Leveraged Loans - All Articles

  • Gaw Capital in talks to buy Cityplaza One, raise new loan

    Private equity firm Gaw Capital Partners is in talks with banks for a new borrowing to support its potential acquisition of Cityplaza One, a commercial office building in the heart of Hong Kong.

    • 30 Oct 2020
  • BNP Paribas revamps at home to crack M&A conundrum

    BNP Paribas has shaken up its advisory business to address underperformance in its home market, but this must be more than a quick fix to restore national pride, writes David Rothnie.

    • 29 Oct 2020
  • US election is an ESG crossroads

    Capital markets players have a variety of stances on the forthcoming US presidential election. A survey by UBS this week found 51% of wealthy US investors wanted Joe Biden to win, while 55% of business owners favoured Donald Trump.

    • 29 Oct 2020
  • Transition label could be applied to equity

    A Climate Bonds Initiative and Credit Suisse document on ‘financing credible transitions’ may help to create a market standard for judging when a company is moving to a net-zero carbon future. One of its creators said that, in theory, firms could raise dedicated transition equity as well as debt.

    • 29 Oct 2020
  • NH Hotel loses three banks in loan amend and extend

    NH Hotel Group, the Spanish hotel chain, has extended its revolving credit facility, but three lenders have pulled out of the deal, which has been reduced in size by €14m to €236m.

    • 29 Oct 2020
  • Hexaware take-private loan sealed, delisting imminent

    Indian software firm Hexaware Technologies has wrapped up a $600m loan to fund its take-private by Baring Private Equity Asia.

    • 29 Oct 2020
  • Hengli, Gaw look to boost old loan size by HK$1.45bn

    Property company Hengli Group and real estate-focused private equity firm Gaw Capital Partners are taking advantage of a recent regulatory change in Hong Kong to increase a loan closed last year.

    • 29 Oct 2020
  • Aston Martin preps huge financing package to fund electric future

    Aston Martin, the British luxury carmaker, has arranged a new financing package to strengthen its balance sheet and cash reserves as it embarks on an ambitious new partnership with German car giant Mercedes-Benz, to start producing electric cars. The bond leg, however, was launched into a difficult market, with the Crossover widening sharply during the first day of bookbuilding.

    • 28 Oct 2020
  • Glass half empty: pubcos strike covenant waivers for private placements

    UK hospitality companies have been avid users of the US private placement market in the past, but since the coronavirus pandemic began, their businesses have been up-ended, with pubs subject to curfews, social distancing and closures. Fortunately, US PP investors have largely followed bank lenders in opting for leniency, waiving covenants or switching to monitoring minimum levels of liquidity. One firm even managed to raise new debt this summer.

    • 27 Oct 2020
  • Cov-lite has gone pretty well so far

    The coronavirus pandemic has subjected the European leveraged loan market, where ‘cov-lite’ documents reign supreme, to a brutal test. The early results are positive.

    • 27 Oct 2020
  • Dealogic parent preps to strip out costly private debt

    Ion Investment Group is preparing to combine its Dealogic and Mergermarket units under a single corporate entity, Ion Analytics, and refinance the group’s expensive private debt raised last year with a cheaper, broadly syndicated loan package across dollars and euros. A strong performance over the last year should encourage investors to look past the group’s previous struggles with access to the public markets.

    • 26 Oct 2020
  • Vedanta returns loan, redeems bond after failed delisting

    Metals and mining company Vedanta Resources has returned a $1.75bn loan and redeemed a $1.4bn bond after its plan to delist its Indian subsidiary failed to attract enough support.

    • 23 Oct 2020
  • Country Garden wraps up $1.5bn loan with 16 banks

    Chinese property developer Country Garden has closed a $1.5bn-equivalent dual currency loan, attracting seven participants during syndication.

    • 23 Oct 2020
  • Levfin bankers optimistic as liquidity returns

    Leveraged finance bankers coping with a slump in deal flow in Asia this year are gearing up for a bumper start to 2021, as a return of liquidity and growing interest from institutional investors for loans set the stage for a market revival. Pan Yue reports.

    • 22 Oct 2020
  • UBS IB benefits from leveraged capital markets, IP sale

    UBS's investment bank beat analyst consensus as capital markets revenue was up sharply year-on-year, while a sale of intellectual property rights resulted in a one-off gain, the bank showed in third quarter results on Tuesday.

    • 20 Oct 2020
  • Sembcorp bags S$100m Sora-linked loan

    More Singaporean companies are making the transition to a new local currency benchmark rate in preparation for the end of Libor, with Sembcorp Industries becoming the latest firm to raise a loan linked to Sora.

    • 20 Oct 2020
  • Pan Brothers under pressure to meet loan refi

    Indonesia’s Pan Brothers has requested Moody’s to withdraw its corporate issuer rating after a spate of downgrades this year, as the textile company struggles to put together a loan to meet some of its looming maturities.

    • 20 Oct 2020
  • Closing primary window prompts leveraged credit rush

    Leveraged companies or sponsors seeking financing are moving quickly to fund in the immediate aftermath of the November 3 US election. Monday morning saw more than €3bn-equivalent of new supply across high yield bonds and loans announced, across six separate issuers.

    • 19 Oct 2020
  • VPBank Finance makes quick return for $150m

    VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has made a rapid return for a $150m loan.

    • 19 Oct 2020
  • MUFG hires levfin banker to lead capital markets

    JP Morgan's Raj Kapadia has joined MUFG as international head of capital markets, as the firm increases its leveraged finance focus. It has also set up a new group to advise clients at the C-suite level on market and macroeconomic developments, led by Tom Joyce, a hire from Deutsche Bank.

    • 16 Oct 2020
  • Inventec boosts loan to $500m

    Taiwan-based notebook computer maker Inventec has increased the size of its revolving loan to $500m after attracting 11 participants during syndication.

    • 16 Oct 2020
  • Crypto firm Ripple starts XRP line of credit service

    Ripple, the US cryptocurrency company, has launched a line of credit available to some of its customers, as corporate financers say that blockchain technology will likely continue to create new services associated with traditional banking.

    • 15 Oct 2020
  • Buy it now: Barclays and Citi unveil eBay Classifieds loan

    Barclays and Citi have begun syndication of the loan backing Adevinta’s purchase of eBay Classifieds, one of the largest EMEA M&A deals agreed this summer. The banks are marketing €1.33bn of term loans, with a bond deal to follow shortly.

    • 14 Oct 2020
  • M&A banker Le Milon jumps to Barclays

    Barclays has hired Gauthier Le Milon as head of M&A for France, Belgium and Luxembourg.

    • 14 Oct 2020
  • Putting the 'K' in capital markets

    The coronavirus crisis will continue to lead to divergence in economic fortunes, and that will play out in European capital markets as well.

    • 13 Oct 2020
  • CapVest unveils loan for Curium plan B

    Pre-pandemic, mid-market private equity firm CapVest was gearing up to sell its portfolio company Curium, in a €3bn auction which attracted interest from CVC, Bain and Nordic Capital. Covid collapsed the sale process, prompting a plan B for the asset — sell it to themselves.

    • 13 Oct 2020
  • Sina taps both onshore and offshore for take-private loan

    Sina Corp, a Chinese internet firm that owns social media platform Weibo, is seeking a $2.08bn borrowing from onshore and offshore borrowers. It plans to use the money to delist from the Nasdaq.

    • 13 Oct 2020
  • Gold top: cream of direct lending biz covers up pain beneath

    Large deals and fundraising from a clutch of elite direct lenders, alongside high profile tie-ups with sovereign wealth funds, have prompted many to characterise direct lending as enjoying a golden age. But the success of some funds looks set to come at the expense of many others, writes Silas Brown.

    • 08 Oct 2020
  • Germany nears revamped restructuring rules

    Germany is set to implement a total revamp of its corporate restructuring rules from next year, with a draft bill overhauling a court-led regime more than 25 years old and replacing it with rules law firm Kirkland & Ellis called ‘best practice’.

    • 08 Oct 2020
  • EQT tightens pricing but concedes ticking fee on Colisée buyout

    The €875m acquisition loan for EQT Infrastructure’s purchase of French care home operator Colisée will come with a reduced original issue discount and at the tight end of guidance, but the buyout firm has conceded a ticking fee, as the deal must compete with secondary markets, which are still largely priced at a discount.

    • 08 Oct 2020
  • Indian loan market shows signs of revival, but faces challenges

    Indian borrowers are finally returning to the offshore loan market after months of little to no action. But even as a pipeline builds, bankers remain wary of challenges around execution. Pan Yue reports.

    • 08 Oct 2020
  • NatWest writes to thousands of corporates about Libor shift

    NatWest plans to contact around 3,500 of its corporate clients from Thursday to inform them about the end of Libor as a benchmark and what their options and next steps are, as a recent survey showed that the vast majority of companies have not made any tangible efforts towards moving debt facilities to risk-free rates.

    • 07 Oct 2020
  • Sheng Ye seeks debut offshore RMB loan

    Sheng Ye Capital, a Hong Kong-listed financial services provider, has made its debut in the syndicated loan market. It is raising funds in offshore renminbi.

    • 07 Oct 2020
  • Fears of PP exodus as amendment round looms

    US private placement market insiders fear a round of early prepayments, as companies look to wriggle out of the straightjackets of financial covenants and issue public market bonds instead. Amendments brokered at the start of the coronavirus pandemic are up for review now, and sources think these talks will involve tough conversations between borrowers and lenders.

    • 06 Oct 2020
  • Majority of companies haven’t started Libor transition prep

    Almost two thirds of companies are still unprepared for the transition away from Libor, as lenders in London say they are in “intensive” discussions with clients about the switch to risk free rates.

    • 06 Oct 2020
  • International SOS makes loan debut

    International SOS, a Singapore-based emergency medical assistance provider, is making its debut in the syndicated loan market for $320m.

    • 06 Oct 2020
  • No time to die: Cineworld mulls survival options as it shuts cinemas

    Cineworld announced on Monday it was closing all of its 536 Regal Cinemas in the US and its 127 Cineworld and Picturehouse venues in the UK from Thursday, adding urgency to the company’s search for enough liquidity to see it through the Covid-19 crisis in cinema.

    • 05 Oct 2020
  • Issa no problem: Asda buyout vaults brothers to top of levfin borrower table

    Friday’s confirmation that the Issa brothers, backed by TDR Capital, had won the auction for UK supermarket Asda, catapulted them into the super league of borrowers in European leveraged credit — the handful of entrepreneurs whose appetite for debt surpasses market appetite to lend to a single capital structure.

    • 05 Oct 2020
  • Where are the missing CLO managers?

    As CLO spreads have rallied towards pre-Covid levels, some CLO managers have come to market with their second new issues since the pandemic first hit, taking advantage of loan prices still largely under par to ramp new issues quickly. But the new landscape is missing some of the market’s most well-known managers, and there’s a stubborn tail of pre-Covid warehouses still to shift.

    • 01 Oct 2020
  • Tannenbaum to run EMEA cap markets at BofA

    Bank of America has promoted Jeff Tannenbaum, its head of debt capital markets and leveraged finance EMEA, to head of global capital markets for the region.

    • 01 Oct 2020