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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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Following a shortened holiday week, the pace in leveraged credit is quickly picking up with a variety of companies announcing new loan and bond deals, from refis to acquisition financing, and M&A still running hot. -
Blackstone, Carlyle and Hellman & Friedman announced over the weekend that they would be taking a stake in healthcare supplies firm Medline at an enterprise value of $34bn, making it one of the largest leveraged buyouts in history. The scale of the deal underlines the extent of private equity dry powder, and signals that leveraged finance investors can expect more new money supply ahead.
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Evergrande Group's dollar bonds have continued their downward spiral to becoming the worst performing high yield notes last week, as the Chinese real estate company feels the impact over its links with Shenjiang Bank, which has come under fire by regulators.
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Cal-Comp Electronics (Thailand) Public Co, an international subsidiary of Taiwan’s Kinpo Electronics, is tapping the loan market for its debut sustainability-linked borrowing as companies and banks continue to push the development of the asset class in Asia.
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The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.
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Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has launched its $500m borrowing into general syndication, after attracting six banks in the senior phase.
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