Leveraged Loans - All Articles

  • Virgin Media launches $3.4bn refi after Salt secures better bond price

    Virgin Media launched a refinancing of its $3.4bn senior secured term loan B, with a combined offering across sterling bonds, and euro and dollar loans. The move comes two weeks after Swiss telco Salt proved that bonds could price meaningfully tighter than leveraged loans for the right issuer, and Virgin also saw a strong result.

    • 30 Sep 2019
  • Nuclear and governance to be pressure points in Taxonomy trilogue

    National governments of the European Union have reached agreement on the law that will implement the Taxonomy of Sustainable Economic Activities, even though Germany, Austria, Luxembourg and Greece are unhappy that nuclear power has not been specifically excluded. There could be fights over that issue when the Parliament and Commission negotiate with the Council in a 'trilogue'.

    • 25 Sep 2019
  • Cambodia’s Prasac boosts loan to $180m

    Cambodia’s Prasac Microfinance Institution has closed its syndicated loan at a larger size of $180m.

    • 25 Sep 2019
  • The path to zero carbon: fast will mean firm

    Investors and banks are pledging right, left and centre to fight climate change. Good for them — but the economy must get to carbon neutrality as soon as possible. This cannot be done until banks and funds refuse to fund more fossil fuels.

    • 24 Sep 2019
  • EQT soars on debut after ‘targeted’ IPO allocation

    Shares in EQT, the Swedish private equity firm, popped 25% on day one after its IPO was priced on the Nasdaq Stockholm on Tuesday — after what sources called a “targeted” IPO process.

    • 24 Sep 2019
  • Natixis leads way with green/brown capital tilt

    Natixis has become the first bank to introduce a green weighting factor to its internal capital model, so that the way it prices loans is skewed to favour environmentally sound assets and disadvantage polluting ones. The ground-breaking move brings to fruition an 18 month project and anticipates what some believe may one day be demanded by regulators.

    • 24 Sep 2019
  • Ronshine picks banks for $104m loan

    Ronshine China Holdings, a Hong Kong-listed company, has teamed up with a syndicate of banks for a HK$815.5m ($104m) three year loan.

    • 24 Sep 2019
  • SMBC fortifies structured finance desk

    SMBC has made two additions to its London desk for syndication origination in structured finance.

    • 20 Sep 2019
  • Euribor floors drive arb as Permira launches CLO equity fund

    Permira Debt Managers has launched its fifth ‘Sigma’ structured credit fund, looking to buy CLO equity. Senior tranches in CLO vehicles have sharply tightened against Euribor as European rates have plunged deeply negative, but Euribor floors worth up to 50bp are increasingly determining the economics of the CLO business.

    • 19 Sep 2019
  • UK govt threatens to ground £4bn Cobham buyout

    The £4bn take-private of UK aerospace and defence company Cobham by US private equity firm Advent, backed by a £2.5bn debt package, was threatened this week when business secretary Andrea Leadsom ordered an investigation into the deal just after 93% of the shareholders voted to accept the deal.

    • 18 Sep 2019
  • Lai Sun Development bags HK$3.6bn green loan

    Lai Sun Development, a Hong Kong-listed property developer and investor, has sealed a hugely popular HK$3.6bn ($460m) four year green loan to finance the Hong Kong Ocean Park Marriott Hotel.

    • 18 Sep 2019
  • Wolong closes €150m loan with 14 lenders

    China’s Wolong Electric Group has closed its €150m debut offshore borrowing with 14 lenders.

    • 18 Sep 2019
  • GoerTek makes comeback for $300m refinancing

    Chinese acoustic components maker GoerTek is making a comeback to the loan market after a two-year break, seeking $300m for refinancing.

    • 16 Sep 2019
  • JA Solar beams $100m borrowing

    China’s JA Solar Holdings, which was taken private last year, has returned to the offshore loan market, inviting banks to join a $100m facility.

    • 16 Sep 2019
  • Despite reform efforts, foreign capital still needed in Myanmar

    Myanmar has made a raft of regulatory changes to attract foreign investment, removing ownership limits and cutting red tape. But senior figures in the country admit that poor infrastructure is a major problem — and the solution requires private capital. Morgan Davis reports.

    • 12 Sep 2019
  • Deutsche promotes Lewellen to run IG DCM, Buvat to run levfin

    Deutsche Bank has announced a round of senior appointments in its primary debt businesses, naming Hoby Buvat head of EMEA leveraged finance origination and Mark Lewellen head of EMEA debt capital markets origination.

    • 11 Sep 2019
  • Samson builds $120m club loan for Vietnam factory

    Furniture maker Samson Holding has closed a $120m club loan with three banks to support the construction of a new factory in Vietnam

    • 11 Sep 2019
  • Suning.com eyes $500m for Carrefour China acquisition

    Chinese home appliance retailer Suning.com is seeking a $500m term loan to support its acquisition of French supermarket company Carrefour’s mainland China business. Although there are doubts about Carrefour’s future operations, bankers are still keen to maintain a relationship with the borrower.

    • 10 Sep 2019
  • Paper company Youyuan defaults on HK$2.6bn of debt

    China’s Youyuan International Holdings, a wrapping tissue paper maker, has defaulted on a total of HK$2.6bn ($332m) of debt, including a $135m loan sealed in April.

    • 06 Sep 2019
  • UK levfin faces obstruction as Brexit chaos reigns

    Leveraged finance bankers say they have a substantial deal pipeline in sterling to execute this autumn, while the UK's fall into political chaos threatens market volatility. Sub-investment grade buyers are likely to be offered buyout debt for Ei Group, Merlin and BCA Marketplace, among a flood of business totalling at least £15bn ($18.5bn), writes Owen Sanderson.

    • 05 Sep 2019
  • People moves in brief: September 5, 2019

    Moelis hires JPM Dutch chief, JPM finds replacement — Nachmann replaces retiring Chavez at Goldman — PRI founding exec moves from UBS to Credit Suisse

    • 05 Sep 2019
  • JPM finds new Dutch head as Kerckhoffs goes to Moelis

    Peter Kerckhoffs will join Moelis & Company in December to advise clients in the Netherlands and across Europe. JP Morgan has replaced him as senior country officer for that country with Cassander Verwey.

    • 05 Sep 2019
  • Xtep, Suning close Hong Kong dollar loans

    China’s Xtep International Holdings and Suning Financial Services have closed their respective offshore borrowings.

    • 05 Sep 2019
  • Shenzhen Jiangtong debuts $100m deal with StanChart

    Shenzhen Jiangtong Leasing Financial, a subsidiary of Jiangxi Copper Corp, is tapping the loan market for the first time for a $100m borrowing.

    • 05 Sep 2019
  • Tata AutoComp returns for acquisition loan refi

    Tata AutoComp Systems, an Indian company that provides automotive components, has returned to the loan market for a dual-currency deal to refinance its acquisition borrowing from 2017.

    • 04 Sep 2019
  • ING and RiverRock strike deal for loan investments

    ING and RiverRock have struck a deal to give the asset manager access to ING’s pipeline of senior loans, as part of the launch of RiverRock’s debut senior loan fund. The Dutch bank, unlike other commercial banks, committed to avoid cherry-picking its pipeline, and to show RiverRock everything that was eligible for the fund.

    • 03 Sep 2019
  • JPM hires Dawson for levfin

    JP Morgan has hired Nomura’s Ryan Dawson as a managing director in its leveraged finance origination team, covering sponsors in EMEA and sponsors and corporates in the UK.

    • 03 Sep 2019
  • Greenhill hires ex-Lazard banker for Paris opening

    Amélie Négrier-Oyarzabal has joined Greenhill & Co as head of France, and will lead the opening of a Paris office.

    • 03 Sep 2019
  • Cairn takes Oceanwood CEO as new boss

    Cairn Capital has hired Nicolas Chalmers as its chief executive, marking the “next phase” in its development.

    • 03 Sep 2019
  • UK LBOs aren’t a Brexit bargain hunt

    Sterling has dropped to levels not seen since the 1980s, making UK assets seem cheap to international buyers. But that is unlikely to be the driver of the recent crop of UK M&A.

    • 03 Sep 2019
  • Leveraged loan terms have never been better

    A slump in syndicated loan activity in Asia has put pressure on banks to offer juicy terms to borrowers seeking leveraged deals, including lower pricing and weaker structures. But the dearth of issuance won’t last long, leaving just a short window for borrowers to take advantage of.

    • 03 Sep 2019
  • Xtep wraps up HK$1.8bn refinancing loan

    Chinese sportswear manufacturer Xtep International Holdings has closed its refinancing loan at HK$1.8bn ($229.5m) with nine banks.

    • 03 Sep 2019
  • EQT readies to test uncertain IPO market

    Swedish private equity firm EQT confirmed on Monday that it is seeking to list on the Nasdaq Stockholm, becoming the second issuer to announce it aims to test Europe’s IPO market this autumn.

    • 02 Sep 2019
  • Suning closes HK$1.6bn borrowing

    China’s Suning Financial Services, a subsidiary of home appliance retailer Suning Holdings Group, has closed a HK$1.63bn ($208m) three year loan.

    • 02 Sep 2019