by another round of liquidity support from central banks. New buyout debt for IFCO and a full refinancing for Perstorp join a host of other deals in the market.

    • 21 Mar 2019
  • Avolon’s unsecured loan debut soars to $500m

    Demand for Ireland-based aircraft leasing company Avolon's unsecured loan took off, allowing it to sign the deal at $500m this week, as the company attempts to gain an investment grade rating.

    • 21 Mar 2019
  • Updated: Frasers raises second green loan in six months

    Singapore’s Frasers Property has closed a S$785m ($581m) green loan, the second green borrowing in six months.

    • 21 Mar 2019
  • Bonfire of the adjectives as credit burns hot

    Bankers and investors are running out of superlatives to describe investor demand in Europe’s corporate bond market, as each deal seems to push further than the last into extreme territory.

    • 20 Mar 2019
  • CIMC leasing unit debuts with $180m borrowing

    CIMC Financial Leasing, the leasing unit of China International Marine Containers, has debuted in the offshore loan market with a $180m three year facility.

    • 20 Mar 2019
  • Perstorp launches refi after sale of UK unit

    Bank of America, Goldman Sachs and Nordea launched a refinancing deal for specialty chemicals firm Perstorp Holding, a Swedish-headquartered PAI Partners and Landmark Partners portfolio company.

    • 19 Mar 2019
  • IFCO launches buyout debt

    Bank of America and Goldman Sachs have launched the loan backing Triton Partners and Luxinva's buyout of IFCO Systems, the Germany-based reusable plastics business of Australia’s Brambles.

    • 19 Mar 2019
  • CNH Industrial offers bright spark in dim market

    UK capital goods firm CNH Industrial has signed a €4bn revolving credit facility in a rare bout of activity in the high grade loan market, with bankers saying the lethargy is going to continue for the foreseeable future.

    • 19 Mar 2019
  • JPM's head of EMEA debt capital markets to retire

    JP Morgan’s head of EMEA debt capital markets is set to retire this year.

    • 19 Mar 2019
  • Bestway closes debut borrowing at $88.9m

    Chinese outdoor leisure products developer Bestway Global Holding has closed its debut offshore borrowing at a reduced size of around $88.9m.

    • 19 Mar 2019
  • Texhong makes quick return for HK$1bn

    China’s Texhong Textile Group has returned to the loan market for HK$1bn ($127m) only six months after it closed a larger facility.

    • 19 Mar 2019
  • Levfin pipeline heats up in the wake of Power Solutions

    Following the success of the jumbo acquisition financing for Brookfield and CPDQ’s purchase of Johnson Controls’ Power Solutions unit, European leveraged loan buyers now have a wide variety of credits to assess, with deals from Ceva Santé, Delachaux, Konecta and Hotelbeds in the market this week.

    • 18 Mar 2019
  • Sonnedix feels warm rays from loans

    Solar energy generator Sonnedix has signed a €250m bank facility, as it looks to snap up new projects in OECD countries.

    • 18 Mar 2019
  • Tianshan Aluminium seeks $200m in general

    China’s Tianshan Aluminium is tapping the offshore loan market for $200m.

    • 18 Mar 2019
  • Interserve files for administration after shareholders reject debt for equity swap

    Interserve, one of the largest outsourcing companies in the UK, plans to file for administration after shareholders rejected a proposed debt for equity swap at a general meeting on Friday.

    • 15 Mar 2019
  • Taishin to close its debut offshore loan at $100m

    Taishin Financial Leasing (China) is about to close its debut offshore loan at $100m. It is now just waiting for one of the lenders to get approval.

    • 15 Mar 2019
  • Buyers rush into Johnson as floodgates open

    The leveraged finance market is feasting on the $10.2bn financing for the buyout of Johnson Controls’ batteries business by Caisse de dépôt et placement du Québec. Levfin players believe its success is in part due to a lack of jumbo supply in the US prior to the trade.

    • 14 Mar 2019
  • Ashley offers Debenhams loan for CEO spot

    UK department store Debenhams is considering a £150m loan offer from its potential acquirer Sports Direct, in a deal that could bypass lending banks and see leadership of the company fall to Mike Ashley.

    • 14 Mar 2019
  • Orano bumps up banking group, adds another lender

    French nuclear firm Orano has increased the size of its syndicated loan and added another lender to its banking group, as some loans officials said that only names further down the credit curve are growing the number of lenders they use.

    • 13 Mar 2019
  • Bank of the Lao PDR closes $116.5m loan

    Bank of the Lao PDR has closed its four year borrowing led by Cathay United Bank, receiving commitments from 14 participants.

    • 13 Mar 2019
  • Fosun seeks $300m dual-currency loan

    Fosun International has returned to the offshore loan market with a $300m dual-currency borrowing.

    • 13 Mar 2019
  • Yingde Gases returns for $300m borrowing

    China’s industrial gas supplier Yingde Gases Group has launched a $300m borrowing into general syndication.

    • 13 Mar 2019
  • Battle over Taxonomy in Euro Parliament as conservatives fight back

    Conservative and liberal members of the European Parliament have voted down an ambitious draft of the bill to set up the EU’s Taxonomy of Sustainable Economic Activities, in favour of a weaker text with fewer safeguards for the environment and society.

    • 12 Mar 2019
  • Platinum Equity seeks $165m to take PCI private

    Private equity firm Platinum Equity is about to close the senior syndication for a $165m borrowing to support its acquisition of Singapore’s PCI.

    • 12 Mar 2019
  • Tesla taps dollars, renminbi for Shanghai factory

    Tesla has raised the equivalent of $521m from the loan market, helping fund its Shanghai factory.

    • 11 Mar 2019
  • MPM Finance returns for $200m dual-currency loan

    Indonesia's Mitra Pinasthika Mustika Finance has returned to the international loan market, seeking a dual-currency $200m borrowing.

    • 08 Mar 2019
  • Dongying closes loan worth more than double target

    China’s Dongying Fangyuan Nonferrous Metals and Dongying Lufang Metals Material received strong demand during syndication. They have now closed their joint borrowing, raising $430m.

    • 08 Mar 2019
  • Johnson Controls jumpstarts leveraged finance mart

    The $10.2bn debt package backing the buyout of Johnson Controls’ Power Solutions unit by Brookfield and CDPQ will set the tone for leveraged capital markets in the first half of 2019. But despite high hopes for more investor-friendly deal terms after successful buy-side resistance on last week’s loans, the Power Solutions covenants package sees the pendulum swing back again, writes Owen Sanderson.

    • 07 Mar 2019
  • Ceva Santé Animale preps refi and dividend loan

    Ceva Santé Animale, a French company which develops vaccines and pharmaceuticals for animals, is preparing to raise a €2.15bn loan package to refinance and to pay a dividend.

    • 07 Mar 2019
  • Banks line up for Nestlé Skin Health auction

    Investment banks are lining up to back the bidders in the Nestlé skincare unit auction, underwriting a package of acquisition debt that could hit the market in two to three months’ time, according to a leveraged finance syndicate banker.

    • 06 Mar 2019
  • Corporate bonds on fire as mandos, hybrids, seniors fly

    Europe’s corporate bond market is on classic form, swallowing six-tranche monster deals, hybrid issues paired with senior and other juicy trades day after day. Vodafone’s £3.4bn mandatorily convertible bond grabbed the attention on Tuesday with coupons that looked astonishingly low for sub debt, but behind it all is a rally caused by, of all things, economic uncertainty.

    • 06 Mar 2019
  • Yongda debuts with $250m offshore borrowing

    China car dealership company China Yongda Automobiles Services Holdings has tapped the offshore market for first time, raising $250m after it sealed a Rmb800m ($123m) debut syndicated loan onshore last year.

    • 06 Mar 2019
  • InterGlobe debuts with $100m loan

    India’s InterGlobe Technologies (IGT) is tapping the international loan market for a debut $100m five year borrowing.

    • 05 Mar 2019
  • Johnson Controls LBO debt launched

    With market conditions strong last week, leads on the most hotly anticipated leveraged financing of the year decided to press ahead and launch. The $10.5bn debt package backing Brookfield’s buyout of Johnson Controls’ Power Solutions business will hit all the major pockets of demand, with term loans in dollars and euros, senior secured bonds in dollars and euros, and unsecured notes as well.

    • 04 Mar 2019