Private Debt

  • Deutsche Bahn steams into niche

    Deutsche Bahn steams into niche

    Deutsche Bahn tapped the Kangaroo and Swedish kronor markets on Wednesday after having spent the first half of 2020 focused on the euro market.

  • Covenants prove a wrinkle in PP battle with public debt

    Covenants prove a wrinkle in PP battle with public debt

    After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early, in the largest ever early repayment of US PPs. It is a result of tensions that have flared up during the pandemic over covenant protections, which some fear will lead to a drop in corporate PP deal flow.

  • Sodexo pays back $1.6bn of US PPs early

    Sodexo pays back $1.6bn of US PPs early

    After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early. Four market sources said this was the largest corporate early repayment of US PPs of all time. Some fear a growing disconnect between institutional investors and companies over financial covenants, and attempts to amend them.

  • Hasty UK insolvency law gives unequal rights to creditors

    Hasty UK insolvency law gives unequal rights to creditors

    The UK’s new insolvency law came into force on Friday, and lawyers have been spending the weekend picking through its 250 pages to understand the implications. While some have welcomed it, others pointed out that in its haste to push it through Parliament, the government has introduced several changes that skew the balance between various kinds of lenders which hitherto had been treated equally.

  • Private credit's struggle to regain swagger

    Private credit's struggle to regain swagger

    Private debt blossomed after the last financial crisis, as European companies grew more sophisticated and sought to diversify their funding strategies away from bank loans and bond markets. But the coronavirus has highlighted its shortcomings, particularly around speed of execution. It may be hard to regain the momentum.

  • Ardonagh raises largest ever unitranche in unique buyout package

    Ardonagh raises largest ever unitranche in unique buyout package

    Irish insurer Ardonagh has refinanced its whole capital structure and funded the acquisitions of insurance brokers Arachas and Bravo with the largest ever unitranche loan from a group of direct lending funds, plus a $500m syndicated dollar PIK toggle note.

  • Profine opts for public bond over unitranche

    Profine opts for public bond over unitranche

    German PVC window and door maker Profine was marketing its debut in the wholesale capital markets with a bond issue on Monday, after exploring options for a unitranche loan to refinance its main loan facility with Commerzbank, which matures at the end of the year.

  • Robert Bosch joins rare €2bn SSD club

    Robert Bosch joins rare €2bn SSD club

    Robert Bosch has joined a rare club to issue €2bn-plus in a single Schuldschein. The A+ rated German car parts supplier re-opened the market with an initial target of €500m. Bankers say the final result is an illustration of the depth of the market for well-rated corporates.

  • People moves in brief

    Deutsche gives Toomey position as head of new group — Gimpel leaves Citi, has fintech idea — Moelis hires Whelchel for private capital team

  • Bromford issues PPs as social housing offers a ray of light to investors

    Bromford issues PPs as social housing offers a ray of light to investors

    One of the sectors so far unscathed through the pandemic, in the eyes of institutional investors, has been UK social housing. Deals from housing associations have been priced during the crisis, as several institutions have said their resolve to invest in the sector remains undimmed.

private debt news archive