Leveraged Loans - All Articles

  • Citi refreshes EMEA alternatives leadership

    Citi has replaced the former head of its EMEA alternative assets group with a promotion from within, Theo Giatrakos, who will work alongside a newly hired chairman, Didier Denat, the former head of corporate banking at Credit Suisse.

    • 14 May 2021
  • Virgin Active judgement could push CVAs into obscurity

    The UK's High Court delivered a ringing endorsement of the country's new restructuring regime this week in a landmark ruling on gym chain Virgin Active, showing that companies have a new route other than CVAs to cut their debts to landlords. Silas Brown and Owen Sanderson report.

    • 13 May 2021
  • Mehiläinen boosts refi size to roll up existing debt

    Finnish healthcare provider Mehiläinen increased the size of its ESG-linked refi loan from €300m to €1.06bn, refinancing not just the second lien loan, as originally intended, but the company’s entire first lien capital structure. Leads HSBC and Jefferies also tightened the margin range from launch levels.

    • 13 May 2021
  • New restructuring law is a step forward

    Commercial landlords in the UK are angry about gym chain Virgin Active’s restructuring plan, and with good reason. Many of them have lost out heavily, while senior secured creditors got away with little more than an amend and extend.

    • 13 May 2021
  • China’s Haid, Yuto woo banks for debut borrowings

    Guandong Haid Group Co and Shenzhen Yuto Packaging Technology Co are both making their debuts in the loan market.

    • 13 May 2021
  • Lenders push back on Cerba's ESG conditions

    Diagnostics firm Cerba Healthcare has made the key performance indicators on its sustainability-linked loan more ambitious after talks with leveraged loan investors on its financing for its buyout by Swedish private equity firm EQT. The deal was priced late Thursday at the tight end of the range.

    • 12 May 2021
  • Judge backs Virgin Active’s precedent-setting restructuring scheme

    UK courts have endorsed gym chain Virgin Active’s restructuring plan, a precedent-setting move which shows that the UK’s new restructuring law with its ‘cross-class cramdown’ feature can be used instead of a CVA to cut debts to landlords. Some claim it represents a further attack on already-struggling landlords, but others argue than having all creditors share the pain at the outset should mean better recoveries if other chains follow this approach.

    • 12 May 2021
  • Piramal Glass gets solid take up for $355m LBO loan

    Piramal Glass has closed its $355m leveraged buyout loan, receiving strong response from 14 participants.

    • 11 May 2021
  • Haid debuts with $400m loan

    Guandong Haid Group Co, a Chinese agricultural and animal husbandry company, is in the loan market with its debut offshore borrowing of up to $400m.

    • 10 May 2021
  • Jacquet Metal Service leads SSD revival

    French steel parts and distribution company Jacquet Metal Service has launched a further Schuldschein, according to sources. The market is gearing up for somewhat of a renaissance after a moribund 2020 and GlobalCapital understands that 10-15 more transactions are set to be launched in May.

    • 07 May 2021
  • Swan song for hung bridges as Golden Goose readies bonds

    Golden Goose, the Italian shoemaker bought by Permira just before the coronavirus pandemic struck Europe, is looking for €470m of senior secured bonds in what may be the last repayment of a bridge facility signed before Covid. Hung bridges for leveraged buyouts were a serious concern for banks at the height of the pandemic but due to governments and central banks supporting the financial markets, lenders sold down the positions successfully — mostly much earlier than Golden Goose, writes Silas Brown.

    • 06 May 2021
  • Allied bid backers to split $100m fees as G4S debt package lands

    Banks backing the successful Allied Universal bid for UK security company G4S are set to split around $100m in financing fees for backing the deal, with Credit Suisse and Morgan Stanley in line for the lion’s share of the profits, as the $6.3bn eight tranche syndication is priced and the firm is delisted.

    • 06 May 2021
  • Philippines’ SM Prime builds $300m five year facility

    Philippine property developer SM Prime Holding has returned to the loan market after an absence of five years.

    • 06 May 2021
  • Home Credit Vietnam plans loan return

    Home Credit Vietnam is in talks with banks for a new $50m loan, with its planned fundraising receiving some early mixed response from lenders.

    • 05 May 2021
  • Ares raises a massive fund, other lenders might struggle

    Ares Management has raised a colossal €11bn for its new European direct lending fund, but firms whose investments hit the skids through the pandemic may not find it quite so easy.

    • 04 May 2021
  • BofA launches UK private capital push with Goldman hire

    Bank of America has hired a managing director from Goldman Sachs to help lead a new team in its UK investment banking division that aims to increase the bank’s coverage of private and emerging growth companies.

    • 04 May 2021
  • EQT launches Cerba buy-out loan

    EQT has launched the €1.525bn loan leg of the buy-out funding for its purchase of Cerba Healthcare, a France-based chain of medical laboratories, indicating that the flow of acquisition deals is still running fast, with multibillion deals including Birkenstock and Lonza Specialty Ingredients closing last week, and G4S slated for this week.

    • 04 May 2021
  • World Peace slices CP portion on refi

    Taiwan’s World Peace Industries Group has returned to loans bankers for a NT$18bn-equivalent ($645m) refinancing package. The fundraising includes a commercial paper guarantee tranche that has seen some changes as a result of scrutiny from the regulator.

    • 03 May 2021