HCP Global pulls term loan B but US market still likes the look of Asia

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By Shruti Chaturvedi
14 Aug 2014

This week's postponement of cosmetics packager HCP Global’s $380m term loan B at first raised fears that US investors were growing weary of Asian credits. But with the delay put down to the macro backdrop rather than any anxiety about the issuer, bankers said Asian names will still find a good reception in the US if they have a story to sell, writes Shruti Chaturvedi.

China’s HCP Global launched a $380m financing in late July to pay a dividend to its sponsor, Texas Pacific Group, which acquired the company in 2012. It opted for the US market because cov-lite deals from leveraged companies get a better reception from the institutional investor base there ...

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