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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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Apex Credit Partners has returned to the US CLO market, pricing its first transaction of 2021, a $310m deal arranged by Jefferies. -
Two senior leveraged finance lawyers have switched firms from White & Case to Allen & Overy in New York, following Jake Mincemoyer, who joined A&O as head of US levfin in February.
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European ABS has experienced a historic rally in recent months as spreads have tightened in response to a wider economic recovery. But as pent-up supply begins to return to the market, syndicate desks see a widening out of spreads as new issuance increased throughout June and July.
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CLO managers seeking to issue new deals have been sitting on the sidelines waiting for the return of large investors which had supported supply in the first quarter. But a substantial pipeline of new issues is being built.
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TDR Capital is injecting £100m in equity and a £250m payment-in-kind financing to recapitalise gym chain David Lloyd Leisure, as part of a broad-based refinancing including the firm’s first public high yield bond issue. Barclays, which has done most of TDR's recent deals, is running the £900m-equivalent bond, announced on Tuesday morning.
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Banks launched the first leg of the buyout package for Hillhouse Capital’s purchase of Philips Domestic Appliances on Tuesday, readying an €850m seven year term loan, with bonds to follow.
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