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There is no crock of equity gold at the end of the rainbow
Partner has joined Clifford Chance from the newly merged rival magic circle law firm
MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
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KKR has emerged as the winner in the sale of Serbia BroadBand. The private equity firm announced the acquisition on Tuesday, which should mean another LBO financing in the high yield bond market.
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German-Swiss steel company Schmolz+Bickenbach has launched a change of control put offer to holders of its €258m high yield bond.
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Hastings Insurance Group raised £415m through high yield bonds on Monday to finance the takeover of 50% of its business by Goldman Sachs’s Merchant Banking division. Bankers claimed the deal was the first European insurance LBO to be financed in the high yield market.
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The high yield market is red hot for payment-in-kind toggle bonds, as Befesa underlined again this week. The triple-C rated dividend bond for the Spanish waste management and recycling group sent year to date European PIK toggle issuance to 14 deals worth €4.3bn.
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Parking facilities operator Q-Park has secured two loans from non-bank lenders that will refinance a €300m CMBS that was sold in 2007.
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European leveraged finance borrowers are enjoying an issuer's market. With deals in short supply, banks are bending over backwards to win business, and borrowers are taking advantage. Higher leverage, lower fees, better terms – it’s all going their way.
