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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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Borealis, the Austrian plastics firm, has increased a five year credit line from a mooted €750m to €1bn. The deal was oversubscribed after 16 lenders joined the coordinators.
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A refinancing facility from Telekom Austria may grow from its initial target size before it is signed next week after the deal was flooded with commitments from the company’s relationship banks.
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The acquisition of 300,000 in-payment pension annuities by Guardian Financials Services, the life insurance group that Cinven bought in November 2011 from Phoenix Group, and Charterhouse’s buy-out of German safety technology group Bartec are likely to provide the leveraged loan market with its next bout of supply. However, the deals may not come to market before the summer.
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Mizuho Financial Group has agreed to pay $127.5 million to settle charges by the U.S. Securities and Exchange Commission alleging the firm and three of its employees misled investors in collateralized debt obligations by using “dummy assets” to inflate the deal’s credit rating.
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Fortress Investment Group raised two collateralized loan obligations comprised of primarily middle market loans on Wednesday.
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BE Group, the Swedish steel firm, has signed a new Skr1.4bn ($202.43m) three year credit facility with SEB and Svenska Handelsbanken. The loan, which includes guarantee facilities, can be extended by up to two years.