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Fluvius, Kojamo and Affinity Water hold investor calls
Sandwich chain joins host of ABS issuers
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
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Emma Delta, an investment fund controlled by a Czech businessman and a Greek, wants to issue €400m of first and second lien unrated high yield bonds to part-finance its takeover of a 33% stake in OPAP, the Greek lottery and football betting company. -
The leveraged loan market flexed its muscles this week as investors scrambled for US computer maker Dell’s covenant-lite loans. Not only did levloan investors out-compete bond investors, so that a bond tranche was replaced with a loan, but the demand showed just how eager European investors can be for cov-lite paper, although some of the interest will have come from the US.
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Lenders to Thyssenkrupp have agreed to waive the September covenant test on its €2.5bn revolving credit line after the German steel firm revealed that it ran the risk of breaching its debt to equity requirements.
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US computer maker Dell has increased the loan portion of its buyout financing, with the euro term loan ‘E’ expected to grow to at least €650m ahead of its Tuesday allocation. The facility will become one of the largest covenant-lite loans ever to be issued in euros.
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The UK’s Tunstall Healthcare is refinancing all its outstanding loans and mezzanine facilities with new drawn and undrawn loans totalling £350m. The debt will be marketed at a bank meeting on Thursday.
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Oberthur has launched €440m-equivalent of transatlantic, covenant-lite loans, to refinance drawn credit facilities issued by the French smart card developer for its buy-out in 2011.
