Leveraged Loans - All Articles

  • Judgement day for Rallye/Casino

    Buyers of credit default swap protection on bonds issued by Rallye, the holding company of French supermarket chain Casino, will find out on Friday how their positions might be settled, reports Owen Sanderson.

    • 30 May 2019
  • Bayport issues pioneering microfinance Social Bond

    Bayport, the Mauritius-based microfinance company, issued the first African ESG bond outside the supranational sector, printing a $260m three year at 11.5% on Wednesday, and obtaining a social bond second opinion from Sustainalytics, at the suggestion of arranger DNB Markets.

    • 30 May 2019
  • Levfin gets ethical with Bayport, MasMovil

    Sub-investment grade markets are starting to follow high grade in using ESG structures, with a high yield issue from microfinance firm Bayport and a leveraged loan from Spanish telco MasMovil set to show whether the changes will help issuers cut financing costs.

    • 28 May 2019
  • Win Semiconductors subsidiary eyes $200m for pig farm business

    Chainwin Animal Technology, a subsidiary of Taiwan’s Win Semiconductors, is looking to raise up to $200m in the offshore loan market.

    • 28 May 2019
  • M&M Finance seeks debut $175m facility

    India’s Mahindra & Mahindra Financial Services has launched its first offshore loan through three banks.

    • 24 May 2019
  • Tata Motors Finance eyes debut $60m borrowing

    Tata Motors Finance, a subsidiary of India’s Tata Motors, is tapping the offshore market for the first time as it looks to close on a $60m facility.

    • 24 May 2019
  • People news in brief

    JP Morgan picks levfin top brass — Ex-Barclays boss turns up at Wells Fargo — Fixed income portfolio manager leaves Mirova.

    • 23 May 2019
  • Fed chair plays down fear of corp debt bust despite near-record high

    Business debt has reached near record levels that should give businesses and investors reason to “pause and reflect”, warned Jerome Powell, chair of the US Federal Reserve, this week.

    • 23 May 2019
  • BNP Paribas gives top M&A job to Villard

    BNP Paribas has appointed Bruno Villard as head of M&A for Europe, the Middle East and Africa.

    • 23 May 2019
  • JP Morgan names new EMEA levfin leaders

    JP Morgan has named a new leadership team for its EMEA leveraged finance operations, following the retirement of Kristian Orssten, a 25 year veteran of the firm.

    • 22 May 2019
  • BofA’s top-three goal relies on intensity

    Bank of America is covering more clients than ever in a quest to overhaul its rivals at the summit of the league table rankings, spelling further bad news for European banks, writes David Rothnie.

    • 22 May 2019
  • Green tranches outdo conventionals in corporate bonds

    The corporate bond market took on a distinct green tinge this week - something that is becoming more and more common. Green bonds are reaching an ever wider spread of issuers - though not yet oil group Total, out on Wednesday with a euro and sterling three-trancher, nor defence group Thales, which issued on Tuesday.

    • 22 May 2019
  • Majestic Wine confirms potential store sale

    Majestic Wine, the UK retailer, wants to sell its shops, and is in talks with several interested parties, it said on Tuesday.

    • 21 May 2019
  • Indonesia’s AFI seeks $50m offshore borrowing

    Andalan Finance Indonesia, an auto finance company, is in the offshore loan market seeking a $50m deal.

    • 21 May 2019
  • Pigasse made global banking head at Lazard

    Matthieu Pigasse has been appointed as global head of banking and deputy CEO of financial advisory at Lazard.

    • 20 May 2019
  • Barclays and Deutsche begin Evonik buyout syndication

    Barclays and Deutsche Bank have started syndicating the debt backing Advent’s buyout of Evonik’s methacrylates business, a deal which almost escaped the market earlier this year when GSO offered to provide the whole package.

    • 20 May 2019
  • Morgan Stanley buys stake in Tikehau Capital

    Tikehau Capital, the French alternative investment manager, has raised €300m after a private capital raising led by Morgan Stanley.

    • 20 May 2019
  • AAA Oils seeks A&E for part of $800m loan

    AAA Oils and Fats (AAAOF), a trading subsidiary of palm oil processor and distributor Apical Group, is seeking to amend and extend the revolving credit facility tranche of a $800m borrowing from 2017.

    • 17 May 2019
  • Thomas Cook bonds collapse on new senior loan, huge writedown

    Thomas Cook bonds traded down more than 12 points on Thursday in heavy volume, as the UK holidays group announced a new first-ranking loan for the winter season, a big goodwill writedown that took its pre-tax loss to £1.4bn, and a big drawdown on its revolving credit facility.

    • 16 May 2019
  • Nestlé Skin Health LBO blockbuster steps closer as EQT wins race

    A consortium led by EQT Partners has won the auction of Nestlé Skin Health for Sfr10.2bn ($10.1bn), paving the way for what is likely to be the year’s largest leveraged buyout in Europe, and the third largest since the financial crisis, after AkzoNobel Specialty Chemicals and Refinitiv last year.

    • 16 May 2019
  • Berry moulds all-dollar bond for RPC buy

    Berry Global, the US plastic packaging maker, will raise bonds to finance its purchase of UK plastics maker RPC Group, it said on Wednesday. The debt raising will feature $3bn of senior secured notes in two tranches. This marks the end of leveraged finance bankers' hopes that the auction of RPC would deliver substantial new money supply to the European market.

    • 16 May 2019
  • DAE flies in with $300m revolver

    Dubai Aerospace Enterprise has made a quick offshore loan comeback, aiming to raise $300m.

    • 16 May 2019
  • Prasac to return to offshore market for $130m

    Cambodia’s Prasac Microfinance Institution is in talks with two banks for its offshore loan comeback.

    • 16 May 2019
  • Knot happening: Scout24 deal shelved

    A rallying equity market has tripped up the joint tender offer Blackstone and Hellman & Friedman made for German internet company Scout24, leaving leveraged finance bankers and investors mourning the loss of one of the few sizeable new money deals set to hit the market this year.

    • 15 May 2019
  • Transocean digs into more revolver liquidity

    Switzerland’s Transocean has amended its bank revolving credit facility to increase the size to $1.36bn, with the fallen angel offshore contract drilling services provider keeping an additional $140m in the wings on the undrawn facility.

    • 15 May 2019
  • Pemberton moves into Scandinavia

    Asset manager Pemberton has opened an office in Denmark to expand its European business.

    • 15 May 2019
  • Investment grade back on track but levfin feels bumps from Trump

    The looming US-China trade war is stalking European corporate credit markets, though it has not yet made a full-on assault on confidence. Investment grade bond players blamed a quiet start to the week on it, and it seems now to be finally being noticed in high yield land, where opportunistic issues have dried up.

    • 15 May 2019
  • Lenders meet to fund Euroports buyout

    Lenders were meeting on Tuesday ahead of a loan to fund the purchase of Euroports, which operates shipping terminals in Antwerp, Ghent, and Rostock, by a consortium including two Belgian sovereign wealth funds.

    • 14 May 2019
  • SEQI increases revolver, eyes equity sale

    UK fund Sequoia Economic Infrastructure Fund (SEQI) has bumped up its revolving credit facility to £200m, with the infrastructure debt financier considering an equity issue as it builds up a war chest for planned investments.

    • 14 May 2019
  • Loans, bonds and the line between them

    Thanks to a lawsuit in the US, the question of whether leveraged loans are securities or not appears to be on the table. The challenge points to a gap in the regulation of modern capital markets that needs filling in.

    • 14 May 2019
  • Kames hires head of high yield

    Kames Capital has appointed Thomas Hanson as head of high yield fixed income and Eleanor Price as a high yield analyst.

    • 13 May 2019
  • ‘Fleabag’ production company preps refi

    All3Media, a subsidiary of Liberty Global and Discovery, which makes TV shows including ‘Fleabag’, ‘Call the Midwife’ and ‘Peep Show’, is in the market with a term loan B to refinance debt.

    • 13 May 2019
  • High times in high yield

    A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.

    • 10 May 2019
  • People moves in brief — May 9, 2019

    Schlesinger leaves Santander – New responsibilities for Ross – Soc Gen shuffles markets top brass

    • 09 May 2019
  • Fallen angel K+S refis loan early for €960m as it foresees halving debt

    K+S, the potash and salt producer, has refinanced its revolving credit facility a year early, to lock in favourable borrowing terms at it seeks to move back to positive free cashflow for the first time for more than five years.

    • 09 May 2019
  • Zhongding cuts price for €200m refi

    China’s industrial and automotive parts manufacturer Zhongding Group has cut the price for its €200m loan refinancing.

    • 08 May 2019
  • Shimao returns for second offshore loan in a year

    China’s Shimao Property Holdings has returned to the offshore loan market for a new borrowing, with a size of between $700m and $1bn.

    • 07 May 2019
  • Suning makes quick loan comeback for $300m

    China’s Suning Financial Services, a subsidiary of home appliance company Suning Holding Group, is tapping the offshore loan market with a $300m borrowing.

    • 03 May 2019
  • Markets cheer as UK raises hopes of net zero carbon

    The UK’s so far quixotic response to climate change stands a good chance of becoming more serious and organised, after the government welcomed a bold policy report calling for net zero carbon emissions by 2050.

    • 02 May 2019
  • Bankers expect bond for DOC Generici buyout

    ICG’s purchase of Italian generic pharmaceuticals firm DOC Generici is likely to be financed with high yield bonds, according to bankers, once the deal receives regulatory approval. The deal is said to be worth around €1.2bn in total, though ICG has declined to comment at all on the financing structure.

    • 02 May 2019
  • Investment banks can handle levloan downturn, says Moody’s

    Global investment banks should be able to withstand stress in the leveraged finance market, according to a Moody’s report published on Tuesday, thanks to lower pipeline limits and smaller deal sizes than pre-crisis. This was borne out during the fourth quarter of last year, when few banks were caught offside despite a slump in loan prices.

    • 02 May 2019
  • Credit Suisse hires Mathieson from NatWest

    Thomas Mathieson has joined Credit Suisse from NatWest Markets, to head up special situations and loan trading.

    • 02 May 2019
  • Poland's Allegro to raise €470m as local bank gets top spot

    Allegro, the Polish e-commerce platform, is raising Z2bn (€470m) in a dividend recapitalisation, according to bankers. The deal, one of the biggest CEE loans in this year’s pipeline, is being led by three local and international lenders, although some market participants said the Polish banks would be capable of providing all the money.

    • 02 May 2019
  • Deutsche holds firm despite Whitbread broking loss

    For all its woes, Deutsche Bank’s corporate finance business has much to play for in EMEA, writes David Rothnie.

    • 02 May 2019
  • Indonesian auto finance firms back for loans

    Two Indonesian auto finance companies, Indomobil Finance Indonesia and Chandra Sakti Utama Leasing (CSUL), have returned to the offshore loan market.

    • 02 May 2019
  • Yingde Gases closes $300m borrowing

    China’s Yingde Gases Group has received a strong response in the loan market for its $300m three year facility.

    • 02 May 2019
  • Galapagos delays results as it negotiates recapitalisation

    Galapagos Holding, the maker of heat exchangers owned by Triton Partners, has this week postponed the release of its audited results for last year, as it digs in for discussions with creditors about a recapitalisation.

    • 01 May 2019
  • Pemberton closes €1bn private debt fund with 13% return target

    Asset manager Pemberton has closed a private debt fund called Strategic Credit Opportunities Strategy (SCOS) at €1bn, with a target of 13% gross returns for its limited partners, in euros.

    • 01 May 2019
  • Morgan Stanley rehires Colocci as M&A chairman

    Michele Colocci has left JP Morgan and will rejoin Morgan Stanley as chairman of M&A.

    • 01 May 2019