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Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
Pharmaceuticals and energy transition also ripe sectors for M&A
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The UK has begun the process of creating its own versions of the European Union’s sustainable finance regulations, by picking a Green Technical Advisory Group to help it draft a green taxonomy. It will face two conflicting priorities: to maximise harmonisation by staying close to EU rules; and to depart from them, for a variety of reasons including the possibility of improving on the EU’s approach. -
CLO investor Sancus Capital Management became a manager last week when it priced its debut deal. Pacific & Plains Capital, another newly formed CLO business, is also expected to join the list of CLO managers with a first deal on the horizon.
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Two former investment managers at Aberdeen Standard have launched a firm called Bread Street Capital Partners, with the aim of creating a series of listed private markets funds to broaden access to the funds of top tier financial sponsors. The firm also aims to capture more investment from UK defined contribution pension schemes, which have historically had tiny allocations to private equity compared with some of their international peers.
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Beauty company Coty took out more of its bank debt with a secured bond this week, increasing its deal size from €500m to €700m and pushing through the 4% yield barrier to land the new issue at 3.875%. The Caa1/B- rated company has struggled to turn its business around and still has negative free cash flow, but a new management team, a new plan and a senior spot in the capital structure helped enthuse investors to buy the new bonds.
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Nursing home and elderly care company Colisée, which EQT Infrastructure acquired last year, was in the market on Thursday, looking to reprice the €875m acquisition facility and add-on a further €150m to pay down its revolver.
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