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Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
High yield issuers may be worried about market access, but some do not see them losing it
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GlobalCapital and Standard Chartered hosted a combination of virtual and in-person roundtable on the China high yield debt market at the end of November. The third part of a 2020 series followed the first roundtable in April and the second in July. This time around, leading experts came together to discuss the opportunities and outlook for the Mainland’s high yield bond market.
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Mid-December is rarely the perfect time to take out more than €1bn of LBO financing, but 2020 has been full of surprises, and BC Partners’ acquisition debt for its investment in Italian machinery maker Industria Macchine Automatiche (IMA) flew off the shelf — though not without a tweak to the most aggressive documentation terms. Plenty of other high yield issuers also spotted the window, which looks set to make this December record-breaking.
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Axactor, a Norwegian debt purchaser firm, has launched a refinancing of its €200m 2021 bond alongside a rights issue, and a clean-up of its capital structure, which will "increase its capacity for new investments in a highly attractive NPL market". -
Vedanta Resources sold a $1bn bond this week, easing mounting concerns about its debt repayment abilities. The metal and mining company’s return was not easy, as it had to concede to a number of investor-friendly terms. Morgan Davis reports.
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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.
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Jaguar Land Rover seized this week’s strong market window to raise enough cash to clear out its 2021 bond maturity by taking advantage of investor appetite for cyclical sectors. Good conditions encouraged it to raise $150m extra from its original plan.
