Leveraged Loans - All Articles

  • Lego billionaires join forces with Blackstone to take Merlin private

    Danish investment firm Kirkbi is teaming up with Blackstone and Canadian pension fund CPPIB to acquire Merlin Entertainments at an enterprise value of £5.9bn.

    • 28 Jun 2019
  • Jefferies’ M&A team raid pay off with top billing on BCA buyout

    The board of BCA Marketplace, a UK secondhand car dealer, announced on Wednesday that it would recommend a £1.9bn offer from TDR Capital to take the company private. The deal marks a coup for Jefferies, which is lead financial adviser to BCA, a role it won following the hire of a UK M&A team from HSBC last year led by Philip Noblet.

    • 27 Jun 2019
  • Hexion leans on dollar buyers as it exits Chapter 11

    Hexion, an Ohio-based speciality chemicals company, has raised $1.65bn in financing across loans and bonds, giving it a new capital structure and allowing it to repay its debtor-in-possession loan as it emerges from Chapter 11 protection. Dollar investors proved stronger supporters than euro buyers for the firm, as it cut down the planned euro tranche.

    • 27 Jun 2019
  • Investors’ group Elfa splits from Afme

    Leveraged credit investor group the European Leveraged Finance Alliance, which started this year supported by the Association for Financial Markets in Europe, has parted ways from the larger organisation, following a six month trial period.

    • 26 Jun 2019
  • TDR aims to take WeBuyAnyCar private

    The board of BCA Marketplace, a UK second hand car trading website, announced on Wednesday that it would recommend a £1.9bn offer from TDR Capital to take the company private. BCA owns the WeBuyAnyCar.com website.

    • 26 Jun 2019
  • Shangshi seeks $190m through Deutsche

    Shanghai Shangshi (Group), part of Chinese state-owned Shanghai Industrial Investment Holdings, is tapping the offshore loan market for $190m.

    • 26 Jun 2019
  • Regulators put manufactured CDS events in crosshairs

    The US Commodity Futures Trading Commission and the UK’s Financial Conduct Authority have added regulatory pressure to the credit default swap market, pledging to clamp down on manufactured credit events.

    • 25 Jun 2019
  • Leveraged finance is ESG's final frontier

    While the cult of the environmental, social and governance-linked (ESG) bond has gone from strength to strength in investment grade markets, with dedicated bond funds, attempts to build risk-free green curves and more than $100bn of issuance per year, the leveraged finance market — in loan and bond form alike — has been a laggard. But it’s where the rubber (from sustainable sources) really needs to meet the road.

    • 25 Jun 2019
  • Crédit Agricole CIB joins levfin and HY businesses

    Crédit Agricole CIB has reorganised its leveraged credit business, bringing leveraged loan and high yield bond syndicate and sales together, while also combining LBO, telecoms, and high yield bond origination.

    • 24 Jun 2019
  • Malakoff woos banks to A$140m refi

    Malaysia’s utilities and infrastructure company Malakoff Corp has launched a A$140m ($96.8m) refinancing loan into general syndication.

    • 21 Jun 2019
  • Country Garden makes quick comeback for $1bn

    Chinese real estate developer Country Garden has returned to the loan market, seeking $1bn from a deal helmed by six banks.

    • 21 Jun 2019
  • Vue: the sub debt sequel delivers

    Vue International’s revamped refinancing let the credits roll in, delivering a far better performance than the original showing last year, thanks to part-owner Omers injecting £165m of subordinated debt, strong market conditions, and a successful six months for the cinema chain.

    • 20 Jun 2019
  • PGS pulls refi citing ‘weaker investor sentiment’

    Norwegian oilfield services firm Petroleum Geo Services has pulled its planned refinancing, citing "increased volatility in the capital markets" and "weaker investor sentiment towards oil field service".

    • 20 Jun 2019
  • Tata Capital joins NBFC queue for loans

    Tata Capital Housing Finance has joined a growing number of India’s non-banking financial companies (NBFCs) tapping the offshore loan market to take advantage of cheaper funding.

    • 20 Jun 2019
  • Banks begin marketing Elior Concessions buyout debt

    Marketing is under way for what will be one of the year’s chunkier buyout packages in Europe, preparing the acquisition debt for PAI Partners’ purchase of Elior Concessions.

    • 19 Jun 2019
  • GlobalCapital launches Sustainable Financing and Investing Survey

    GlobalCapital is conducting a global research survey on the fast-changing markets for sustainable financing and investing. It will combine the views of issuers and investors to give a nuanced picture of how this trend is changing capital markets for both groups.

    • 19 Jun 2019
  • Nokia dials in ESG-linked loan

    Crossover credit Nokia is the latest borrower to switch its bank debt to a sustainability-linked margin, with the Finnish phone company also lengthening the tenor of its revolving credit lines.

    • 19 Jun 2019
  • Markets welcome EU Sustainable Finance announcements

    Four major announcements have been made today by the European Commission and its Technical Expert Group, which is drafting the substance of several parts of its multi-faceted Sustainable Finance Action Plan. There were new texts on the Taxonomy, Green Bond Standard and Low Carbon Benchmarks regulations as well as guidelines for companies on how to report climate change-related information. Many market participants welcomed them.

    • 18 Jun 2019
  • Leads tighten Vue docs and pricing

    Vue International’s revamped refinancing has tightened doc terms and pricing at the same time, ahead of commitments later on Tuesday, making it harder for part-owner Omers to take money out through its sub-debt —while also narrowing the OID and testing tighter pricing. The issuer may also include a sterling carve-out.

    • 18 Jun 2019
  • Investor group ELFA preps covenant questionnaire

    The European Leveraged Finance Alliance has prepared a questionnaire on deal covenants, to help investors grill arrangers and issuers at roadshow meetings, circulating the standard question list to the market’s big investment banks, as well as to its investor members.

    • 18 Jun 2019
  • Marina Bay Sands seeks S$4bn in new money

    Singapore’s Marina Bay Sands is seeking a total of S$4bn ($2.9bn) from the loan market, while also planning to extend its 2012 borrowing.

    • 18 Jun 2019
  • Companies find new ways to link up with alternative lenders

    PARIS PRIVATE DEBT ROUNDTABLE European private debt markets are developing fast and diversifying — although many market participants would rather they became standardised. The Euro Private Placement market, founded in France, has not blossomed into a rival to the US PP. Many French issuers now travel to Germany’s larger Schuldschein market.

    • 17 Jun 2019
  • City of London sparks PP interest in UK councils

    The City of London Corporation, via its endowment fund the City’s Cash, is set to enter the US private placement market for the first time. While UK councils are still a rare sight in the US PP market, agents believe they may be a fruitful asset class for the future. Silas Brown reports.

    • 17 Jun 2019
  • US PP buyers stay strong on UK as SSD goes international

    LONDON PRIVATE DEBT ROUNDTABLE The UK’s private debt market is one of the most vibrant in Europe. London is the most active centre in Europe for US private placement investing, and UK borrowers have longstanding links with that market.

    • 17 Jun 2019
  • US PP market swells amid Brexit uncertainty

    The US private placement market has carved itself quite a following among borrowers in the UK and Europe, with its enticing offer of long dated debt at tight margins. But since Britain voted to leave the European Union, agents are playing on another of the market’s strengths — its resilience to external shocks. Silas Brown investigates.

    • 17 Jun 2019
  • Euro PP: not dead, but in hiding

    The Euro private placement as an organised, visible, investment grade-like market has disappointed its founders. But despite unfavourable monetary policy, institutional corporate lending has taken hold. As Jon Hay discovers, the deals are there — but well camouflaged.

    • 17 Jun 2019
  • Schuldschein expands eastward in a digital age

    VIENNA PRIVATE DEBT ROUNDTABLE The Schuldschein market is widening its circle of issuers and investors. It is now a natural choice for Austrian companies wanting to complement bank funding, but not necessarily big enough to issue public bonds.

    • 17 Jun 2019
  • Schuldschein sizes up digital crowd as 11 compete for crown

    The Schuldschein market has become a hotbed of technological innovation over the past 12 months, with as many as 11 digital platforms cropping up, claiming to have solutions to the instrument’s age-old, if slightly charming, inefficiencies. Silas Brown looks into the secrets to a digital platform’s success.

    • 17 Jun 2019
  • Private debt: a Goldilocks moment

    Europe’s private debt markets are progressing admirably. More and more companies are issuing, or at least aware of the possibility — and they have a varied choice of markets. Players in the Schuldschein and US PP markets are confident and looking ahead to new opportunities, as the products grow in geographical reach, asset class and technique. As Jon Hay reports, there’s just one snag — the credit cycle is nearing its end.

    • 17 Jun 2019
  • New frontiers: the Schuldschein ventures beyond home borders

    Flushed with years of popularity in Germany and its neighbouring countries, Schuldschein arrangers have begun to look across the globe for new borrowers to tempt to the market. This year has brought the first transaction from India, and many say Reliance Industries’ success may spur more non-European entities to target the Schuldschein investors. Silas Brown reports.

    • 17 Jun 2019
  • Schuldschein eyes Italy and Iberia as green shoots appear

    FRANKFURT PRIVATE DEBT ROUNDTABLE The Schuldschein market has kept up its momentum across Europe and elsewhere, but two regions have been curiously quiet. Iberia and Italy have implied investment grade borrowers well suited to the market, yet only a few have been tempted to use it. Are there barriers to entry and how can they be overcome?

    • 17 Jun 2019
  • BNP Paribas to lead buyout debt for Drahi’s purchase of Sotheby’s

    Patrick Drahi’s BidFair USA vehicle has agreed to take auction house Sotheby’s private for $3.7bn, a premium of 61% to Sotheby’s closing share price on Friday. BNP Paribas has provided committed debt financing for the all-cash deal, with Morgan Stanley joining as financial advisor.

    • 17 Jun 2019
  • Citi preps refinancing for Befesa after Triton’s exit

    Citigroup is in the market with a refinancing of metals waste management company Befesa, following Triton Partners’ exit from the 18.6% stake it held in the company earlier this month through a block trade. The company is raising a €526m loan to refinance its existing 2022 loan of the same amount.

    • 17 Jun 2019
  • Rodenstock wins loan support after business turnaround

    Germany’s Rodenstock has agreed €415m of bank debt, as the eyeglasses company’s financial metrics show sharp improvement following a recent strategic restructuring.

    • 17 Jun 2019
  • Dynapack unveils S$250m debut loan

    Packing company Dynapack Asia is tapping the loan market for the first time, seeking a S$250m ($182m) borrowing.

    • 17 Jun 2019
  • Tata Capital launches $75m debut loan

    Tata Capital Housing Finance has launched a $75m debut borrowing into the market, as another subsidiary of the Tata Group also seeks a separate maiden facility.

    • 17 Jun 2019
  • Wiserfunding’s SME ratings have potential CLO use

    Edward Altman, creator of the Z-score metric predicting corporate bankruptcies, has co-founded a new company that automates credit scores for small and medium sized firms. That could help provide ratings for the SME CLO market.

    • 12 Jun 2019
  • Czornik returns to JP Morgan as Germany M&A head

    JP Morgan has hired Patrik Czornik to lead its M&A team for Germany. Czornik used to work for the bank in the past but then joined Goldman Sachs.

    • 12 Jun 2019
  • Formosa boosts Vietnam, China unit borrowings

    Two subsidiaries of Taiwan’s Formosa Plastics Corp have closed their offshore borrowings at bigger sizes.

    • 12 Jun 2019
  • Houlihan hires Collinson for consumer products

    Michael Collinson has joined Houlihan Lokey as a managing director to lead its consumer products efforts in Europe. He comes from William Blair.

    • 11 Jun 2019
  • Inalfa taps Asian lenders for €200m

    Inalfa Roof Systems Group, a Netherlands-based car roof system supplier owned by Beijing Hainachuan Automotive Parts, is tapping Asian liquidity for a €200m loan.

    • 11 Jun 2019
  • UBS hires ex-Altice strategist in French push

    UBS has hired Régis Turrini as head of France for corporate client solutions.

    • 07 Jun 2019
  • Secured, unsecured split on Galapagos restructuring plan

    Galapagos, the German heat exchanger manufacturer, unveiled a restructuring plan on Friday afternoon that it said was backed by all the lenders in its revolver and more than 79% of the senior secured notes. Unsecured creditors, represented by Gleacher Shacklock, now have to decide whether to back the plan — which offers them little cash, but a chance of equity upside.

    • 07 Jun 2019
  • Barclays levfin syndicate MD leaving industry

    A managing director from Barclays' leveraged finance syndicate desk is leaving the bank.

    • 07 Jun 2019
  • Trevor Neilson radioed in for MUFG’s TMT coverage

    Mitsubishi UFJ Financial Group has appointed a banker from Santander to lead its sector coverage for the technology, media and telecommunications (TMT) industries in Europe, the Middle East and Africa.

    • 07 Jun 2019
  • Banks cut pricing as Evonik syndication stumbles

    The buyout loan backing Advent’s acquisition of Evonik’s methacrylates business has struggled in the first round of syndication, with leads increasing the OID and targeting the wide end of guidance.

    • 06 Jun 2019
  • Vue dusts off refi as Omers adds sub debt

    Cinema company Vue International has relaunched the refinancing of its capital structure that was mooted last year. It wants to clear out sterling and euros high yield bonds and replace them with euro loans.

    • 05 Jun 2019
  • BofA’s Tannenbaum to oversee levfin

    Bank of America has handed Jeff Tannenbaum oversight of leveraged finance for Europe, the Middle East and Africa.

    • 05 Jun 2019
  • FinnCap takes debt advisory bankers

    UK broker finnCap Group has hired Graham Cooke and Krishan Raval from Royal Bank of Scotland and Livingstone Partners respectively.

    • 05 Jun 2019
  • JPM aims to build tech offering by doubling leadership

    JP Morgan has appointed Xavier Bindel as co-head of technology investment banking for Europe, the Middle East and Africa, as it seeks to improve its capabilities in a brisk area of business.

    • 03 Jun 2019
  • Bayer spinout ought to boost skinny levloan supply

    Bayer’s sale of its animal health unit ought to help a leveraged loan market where supply is still running short of last year’s total — and help loan investors compensate for M&A deals that have dropped out of this year’s pipeline.

    • 03 Jun 2019
  • Soc Gen moves Perreault to France M&A head

    Société Générale has hired a new head of M&A for France, replacing Alexandre Courbon. Two bankers have also been appointed to lead the diversified industries sector.

    • 03 Jun 2019
  • PV Gas launches $250m into general, attracting one at top level

    PetroVietnam Gas has launched a $250m loan in general syndication, attracting one bank during senior.

    • 03 Jun 2019
  • Aboitiz Power eyes $300m for AC Energy acquisition

    The Philippines’ Aboitiz Power Corp has launched into general syndication its $300m loan to back its acquisition of AC Energy.

    • 03 Jun 2019