Leveraged Loans - All Articles

  • Adani Green looks for $1bn project finance loan

    India’s Adani Green Energy is in talks with banks for project finance of more than $1bn, which some bankers think is ambitious.

    • 31 Jul 2020
  • NPL platform deal cements doValue foothold in Greece

    Italian debt servicing specialist doValue is refinancing its acquisition of a Eurobank debt platform to position itself as a dominant NPL servicer in Europe, ready for the next generation of defaulted loans.

    • 30 Jul 2020
  • Boutique wheel of fortune spins into another crisis

    Independent firms were the big winners of the 2008 financial meltdown. But they will find the Covid-19 crisis tougher to navigate, as they grapple with a unique set of challenges, writes David Rothnie.

    • 30 Jul 2020
  • ADO sells HY bond after merger

    German real estate firm ADO Properties has sold a €400m five year high yield bond, its first since an audacious merger with competitors Adler Real Estate and Consus.

    • 30 Jul 2020
  • UBS promotes Paz-Galindo

    Nestor Paz-Galindo has become global co-head of M&A at UBS, replacing Greg Peirce, with Philipp Beck succeeding him as head of M&A for Europe, the Middle East and Africa.

    • 29 Jul 2020
  • Singapore’s UOL raises $120m green loan

    Singaporean property company UOL Group has raised a $120m green loan that will help fund the transformation of one of its hotels into a green building.

    • 29 Jul 2020
  • Messe Frankurt sells debt for first time in 800 years

    Frankfurt Trade Fair, the events organiser and world’s largest trade fair, is looking to issue Schuldscheine, according to market sources, for the first time in its 800 year history. The events industry has suffered through the pandemic, as organisers have had to postpone or cancel conferences, or reproduce them digitally, as a result of lockdowns.

    • 28 Jul 2020
  • Belle goes clubbing for HK$20bn refi

    China’s Belle International Holdings has returned to the loans market to refinance some of its debt, but has opted for a club loan this time around in a bid to cut costs associated with underwriting.

    • 28 Jul 2020
  • HSBC creates solutions teams for ESG, FIG and corps

    HSBC has become the latest bank to create a dedicated team for sustainable finance amid the coronavirus crisis. This is part of a new strategic solutions group, which will also house two other solutions units: one for corporate finance, and one for financial institutions and capital.

    • 27 Jul 2020
  • Petron warns banks of potential covenant breach

    Philippine oil refining and marketing company Petron has warned its lenders about a potential covenant breach on two of its dollar loans.

    • 24 Jul 2020
  • Ping An Leasing returns for $340m

    Ping An International Financial Leasing Co has returned for a $340m loan to meet its refinancing needs.

    • 24 Jul 2020
  • Direct lender HPS throws $1bn lifeline to Bombardier

    HPS Investment Partners has provided a $1bn loan to Canadian train and plane manufacturer Bombardier as direct lenders make a play for larger companies through the pandemic.

    • 23 Jul 2020
  • Hungry, hungry Hipgnosis adds to revolver again just weeks after equity outing

    Hipgnosis, the UK intellectual property and song management company, has again increased the size of its revolving credit facility since first signing it earlier this year, weeks after the firm raised £236m through an equity raise.

    • 23 Jul 2020
  • Royal Vopak raises $500m-equivalent US PPs

    Royal Vopak, the Dutch oil and gas storage company, has sold $500m-equivalent in US private placements.

    • 22 Jul 2020
  • Refresco fills up on cash for future acquisitions

    Drinks bottler Refresco is targeting a €400m term loan 'B' deal intended to finance acquisitions in Europe and the US.

    • 22 Jul 2020
  • Investors need to stop imagining auditors or anyone else offers fraud protection

    Several companies boasting Big Four accounting firms as auditors have emerged as fraudulent, leading many to wonder what value auditors bring to an investors' understanding of a company. The big issue is that auditors have little obligation to detect fraud at companies they audit, and neither it seems does anyone else. Until they do, investors need to stop believing a Big Four sign-off is a seal of approval. In fact, for a system supposedly built with its own reputation in mind, developed markets have offered investors very little protection.

    • 21 Jul 2020
  • KKR signs £2.5bn facility for Viridor buy

    KKR bidco Planets UK has signed a £2.5bn syndicated loan to support a £4.2bn all-cash acquisition of UK waste management firm Viridor, according to sources familiar with the situation. Merger and acquisition activity is set for a revival in the second half of the year, as previously deferred deals are brought back to the fore and at-risk companies are forced to rethink strategy, bankers say.

    • 21 Jul 2020
  • ZhengTong surprises with missed payment on $380m loan

    China ZhengTong Auto Services Holdings, a luxury auto dealership, surprised bankers this week after missing a principal payment on a dollar loan. Pan Yue reports.

    • 21 Jul 2020
  • Investindustrial latest private equity firm to switch to ESG loans

    Investindustrial, the European private equity firm, has signed a €600m subscription credit facility linked to environmental, social and governance metrics, as sustainability-conscious finance makes further inroads into the private equity market.

    • 20 Jul 2020
  • Hexaware eyes $600m for privatisation

    Hexaware Technologies, an Indian software company majority owned by Baring Private Equity Asia, has mandated nine banks for a $600m take-private loan.

    • 20 Jul 2020
  • Agile drums up support for HK$3.2bn loan

    Chinese property company Agile Group Holdings has launched a HK$3.242bn ($418m) refinancing loan into syndication.

    • 17 Jul 2020
  • US and European loan markets split over 'hardwire' Libor transition

    The US Alternative Reference Rates Committee (ARRC) has updated its reference rate guidance for the move away from dollar Libor that removes the need to get a lending syndicate’s consent. But trade bodies on both sides of the Atlantic do not agree on the details, writes Mike Turner, and some lawyers claim that major issues still need to be addressed before the ARRC-recommended method can work.

    • 16 Jul 2020
  • Fives gets state-backed loan

    Fives, the French industrial equipment group, has signed a €200m loan backed by the state, as government-backed facilities continue to prove essential to tackling the economic fallout from the coronavirus pandemic.

    • 16 Jul 2020
  • Samson Paper breaches covenants on HK$780m loan

    Samson Paper Co has breached two covenants on a HK$780m ($100m) loan from 2017, with lenders still waiting for more information from the company.

    • 16 Jul 2020
  • Andreas Petrie, the 'Father of Schuldschein' to retire

    Andreas Petrie, who is thought of as being a key figure in cultivating the Schuldschein market into an established corporate alternative to bonds in Europe, is to retire at the end of the year.

    • 15 Jul 2020
  • CPFI makes comeback for $1bn refi

    CPF Investments, a unit of Thai firm Charoen Pokphand Foods, has returned to the loan market for a refinancing of up to $1bn.

    • 15 Jul 2020
  • Carnival sails through second priority bond sale

    Carnival Corp, the largest cruise line in the world — badly stricken by the impact of coronavirus on its business — raised €425m and $775m of 5.5 year bonds on Wednesday, which will be subordinated to the $6.25bn of bank loans and senior secured bonds it issued in June and April respectively.

    • 14 Jul 2020
  • HIG Capital names former Alcentra MD as head of European direct lending

    HIG Capital has appointed a new head of HIG WhiteHorse Europe, the private equity firm’s European direct lending affiliate.

    • 13 Jul 2020
  • Hempton: ‘Wirecard is my biggest loss, despite being right’

    The Australian short seller, John Hempton of Bronte Capital, told investors that the profits his hedge fund Bronte Capital made on Wirecard’s collapse will not make up losses incurred during his lengthy short of the German payments company. It was an illustration, he said, of the dangers of betting against frauds and highlights the importance of risk management.

    • 13 Jul 2020
  • China’s Great Wall Motors, Shandong Precision go offshore

    Chinese car manufacturer Great Wall Motors has paid up for its return to the loan market for a $440m-equivalent dual-currency deal.

    • 13 Jul 2020
  • Corrected: KKR seals bilateral loans for Vinhomes acquisition

    KKR has closed two bilateral loans to support its acquisition of Vinhomes Joint Stock Co, GlobalCapital Asia understands.

    • 10 Jul 2020
  • Imperious JP Morgan shows its crisis credentials

    JP Morgan has extended its lead in European investment banking, scotching accusations of a retreat and dashing hopes of a change in the status quo, writes David Rothnie.

    • 09 Jul 2020
  • Verisure refi underlines levfin recovery

    Swedish alarm firm Verisure underlined improved leveraged finance conditions when it returned to market for a refinancing. The company was the first European high yield issuer out after the coronavirus crisis, with a tentative floating rate note in April, but its latest refi proved to be a blowout, with a huge size increase and pricing through talk.

    • 09 Jul 2020
  • Investor group calls for better covenant transparency after TKE victory

    The European Leveraged Finance Association has called for better transparency in high yield covenant packages, arguing that clarity is crucial for pricing risk. The call comes shortly after one of the largest covenant climb-downs in recent market history, when lead banks on ThyssenKrupp Elevator stripped many of the most controversial terms from the €8bn financing.

    • 09 Jul 2020
  • Blincoe takes over large corporates and institutions

    Royal Bank of Scotland's structured finance head Andrew Blincoe has become head of large corporates and institutions at RBS Commercial Banking, as well as keeping his existing responsibilities as structured finance head, following the departure of Laura Barlow.

    • 08 Jul 2020
  • CP Indo tests interest for $308m refi

    Charoen Pokphand Indonesia is gauging appetite among a select few existing lenders for a new $307.9m-equivalent dual-currency loan.

    • 08 Jul 2020
  • Global warming temperature scores to radically simplify green investing

    CDP, the leading platform through which companies report their carbon emissions, has become the latest organisation to launch a potentially influential system of temperature ratings, so investors can work out how much global warming each company’s plans will theoretically lead to — and hence the overall temperature of a portfolio.

    • 07 Jul 2020
  • Barclays’ hires Panmure Gordon’s ex-IB head

    John Muncey has joined Barclays as vice-chairman of its consumer retail group (CRG) in Europe and the Middle East, while Jamshed Kakalia has been promoted to lead the consumer business in that team.

    • 07 Jul 2020
  • Four line up for JB Chemicals acquisition loan

    Four banks are set to sign the mandate letter for a $210m loan to support private equity firm KKR’s acquisition of India’s JB Chemicals & Pharmaceuticals.

    • 07 Jul 2020
  • Apollo targets jumbo deals with $12bn private fund

    Apollo Global Management announced on Monday a new private credit unit aiming to provide $1bn direct loans to larger firms, in the first instance of a direct lending fund with its eyes only fixed on big business.

    • 06 Jul 2020
  • Market opener Verisure returns for refi

    Swedish alarm firm Verisure is preparing a €1bn refinancing, underlining the move in the leveraged credit market from the tough days of March and April to firmer territory where sponsors can optimise capital structures, not just hang on for liquidity at any price.

    • 06 Jul 2020
  • VPBank Finance returns for $200m

    VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has launched a $200m new money loan.

    • 06 Jul 2020
  • Film director Richard Curtis: ‘the time for tinkering is coming to an end’

    If UK pension savers knew how their money was invested, funds would be more inclined to invest exclusively in environmental, social and governance (ESG) assets. So argues Richard Curtis, the screenwriter, director and co-founder of Comic Relief. He has launched a public campaign, Make My Money Matter, to pressure UK pension funds to invest more sustainably.

    • 03 Jul 2020
  • Country Garden launches $1.5bn refi

    Country Garden has launched a $1.5bn-equivalent loan into general syndication after mandating a group of nine banks.

    • 03 Jul 2020
  • Powerlong seals second loan of the year

    Powerlong Real Estate Holdings has raised a new offshore borrowing of $120m-equivalent, just two months after closing a $200m loan.

    • 03 Jul 2020
  • People moves in brief

    Barclays appoints levfin and sponsors leaders — Créd Ag gives Goldfischer UK role — BTIG hires Huggins

    • 02 Jul 2020
  • ThyssenKrupp Elevator sees monster demand, paves the way for LBO lift-off

    The huge demand seen for ThyssenKrupp Elevator’s buyout financing, the largest bridge loan left on banks’ books through the Covid-19 crisis, should reassure credit committees and capital markets operators that the LBO market is wide open again, for the right business. Owen Sanderson reports.

    • 02 Jul 2020
  • BASF Construction Chemicals next bridge to drop after TKE blowout

    Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.

    • 02 Jul 2020
  • MasMovil bookrunners derisk bond deal with boost to loan

    Banks backing Cinven, KKR and Providence’s take-private of MasMovil have boosted the size of the euro loan tranche in the market this week by €500m, cutting down the planned bond that will fund the remainder of the deal, the first major LBO announced in Europe since the coronavirus crisis.

    • 02 Jul 2020
  • Barclays names levfin and sponsors leadership

    Barclays has appointed two new chairs of its leveraged finance and sponsors business, with Chris Turner relocating to New York to become chairman of global leveraged finance.

    • 01 Jul 2020
  • BASF chemicals next bridge to drop after TKE blowout

    Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking.

    • 01 Jul 2020