Leveraged Loans - All Articles

  • Indofood tests bank appetite for $2bn acquisition loan

    Indofood CBP Sukses Makmur, an Indonesian instant noodle maker, has launched a $2.05bn-equivalent acquisition loan into syndication. The rare appearance of a strong credit in the market this year means banks appear eager to join the deal, writes Pan Yue.

    • 31 Aug 2020
  • CPM opens $500m debut into general

    CP Merchandising Co, a subsidiary of Thai agro-industrial and food conglomerate Charoen Pokphand Foods, has launched its $500m debut loan into general syndication.

    • 31 Aug 2020
  • Hexaware invites banks to join take-private loan in general

    A $600m loan to support Baring Private Equity Asia’s take-private of Indian software firm Hexaware Technologies has been launched into general syndication, with three banks joining at the top level.

    • 28 Aug 2020
  • Wilmar raises S$200m from Sora-linked loan

    Singapore’s agribusiness company Wilmar International has raised a S$200m ($146m) bilateral loan from DBS using the country’s new interest rate benchmark.

    • 28 Aug 2020
  • Okuda starts efficiency drive at Nomura

    Nomura has cut jobs in its investment banking business in Europe over the summer, following losses in leveraged finance, as its new chief executive eyes up other regions for growth, writes David Rothnie.

    • 27 Aug 2020
  • Bonds regain the advantage over loans in European levfin

    In the eternal contest between the high yield bond and leveraged loan markets, high yield has won the upper hand during the Covid-19 pandemic, and market participants expect that advantage to remain in the coming months.

    • 26 Aug 2020
  • TeamViewer hacks away at margins in post-IPO amendment of bank facilities

    TeamViewer, the German remote connectivity software company, has amended bank facilities totalling €630m-equivalent, cutting 25bp-50bp off its margins after a spate of successes since its IPO last year.

    • 26 Aug 2020
  • Genting in talks with banks for debt restructuring

    Genting Hong Kong, a cruise ship operator under financial pressure due to the pandemic, held a meeting on Monday with its bank creditors to discuss a debt restructuring plan.

    • 26 Aug 2020
  • Compart returns for $100m refi

    Compart Systems, a high precision metal components maker, has returned to the loan market to refinance an old borrowing from 2016, which was used to support its buyout by Platinum Private Equity.

    • 26 Aug 2020
  • Levfin to restart with broad range of purposes

    Conditions are ripe for a resurgence in high yield bond and leveraged loan issuance, and market participants expect companies to start coming to the market as early as next week, with a variety of motivations.

    • 25 Aug 2020
  • China’s take-privates: no panacea for Asia’s loan market

    Leveraged finance bankers in Asia are counting on the possible delisting of a host of Chinese companies from the US to give a fillip to the region’s dollar loan market this year. But bankers should temper their expectations.

    • 25 Aug 2020
  • Amigo tumbles again as board fights founder

    James Benamor called a second shareholder vote in four months on Thursday to replace the board of Amigo Holdings, the troubled UK guarantor loan company he founded in 2005, after the board rejected his proposals — including reappointing him as CEO.

    • 24 Aug 2020
  • Liberty prices loans for Sunrise buy

    Liberty Global's subsidiaries have priced two sets of term loan 'B's to support its $7.4bn acquisition of mobile phone company Sunrise, less than a year after the latter’s plans to acquire Liberty’s subsidiary UPC fell through.

    • 21 Aug 2020
  • M&G raises W115bn loan in first for Korea’s property market

    M&G Real Estate Asia has received a W115bn ($96m) green loan from OCBC Bank to finance a green building in South Korea.

    • 21 Aug 2020
  • UBS hits stride after rocky road to collaboration

    UBS reckons it has a hit upon a ‘unique formula’ for growth as it expands its investment banking offering to its high net worth clients, writes David Rothnie.

    • 20 Aug 2020
  • Defaults loom but levfin trades like it’s 2019

    Europe’s leveraged finance market is forecast to be hit by the biggest wave of defaults since 2009 next year, yet there is a disconnect with market sentiment. As Standard & Poor’s predicts the default rate to reach 8.5%, bullish investors continue to pile in. Silas Brown and Mike Turner report.

    • 20 Aug 2020
  • Speculative grade default rates to climb to highest in a decade, S&P predicts

    Standard & Poor’s expects the European default rate to climb to the highest level seen since the fallout from the last financial crisis.

    • 19 Aug 2020
  • ELFA tries to open levfin’s ESG blockage

    The speed with which leveraged finance investors have embraced environmental, social and governance issues in the past 18 months has created an information impasse in the market, which the investors’ trade body is striving to ease.

    • 19 Aug 2020
  • Valeo Foods wraps up €897m A&E

    Valeo Foods, the Irish food producer behind brands such as Jacob’s Cream Crackers and Rowse’s Honey, has closed an amendment and extension deal for its euro and sterling leveraged loans.

    • 19 Aug 2020
  • Barclays names Rothschild banker as head of EMEA logistics banking

    Barclays has announced a new head of logistics banking for Europe, the Middle East and Africa.

    • 19 Aug 2020
  • Lei Shing Hong allocates $330m among 11 banks

    Hong Kong’s mortgage loan provider Lei Shing Hong Credit has closed a $330m-equivalent deal with 11 lenders.

    • 19 Aug 2020
  • Tianneng debuts with $100m loan

    Tianneng Power International, a Hong Kong-listed Chinese company focused on making environmentally friendly power batteries, is seeking a debut $100m loan.

    • 18 Aug 2020
  • Private debt buyers seek richer ESG analysis

    Consciousness of environmental, social and governance factors is snowballing among private debt and equity investors, prompting them to seek new answers to the conundrum of how to obtain adequate ESG information on private companies. Providers are trying to meet the demand, including with innovative products.

    • 17 Aug 2020
  • Banks wary supporting PE under UK scheme

    A UK government spokesperson has told GlobalCapital that the UK is exploring ways to support private equity-backed businesses that fall foul of EU rules around state aid. Accredited lenders under the UK government’s emergency corporate loans schemes are rejecting applications by many private equity-backed companies, fearing they do not fit the eligibility criteria.

    • 17 Aug 2020
  • JB Chemicals acquisition loan open in syndication

    JB Chemicals & Pharmaceuticals’ $206m loan is open in general syndication, with the proceeds going to support private equity firm KKR’s acquisition of a majority stake in the company.

    • 17 Aug 2020
  • CPF subsidiary invites banks for $500m debut loan

    Thai agro-industrial and food conglomerate Charoen Pokphand Foods is in the market for its third syndicated loan of the year, this time through subsidiary CP Merchandising Co.

    • 17 Aug 2020
  • New Look eyes debt for equity makeover

    Embattled UK clothing retailer New Look is embarking on its second round of credit restructuring in two years, after gaining support from its lenders and the majority of its noteholders for a debt for equity swap. It is planning on reducing senior debt from £550m to £100m.

    • 14 Aug 2020
  • Soechi wades out for refinancing loan

    Indonesian tanker company Soechi Lines, which is facing a big hit to its shipyard operation, is in discussions with banks for a refinancing loan.

    • 14 Aug 2020
  • Debt and swap negotiations turn tough for corporates

    US corporates under stress from Covid-19 economic shocks, especially those in the real estate sector, have been struggling in their renegotiations of loan and swap agreements as power has flowed back to the banks, writes Ross Lancaster.

    • 12 Aug 2020
  • Deutsche plucks two healthcare bankers

    Christina Too and Gordon Butterworth will join Deutsche Bank as managing directors in its healthcare investment banking coverage and advisory team for Europe, the Middle East and Africa.

    • 12 Aug 2020
  • Proost! William Blair hires banker for food and drinks in Amsterdam

    Arthur van der Goes is joining William Blair’s investment banking franchise from Rabobank.

    • 12 Aug 2020
  • Yanlord boosts loan to $1.1bn

    Chinese property developer Yanlord Land Group has increased the size of its latest borrowing to $1.1bn-equivalent after receiving strong response during syndication.

    • 12 Aug 2020
  • ‘Corruption is incentive plus stupidity,’ says J Capital's Anne Stevenson-Yang

    Anne Stevenson-Yang is a director and co-founder of J Capital Research, a New York firm and short seller that specialises in Chinese companies, as well as international companies looking to grow their business in China. GlobalCapital spoke to Stevenson-Yang about the dangers of trusting financial reporting from China, and steps stock exchanges could take to stifle the likelihood of fraud.

    • 11 Aug 2020
  • PP investors 'first in line' for Hammerson payout

    Institutional investors holding Hammerson’s £689m ($900.27m) of private placements (PPs) are to be offered a pre-payment option first after the UK property company’s intended rights issue, according to a prospectus on the upcoming trade. Unlike the UK property company’s bondholders and bank lenders, during their coronavirus amendment process, PP investors negotiated an offer of pre-payment at par of 30% of any proceeds of capital raises or disposals.

    • 11 Aug 2020
  • Barclays boosts global SRI team

    Barclays is building up sustainability coverage in its investment bank with new positions announced globally on Monday and effective immediately.

    • 11 Aug 2020
  • Taiflex closes dual-currency loan

    Taiwan’s Taiflex Scientific Co, an electronic parts and components maker, has closed a dual-currency borrowing of NT$2.5bn ($85m) with eight banks.

    • 11 Aug 2020
  • UK inflation reform to boost student loan ABS repayment

    UK student loan securitizations are set to repay faster if the government decides to reform inflation indices in 2030, benefiting junior investors. Other noteholders could see returns drop if the government opts for an earlier switch date, however.

    • 10 Aug 2020
  • Nordex signs state-backed loan for Covid-19 support

    Nordex has signed a €350m revolving credit facility, guaranteed by the German state, to help the wind turbine manufactuer through the coronavirus pandemic. Elsewhere in Germany, Tele Columbus refreshed its loan support.

    • 10 Aug 2020
  • Henderson-led consortium seeks HK$20bn for Yau Tong Bay project

    A consortium-led by Henderson Land Development is in talks with banks for a new loan to support its development of a residential project in Hong Kong.

    • 07 Aug 2020
  • People moves in brief

    Krupa to replace Cabannes at SG — JP Morgan reshuffles activist defence business — Credit Suisse gives Cohen new position

    • 06 Aug 2020
  • Ye Chiu breaks four year loan hiatus for $150m

    Recycling aluminium manufacturer Ye Chiu Group has returned to the loan market after a four year absence for a $150m deal to meet its refinancing needs.

    • 06 Aug 2020
  • Commerz warns on corona impact for corporate clients

    Commerzbank expects its corporate division to remain under pressure from the coronavirus crisis in the second half of the year, after a second quarter where international firms rushed to take out debt products but the bank was stung by a large single provision, understood to relate to disgraced payments company, Wirecard.

    • 05 Aug 2020
  • Winson to extend 2019 loan by one year

    Singapore oil trading company Winson Group is planning to extend by one year a loan signed in 2019.

    • 05 Aug 2020
  • HKR raises HK$3bn loan from five banks

    HKR International, a conglomerate with operations in property development and healthcare, has turned to the loan market after five years for a HK$3.35bn ($432m) facility.

    • 05 Aug 2020
  • Ineos Styrolution signs bridge, term loan and revolver for BP buy

    Ineos Styrolution, the styrenics supplying unit of Ineos, has signed a number of loan facilities to support its $5bn acquisition of BP’s aromatics and acetyls businesses. There were roughly $9bn in commitments from 23 banks.

    • 04 Aug 2020
  • Vanguard Group sells largest deal in US PP history

    The Vanguard Group, the US asset manager which pioneered low cost, index-tracking investment, has sold $3bn worth of private placements. According to GlobalCapital data, this deal is the largest ever recorded in the US private placement market.

    • 03 Aug 2020
  • Cheng Loong attracts six to $130m capex loan

    Taiwan’s Cheng Loong Corp, a paper maker, has closed syndication of a $130m borrowing with nine banks.

    • 03 Aug 2020
  • Credit Suisse makes changes in levfin, DCM, energy and infra

    Credit Suisse has given staff including Jeff Cohen new positions and is also creating a new energy and infrastructure group.

    • 03 Aug 2020