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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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Western Power Distribution (South West) has increased its five year revolver from £210m to £245m after the transaction was heavily oversubscribed during syndication. Despite this, lenders’ commitments were still substantially scaled back.
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India’s Reliance Communications has secured a $1.18bn loan from a trio of state-owned Chinese banks, finding the money to pay off a huge amount of convertible bonds that mature in under two months.
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Italian directories company Seat Pagine Gialle is working on a final consensual restructuring proposal due out by January 30. Lenders and bondholders will then have three weeks to strike a deal, or bankruptcy proceedings will move forward.
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German retailer Metro has increased the size of its revolving credit facility and its bank lending group, signing a new five year €1bn revolving credit facility in a deal co-ordinated by Société Générale and UniCredit.
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Japanese lenders could become a more important part of Asia’s loan market this year, stepping in to make up for a reduction in lending from European banks, said senior loans officials. This is likely to be most prominent in the project finance market, where French banks in particular have long been important players.
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LDC, the private equity arm of Lloyds, has hired Jon Herbert, head of its parent group’s acquisition finance business. Herbert has joined LDC as director, to source debt to fund the company’s buy-outs.