Leveraged Loans - All Articles

  • Agile plans syndication for HK$3.2bn loan

    Agile Group Holdings, a Chinese property company, is planning to launch a HK$3.242bn ($418m) refinancing loan into general syndication in early July.

    • 30 Jun 2020
  • Country Garden readies $1.5bn refi

    Chinese property developer Country Garden is in the process of finalising the bookrunner group for a $1.5bn loan, with bankers already confident the deal will see strong interest from lenders.

    • 30 Jun 2020
  • Morgan Stanley hires senior CS banker for levfin origination

    Morgan Stanley has hired Alessandro Mazza as a managing director in its leveraged finance business in Europe.

    • 29 Jun 2020
  • Hasty UK insolvency law gives unequal rights to creditors

    The UK’s new insolvency law came into force on Friday, and lawyers have been spending the weekend picking through its 250 pages to understand the implications. While some have welcomed it, others pointed out that in its haste to push it through Parliament, the government has introduced several changes that skew the balance between various kinds of lenders which hitherto had been treated equally.

    • 29 Jun 2020
  • Eternal Materials mandates loan for Malaysia business

    Taipei-listed Eternal Materials Co has mandated Taipei Fubon Bank for a loan to support its business in Malaysia.

    • 29 Jun 2020
  • Carnival shores up rescue loan at last

    Carnival Corporation, the world's largest cruise line, finally secured a dual currency leveraged loan on Friday, following its bond sale in April. The deal is expected to provide a financial lifeline for the company, which has been hard hit by the economic effects of the coronavirus pandemic.

    • 26 Jun 2020
  • Fiat Chysler’s Italian arm gets €6.3bn state-backed loan

    The Italian arm of Fiat Chrysler Automobiles has signed a €6.3bn credit facility with backing from a state agency, months after the embattled car maker signed a multi-billion euro bridging facility.

    • 26 Jun 2020
  • Intu to enter administration as lender talks collapse

    Intu Properties, the UK shopping centre owner, is set for collapse as it looks to call in administrators following failed discussions with lenders around debt standstills. Some fear the effects could ripple across the struggling retail sector.

    • 26 Jun 2020
  • CNQC taps Hong Kong for club loan

    CNQC International Holdings, a real estate developer, is tapping the Hong Kong market for a $150m club loan

    • 26 Jun 2020
  • HSBC bags Deutsche’s Bagshaw

    Adam Bagshaw, up until now a senior figure at Deutsche Bank, is joining HSBC to co-lead advisory and investment banking coverage.

    • 24 Jun 2020
  • ‘What Wirecard put its critics through is heinous’: Fahmi Quadir, Safkhet Capital

    Fahmi Quadir, founder of short-only Safkhet Capital, tells GlobalCapital her hedge fund increased its short position in Wirecard as the crisis surrounding it unfolded. She said German regulator BaFin should have properly investigated the claims levelled at Wirecard years ago, and pointed to the problem of auditors developing long-term relationships with companies.

    • 24 Jun 2020
  • PV Gas signs $112m loan after lengthy registration

    PetroVietnam Gas Joint Stock Corp has finally signed an offshore loan that closed syndication last year, after delays over registration with the country’s central bank.

    • 24 Jun 2020
  • Keppel, Cleantech raise sustainable financing

    Singapore’s Keppel Infrastructure Trust and Cleantech Solar have raised S$700m ($502m) from a sustainability-linked loan and $75m from a green loan, respectively.

    • 24 Jun 2020
  • Taiwan’s banks look for ways to tackle Libor transition

    Taiwanese company Inventec has become a rare example of a company in Asia that has tweaked its loan structure to prepare for the discontinuation of Libor. Progress is still slow, but banks are slowly coming to grips with the big task ahead of them, as the market moves to a new lending benchmark. Pan Yue reports.

    • 24 Jun 2020
  • Indomobil changes tack, opens for syndication

    Indomobil Finance Indonesia has launched a $240m borrowing into general syndication, changing its approach to the fundraising after market sentiment improved.

    • 24 Jun 2020
  • It should not have been left to journalists and short sellers to expose Wirecard

    Healthy financial systems should not rely on short sellers and journalists to expose accounting scandals at large, publicly listed companies. Regulators and auditors should have been the heroes of the Wirecard story but their inability to see what others saw plainly paints them as the villains in this edition of German corporate noir.

    • 23 Jun 2020
  • Ardonagh raises largest ever unitranche in unique buyout package

    Irish insurer Ardonagh has refinanced its whole capital structure and funded the acquisitions of insurance brokers Arachas and Bravo with the largest ever unitranche loan from a group of direct lending funds, plus a $500m syndicated dollar PIK toggle note.

    • 23 Jun 2020
  • SMI’s $500m loan gets early support

    Banks have shown quick interest in a new $500m loan from Indonesia’s Sarana Multi Infrastruktur (SMI), which is wooing lenders with a short tenor deal.

    • 23 Jun 2020
  • Petron drills new club deal

    Philippine oil refining and marketing company Petron has approached its relationship banks for a new club loan, after acknowledging the impact of the Covid-19 pandemic,

    • 23 Jun 2020
  • Mu Sigma returns for $100m refi

    India’s Mu Sigma, a data analytics firm, has kicked off an up to $100m loan in general syndication, after receiving commitments from three banks ahead of launch.

    • 23 Jun 2020
  • China Steel, Ta Ya subsidiaries close loans

    Subsidiaries of China Steel Corp and Ta Ya Electric Wire & Cable have closed their respective dollar loans.

    • 23 Jun 2020
  • Wirecard lenders scrabble for unanimity as Moody’s withdraws ratings

    Bank lenders are trying to reach an agreement with scandal-rocked Wirecard to renew as much as €2bn of loans, after the beleaguered German payments company breached its terms on Friday when it failed to produce audited financial results. According to several sources familiar with the situation every lender needs to sign off on the new deal, otherwise Wirecard may have to pay the entire loan back.

    • 22 Jun 2020
  • ThyssenKrupp Elevator bridge finally breaks cover

    Banks sitting on the €8bn of bridge loans to finance Advent and Cinven’s takeover of ThyssenKrupp Elevator (TKE) have finally launched the first part of the deal into public syndication, with the announcement on Monday of a €3.05bn euro and dollar term loan 'B'.

    • 22 Jun 2020
  • Leveraged credit flowers with flood of new money supply

    After weeks of slim pickings in high yield and leveraged loan capital markets, Monday brought a flood of new issue announcements, with MasMovil’s take-private loan, a multi-currency loan from cruise company Carnival, AMS’s bridge for the takeover of Osram, an add-on for IFCO, and a high yield debut in the morning. But that was all hors d'oeuvres to the main course: the long-awaited ThyssenKrupp Elevator bridge in the afternoon.

    • 22 Jun 2020
  • Genertec returns for $600m refi

    Chinese company Genertec Universal Medical Group has launched a $600m dual-currency loan into syndication.

    • 22 Jun 2020
  • Inventec prepares for Libor transition, tweaks new loan structure

    Taiwan-based notebook computer maker Inventec has changed the structure for its loan return to prepare for the expected discontinuation of Libor at the end of next year.

    • 22 Jun 2020
  • People moves in brief

    Deutsche gives Toomey position as head of new group — Gimpel leaves Citi, has fintech idea — Moelis hires Whelchel for private capital team

    • 18 Jun 2020
  • Deutsche Bank creates ‘strategic capital markets’ group, Toomey to head

    Deutsche Bank has appointed Diarmuid Toomey head of its newly created strategic capital markets group, which will combine leveraged finance, structured equity and equity-linked products, according to a memo seen by GlobalCapital.

    • 18 Jun 2020
  • Canvest cans covenants for first six months of HK$2bn syndicated loan

    Canvest Environmental Protection Group Co, a Hong Kong-based waste-to-energy company, has returned to the loan market for a HK$1.97bn ($251.6m) unsecured deal. In an unusual move, the firm will postpone its covenant tests for the first six months. Pan Yue reports.

    • 18 Jun 2020
  • Moelis & Co hires Barclays’ Whelchel to lead private capital markets business

    Angus Whelchel, former global head of private capital markets at Barclays, has been hired by US boutique advisory group Moelis & Co to head its private capital markets team.

    • 17 Jun 2020
  • Big bond issuers pressed to disclose on climate, water and forests

    A third of the top 50 corporate bond issuers are among companies that investors have named and shamed for not disclosing adequately through the CDP reporting platform about the environmental risks they face as bondholders grow more engaged alongside shareholders in pushing for this information.

    • 16 Jun 2020
  • CP Group’s loan response will be hard to replicate

    The strong response from banks to Charoen Pokphand Group’s acquisition-related loan is not a true reflection of conditions in Asia’s syndications market — despite what some may say.

    • 16 Jun 2020
  • 58.com receives $3.5bn loan to back privatisation

    Chinese online marketplace 58.com has received a $3.5bn loan from Shanghai Pudong Development Bank to support its take-private.

    • 16 Jun 2020
  • Cineworld cancels Cineplex acquisition to lenders’ benefit

    Cineworld has withdrawn from its proposed acquisition of Canada’s Cineplex, which had been funded by a $1.9bn term loan syndicated in February. With lenders to the transaction sitting on a paper loss of around 30 points, the collapse of the agreement will prove a boon, but break fees, swap costs and litigation could chip away at the chain’s stretched cash resources.

    • 15 Jun 2020
  • Indofood to shortlist banks for $2bn acquisition loan

    Indofood CBP Sukses Makmur is putting together a shortlist of banks for its $2bn loan, which will fund its acquisition of instant noodle maker Pinehill Co.

    • 15 Jun 2020
  • Crisis Talk – John Hempton, CIO of Bronte Capital: ‘good things happen to bad people’

    John Hempton, the Australian short seller and self-styled eccentric, believes fraudulent companies will soon become evident in the corporate rubble left by the coronavirus pandemic. Hempton, who has bet against 1,100 companies over the course of his career, explained how his hedge fund Bronte Capital goes about finding rotten eggs in business and finance.

    • 12 Jun 2020
  • Yanlord builds demand for $1bn loan return

    Chinese property developer Yanlord Land Group has returned to the loan market with a dual-tranche refinancing deal of up to $1bn.

    • 12 Jun 2020
  • Companies cast private debt to one side during pandemic

    Private debt markets in Europe have lost their sheen in the past few months. Having grown into attractive alternatives for companies looking to diversify from public and bank markets, the Schuldschein and US private placement markets were left by the wayside during the pandemic as borrowers went for quick cash instead.

    • 11 Jun 2020
  • BNPP’s big investment bank test lies ahead

    BNP Paribas has provided €40bn of loans to corporate clients in the eye of the Covid-19 storm, amid claims that rivals are retrenching. David Rothnie asks if balance sheet support will result in bigger corporate finance fees.

    • 11 Jun 2020
  • Unilever consolidates to prepare for deals as M&A hopes rise

    Bonds of Unilever, the consumer goods firm, jumped on Thursday, despite it being a day of risk aversion in the markets, after it announced plans to merge its Dutch and UK entities. Unilever billed the move as simplifying its corporate structure to prepare for what it expects to be "the increasingly dynamic business environment that the Covid-19 pandemic will create" — as bankers predict industrial shake-ups will lead to mergers and acquisitions.

    • 11 Jun 2020
  • Cruise co Hurtigruten raises emergency cash after replacing covenant

    Norwegian cruise and ferry company Hurtigruten has raised a €105m three year loan through JP Morgan and Goldman Sachs, ranking in line with its existing loans and paying 800bp. This follows an agreement on Monday to suspend the company’s leverage covenant and replace it with a cash covenant, an approach that lenders are increasingly using for companies facing sharp revenue stops.

    • 11 Jun 2020
  • New euro warehouses, US spread rally spur hope for CLO refresh

    Some CLO managers in Europe are discussing new warehouse lines, paving the way for the CLO primary market to restart after pre-Covid deals are cleared. Counterparts in the US, meanwhile, are riding a wave of optimism that will likely take the market back to pre-pandemic pricing levels over the summer. Owen Sanderson and Paola Aurisicchio report.

    • 11 Jun 2020
  • China’s 58.com eyes $3bn for take-private, but loans bankers prove reluctant

    Chinese online marketplace 58.com is seeking a $3bn loan for its take-private from the Nasdaq. The company is relying on Chinese banks to raise the money, but several told GlobalCapital Asia they were not interested. Pan Yue reports.

    • 11 Jun 2020
  • Tom Tailor opco wins bailout but holdco dragged into insolvency by Bonita struggle

    Tom Tailor, the German fashion brand, has signed a €100m loan guaranteed by the federal and regional governments. It has also extended its existing bank line, although the company says it will not be enough to stave off insolvency at holding company level.

    • 10 Jun 2020
  • 58.com eyes $3bn loan from Chinese banks to go private

    58.com, a Chinese company that focuses on online classified advertisements, is in talks with banks in the country for a financing package of $3bn to support its take private.

    • 10 Jun 2020
  • Student loan securitizations could offer template for UK SME rescue

    Struggling UK small and medium-sized enterprises could see their debts sold to insurance companies or other institutional investors in a scheme similar to that used to securitize student loans in the country, according to proposals floated by finance lobby group TheCityUK in a report published on Monday.

    • 09 Jun 2020
  • Lei Shing Hong adds TaiFX-Libor clause on new loan

    Hong Kong-based Lei Shing Hong Credit has added a TaiFX-Libor clause to its new $320m loan, allowing it to offer a margin that is flat to its last transaction.

    • 09 Jun 2020
  • Strong markets help banks boost Boels sell-down

    Banks leading the acquisition loan for equipment finance firm Boels have increased the size of the distributed portion of the offering and cut the discount on offer, as a strong market backdrop helps clear the hung bridge backlog from before the onset of the coronavirus.

    • 08 Jun 2020
  • Crisis Talk – Marcus John, CEO of Sports Capital Advisors

    Marcus John, founder and chief executive of Sports Capital Advisors, tells GlobalCapital to expect a wave of insolvencies in national sport leagues but, he believes, sports with global appeal should fare better after lockdowns ease. Whether TV rights, a key source of revenue for major leagues, will be impacted remains unclear.

    • 08 Jun 2020
  • Cambodia’s Prasac wraps up loan at bigger size

    Cambodia’s Prasac Microfinance Institution has increased its latest offshore borrowing to $95m after attracting eight participants during syndication.

    • 08 Jun 2020
  • M&A shows resilience but still far from resurgent

    A $5bn take-private of Spanish telecoms operator MasMovil is the first sign of the return of M&A deal-making. But as bankers work frantically behind the scenes to rebuild the market, the big, integrated houses look set to dominate, writes David Rothnie.

    • 04 Jun 2020
  • Kion turns to KfW for heavy lifting on loan

    Kion, the German crossover-rated forklift truck maker, has signed a €1bn crisis funding facility, becoming the latest company to turn to KfW’s loan scheme to get through the coronavirus pandemic.

    • 04 Jun 2020
  • Chinese banks double down in SSDs

    Many felt that Chinese banks, key investors in Schuldscheine, would pull back from the market as the pandemic hit. This has been far from the case.

    • 04 Jun 2020
  • Indo’s Tiphone to restructure debt after loan default

    Indonesian mobile phone seller Tiphone Mobile Indonesia is restructuring its debt after failing to make payments on a loan, adding to a growing list of stressed businesses in the country. But what is worrying bankers more than the default itself is the lack of transparency from the borrower, writes Pan Yue.

    • 04 Jun 2020
  • Renault wheels out €5bn state-guaranteed loan, few concessions requested in return

    Renault, the French car company, has arranged an up to €5bn short-term credit facility backed by its government, as fierce complaints have followed similar guarantees in other industries.

    • 03 Jun 2020
  • Tiphone plans debt restructuring after loan default

    Indonesian telecommunications company Tiphone Mobile is restructuring its debt after failing to make payments on an offshore borrowing in March.

    • 03 Jun 2020
  • Crisis Talk — with Jeremy Ghose, global head of Investcorp Credit Management

    Investcorp's Credit Management business is one of the largest CLO issuers in Europe, with 24 deals under its belt, and a firm focus on the large cap, broadly syndicated market. GlobalCapital spoke to its boss, veteran leveraged finance investor and banker Jeremy Ghose, about how the coronavirus crisis has changed the LBO market, what CLOs will look like in the future, and the grim outlook for direct lending.

    • 02 Jun 2020
  • Investcorp raises Mount Row fund to scoop up bargain loans

    Investcorp said on Tuesday it had raised a new €318m loan fund to acquire "high performing loans at discounted levels" from large cap issuers in the European market. The fund will be leveraged and aim for returns in the mid teens.

    • 02 Jun 2020
  • UniCredit appoints new head of non-IG syndicate

    UniCredit has appointed a new head of non-investment grade syndicate, after Carlo Fontana was promoted to global head of syndicate in March.

    • 02 Jun 2020
  • Covid-19 can’t excuse corporate mismanagement

    For a failing business, the coronavirus pandemic has offered the perfect excuse. With so many well-managed companies forced to close their doors during lockdowns, record unemployment across several countries and a severe global recession on the cards, who can blame a management team or its backers when a corporate is on the edge of collapse?

    • 02 Jun 2020
  • Zhongyu Gas returns for $300m refi

    China’s Zhongyu Gas Holdings has launched a $300m refinancing loan into general syndication.

    • 02 Jun 2020
  • Lao MoF returns for $50m loan

    The Ministry of Finance of the Lao PDR has returned to the loan market for a new financing of $50m.

    • 02 Jun 2020
  • 'Market darling' MasMovil ready to revive LBOs

    KKR, Cinven and Providence Private Equity have launched the first post-Covid take-private LBO attempt, targeting Spanish telecommunications company MasMovil with a €3bn takeover offer at €22.50 a share, giving the company an enterprise value of around €5bn. Barclays, BNP Paribas and Morgan Stanley have underwritten the financing for the buyout.

    • 01 Jun 2020
  • Asia loan market starts to revive

    Asia’s loan market is slowly recovering from a near-shutdown due to Covid-19, with bankers predicting a busy couple of months ahead. But syndication will still be a challenge as lenders continue to remain risk-averse and selective on deals.

    • 01 Jun 2020