Leveraged Loans - All Articles

  • Italian pension funds team up to tender for direct lenders

    Fondo Gomma Plastica, Fopen, Pegaso and Previmoda are looking for a direct lender to manage just under €200m of capital, in a push for higher yielding assets.

    • 23 Dec 2020
  • Biden and climate: four short cuts to a greener US

    The world is watching full of hope as Joe Biden prepares to take the helm of the world’s most important economy. He has promised to act decisively on climate change, which must include financial reform. There is much worthy work to do — but four things would save Biden a lot of time.

    • 23 Dec 2020
  • Casino wraps up new tender offer before Christmas

    French supermarket group Casino has announced the results of its tender offer, with investors willing to give up roughly €822m out of a possible €1.2bn of bonds.

    • 22 Dec 2020
  • Mobilising capital for a tough issue — ocean plastic

    The problem of ocean plastic is so daunting that it is tempting to despair, believing nothing can be done — or at least, that only the might of governments and international organisations stands a chance. A few entrepreneurs, however, are convinced this fight can become investable for mainstream capital markets.

    • 21 Dec 2020
  • Outokumpu adds a year onto main bank line

    Outokumpu, the Finnish stainless steel maker, has extended the maturity on the bulk of its bank loans, becoming the latest company to push its debt maturities out to a time when the world economy is expected to be well into a recovery.

    • 21 Dec 2020
  • The 18th Syndicated Loan and Leveraged Finance Awards nominations

    In November, GlobalCapital polled loan market participants for its 18th Syndicated Loan and Leveraged Finance Awards. The nominations are listed below, in alphabetical order. We will reveal the winners at a virtual event in February. Further details on the event will be laid out on our website in January. We congratulate the nominees.

    • 18 Dec 2020
  • Short sellers: the new anti-heroes of ethical investment?

    In early July, a cub reporter who had only left university the year before filed a story that would cause UK fast fashion company Boohoo’s share price to tumble.

    • 18 Dec 2020
  • Trig takes the loan leap to Sonia

    Trig, the London-listed renewable infrastructure investment firm, has signed a £500m loan with its margin linked to Sonia rather than Libor, as loans bankers try to encourage borrowers look at their loan documents soon to avoid bottlenecks next year.

    • 18 Dec 2020
  • Covid-hit industries seek ways back from the brink

    The coronavirus has smashed the usual hierarchy of companies, large and small, creating new winners — and many losers. While 2020 was about finding ways to keep their financial lifeblood flowing, in 2021, more permanent solutions will need to be found. This will include bond funding for those still shut out — and M&A. Mike Turner reports.

    • 17 Dec 2020
  • Restructuring revolution set to kick off in 2021

    There could be more large restructurings in Europe in 2021 than ever before, as companies seek sustainable capital structures after 2020’s rash of emergency financing. But it’s also a new horizon for the laws that govern restructuring, as countries replace a patchwork of dated and difficult insolvency regimes, and the UK exits the European Union, ending automatic recognition of its court rulings. Owen Sanderson reports.

    • 17 Dec 2020
  • Red states, blue states, green States?

    After four years of the US government noisily refusing to protect humanity from climate change and pushing back on responsible investing, sustainable finance supporters are full of hope that Joe Biden’s presidency will shift the US — and the world — in the right direction. Jon Hay reports

    • 17 Dec 2020
  • People news in brief

    Nick Jansa turns up at Canadian pension fund — Rocket man touches down at Citi — Credit Suisse hires Gaurav Arora

    • 17 Dec 2020
  • ‘Unambitious’ European NPL package falls flat

    The European Commission’s plans to tackle the mountain of non-performing loans that are expected next year as government support schemes roll off have been criticised as unambitious. They have been dismissed as containing little beyond a review of proposals that have already been unveiled.

    • 17 Dec 2020
  • Investment banks excel in year of living dangerously

    This year proved to be one of the most dramatic on record for corporate financiers as volumes rose from the ashes of the market sell-off. David Rothnie examines some of the themes that defined the year and looks ahead to 2021.

    • 17 Dec 2020
  • Credit Suisse poaches Deutsche’s broking head

    Credit Suisse has hired Deutsche Bank’s head of corporate broking to bolster its senior UK investment banking team.

    • 17 Dec 2020
  • Former Deutsche levfin boss joins OTPP as EMEA investment head

    Nick Jansa, former co-head of corporate finance EMEA and co-head of leveraged debt capital markets at Deutsche Bank, is joining Ontario Teachers’ Pension Plan Board as senior managing director in EMEA, running investment activities and portfolio management in the region.

    • 16 Dec 2020
  • Drahi boosts Altice offer, adds yet more debt

    Patrick Drahi has raised his offer to take Altice Europe private, responding to legal challenges by hedge funds including Lucerne Capital Management. The revised bid increases the company’s valuation by almost €1bn, and translates to paying minority shareholders an extra €700m — meaning yet more debt piled on one of Europe’s largest levfin issuers, which has more than €30bn outstanding already.

    • 16 Dec 2020
  • Credit Suisse: we are 'well positioned' for post-Covid

    Credit Suisse's investment bank is well placed for where the market is heading after the coronavirus pandemic, it said on Tuesday at an investor day. Its new global trading solutions (GTS) business unit may be key to future revenue streams.

    • 15 Dec 2020
  • Banks and govvie funding for £2.5bn UK gigaplant

    Britishvolt, a start-up UK battery technology company, is looking at a range of funding options for a £2.6bn battery gigaplant site in the UK. A company spokesperson said that bank lending would make up just part of the financing.

    • 14 Dec 2020
  • Fugro completes rights issue to fund refinancing

    Fugro, the Dutch geo-data specialist, has completed its €197m rights issue, a key proponent in a large refinancing package that resolves longstanding issues around debt maturity.

    • 11 Dec 2020
  • Transition debt opens new phase of holistic issuer scrutiny

    The launch this week of the Climate Transition Finance Handbook has propelled the sustainable debt market towards a new era, in which the emphasis moves from a labelled security to the issuer itself, writes Jon Hay.

    • 10 Dec 2020
  • Transition finance — green bonds grow up

    Green bonds awakened the debt capital markets from their long, slumbrous ignorance of environmental peril.

    • 10 Dec 2020
  • AlbaCore, Alcentra close new European strategic credit funds

    Direct lender Alcentra has raised €557m for its second European fund focusing on stressed and distressed debt. AlbaCore closed a new disclocation fund with $1bn of commitments this week, too. Both aim to tap into companies that have fallen down the credit spectrum during the pandemic.

    • 10 Dec 2020
  • Repricing returns to rallying lev loan mart

    Two European borrowers are looking to reprice leveraged loans tighter for the first time since the coronavirus crisis hit, underscoring the market’s strong tone following its recovery. Groupe CEP, a French insurance broker, was one of the first post-pandemic loan deals to break cover in early June, when the market still wanted to see some spread on new facilities.

    • 10 Dec 2020
  • Casino seizes refi slot after Leader Price exit

    French supermarket group Casino has launched a refinancing to clean out its upcoming debt maturities, hitting the final issuance slot given the long syndication timeline for raising a term loan' B'. It aims to issue a €200m TLB and a €300m unsecured bond, while launching a tender offer to buy back up to €1.2bn of outstanding debt.

    • 09 Dec 2020
  • Candriam, New York Life Alternatives buy minority stake in Kartesia

    Sister affiliate alternative asset managers Candriam and New York Life Alternatives have bought a minority stake in European private credit firm Kartesia. The strategic partnership will bolster Kartesia’s financial position and keep the firm competitive as direct lenders in Europe increase their firepower.

    • 09 Dec 2020
  • Mu Sigma wraps up refi

    Indian data analytics firm Mu Sigma has closed its $95m refinancing loan after receiving commitments from three more banks during syndication.

    • 09 Dec 2020
  • Tianqi meets loan repayment with stake sale in Australian mine

    China's Tianqi Lithium is set to sell a minority stake in a lithium mine in Australia to reduce some of its debt burden.

    • 09 Dec 2020
  • Taxonomy in trouble

    The sustainable finance market clamoured for a Taxonomy to tell it what was green. Now it’s here, many are finding the answers constraining or simplistic. Alarmingly, the Taxonomy is also perpetuating the very thing it was supposed to root out — greenwashing.

    • 08 Dec 2020
  • LMA inches closer to loan robo-doc platform launch

    The Loan Market Association has got its contractual ducks in a row as it prepares to launch a new platform to automate parts of the documentation process for loans and ancillary services, with the industry body looking to start the service early next year.

    • 08 Dec 2020
  • Ineos preps new financing structure ahead of BP takeout

    The Ineos group is reworking its financing structure, with a new funding group called Ineos Quattro. The reorganization comes ahead of the takeout of the funding for its purchase of BP’s aromatics and acetyls business, one of the largest 2020 bridges still outstanding.

    • 08 Dec 2020
  • GlobalCapital Asia awards 2020: Loans

    GlobalCapital Asia has spent the last two months talking to banks and their clients to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2020, a volatile and unpredictable year. We are pleased to begin our awards announcements in the loan market.

    • 08 Dec 2020
  • VPBank boosts loan to $170m

    VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has exercised the greenshoe option to increase the size of its loan to $170m.

    • 08 Dec 2020
  • UAF makes annual comeback for HK$1.2bn loan

    Hong Kong’s personal loan provider, United Asia Finance, has returned to the market for its annual borrowing. It is seeking a HK$1.2bn ($154.8m) facility.

    • 08 Dec 2020
  • CVC Credit Partners beefs up private credit with senior hires

    CVC Credit Partners has hired two partners to join its private credit team, one of which will be co-head of private credit.

    • 07 Dec 2020
  • SSD privacy hampers deliverability with CDS auctions

    Whether or not Schuldschein debt is deliverable under CDS auctions is becoming more than an academic discussion, as analysts look to companies like travel firm Tui’s financial future. While the instrument fits the criteria as relevant debt for a CDS auction, the private nature of the contract could prevent the Determinations Committee from ruling.

    • 07 Dec 2020
  • EU ignores science and puts damaging biofuels into Taxonomy

    The European Union’s Taxonomy of Sustainable Economic Activities, the cornerstone of its action on sustainable finance, looks set to bless several technologies such as biofuels and hydroelectric power that are not just environmentally questionable but actively harmful, as a result of lobbying by vested interests.

    • 04 Dec 2020
  • Major survey tips EMEA loan market to grow in 2021

    Almost half of members who responded to a Loan Market Association survey expect syndicated volumes in EMEA to increase in 2021, as optimism builds around the effect of Covid-19 vaccines.

    • 04 Dec 2020
  • Sritex to extend 2019 loan

    Indonesian textile products manufacturer Sri Rejeki Isman, better known as Sritex, is planning to extend a dollar loan closed in 2019 by two years.

    • 04 Dec 2020
  • Gallic influence to rise in EU's capital markets

    France and Germany will end up as the largest countries in the EU's capital markets after Brexit, including in primary equity and debt markets, according to new research from the think tank New Financial.

    • 03 Dec 2020
  • Tui starts long road to deleveraging with third bailout

    Travel company Tui announced its third bailout package since March on Wednesday, adding a substantial equity cheque to more state-backed debt, as troubled companies shift their focus from emergency cash to stable capital structures. A sharp rally in the company’s shares helped firm up the rescue package, but some questioned whether the new money will be enough.

    • 03 Dec 2020
  • People moves in brief

    AIIB's Mills Hagen leaves for Opec Fund — Horta Osório to chair Credit Suisse, replaced by Nunn — Mulderrig to head up European debt syndicate at UBS

    • 03 Dec 2020
  • 2021: year of the credit picker

    If 2020 was a year when sectors and broad virus news drove the market, 2021 will be the year of the credit picker, according to panellists at IMN's ABS East Virtual 2020 event, with individual loan selection more crucial than ever.

    • 02 Dec 2020
  • CeramTec lets rating slip to fill M&A warchest

    BC Partners-owned advanced ceramics company CeramTec has issued an add-on to its term loan 'B', raising another €175m — enough to push its senior secured rating down into the single-B category. But the opportunistic move to raise new cash will give the company firepower for future M&A.

    • 02 Dec 2020
  • Calmer 2021 forecast for corporates but lenders remain poised

    Moody’s has changed its outlook on the EMEA corporate sector from negative to stable, though lenders say they are still on standby for another deluge of financing requests if the economic recovery is scuppered.

    • 02 Dec 2020
  • Datasite buyout blends best of private and public funding

    Mid-market firm CapVest won the auction to buy software provider Datasite with a unitranche loan in October, and it is now taking out the senior layer with a public syndication to firm up the financing on better terms. It's a deal that combines the strengths of public and private funding.

    • 02 Dec 2020
  • Owl Rock opens London office as it readies European expansion

    US direct lender Owl Rock has hired its first employee in London, as it seeks to develop its business in Europe.

    • 02 Dec 2020