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Disruptive US economic policy has not yet dented credit appetite
High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
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Payment-in-kind (PIK) bonds are the flavour of the year. This has unquestionably been the case in the US leveraged finance market, but bankers are also expecting to see more PIKs in Europe. ConvaTec, a UK-based wound and stoma care firm, has become the latest European issuer to sell PIK notes — in big size, with a short execution and in order to pay a large dividend.
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BMC Software was able to increase the size of the high yield bond portion of its LBO financing late on Wednesday in New York, despite having scrapped its €250m euro tranche. The final deal priced $245m larger than initially planned, at $1.625bn.
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Transport services company Tip Trailer has flexed the margins and deepened the discount of its transatlantic loan package.
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ConvaTec allocated a series of amendments to its outstanding debt on Tuesday. The UK developer of medical technologies was able to price the term loan ‘B’ at the tight end of guidance and also chose to modify its structure to feature dollars more heavily.
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Minimax Viking has entered the documentation phase of its new transatlantic debt issuance, after receiving sufficient commitments on Tuesday (August 6). The leads expect to confirm the margins and allocate the loan by Thursday.
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Schenck Process completed on Monday (August 5) an amendment and extension of its outstanding debt. Under the terms of the A&E the company has extended most of its financing by two and a half years. It has also increased the size of the debt.