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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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Russian aluminium producer Rusal is in talks with banks to refinance $4.75bn of debt. But loans bankers have warned that Rusal, which negotiated a controversial covenant holiday on its debt until the end of 2013, remains a tough credit to finance.
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The trend in European corporate finance is towards bonds as the main source of drawn debt. But don’t stress. Big firms in much of Europe have made the transition already, and they still like loans for liquidity purposes and acquisitions. Peripheral Europe is catching up, but syndicated loans are more widespread than ever. As for small firms, banks remain the answer.
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Exopack Holdings, the US packaging group owned by Sun Capital, has fixed pricing and original issue discount guidance on the euro tranche of its new transatlantic term loan ‘B’. -
WS Atkins, the UK engineering and design firm, has attracted three new lenders to its banking group to sign a £200m five year loan.
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CCM Pharma has fixed the deadline for early bird commitments to a debt repricing, as it seeks to reduce margins on its loans by as much as 75bp.
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Hastings Insurance Group raised £415m with high yield bonds on Monday to finance the takeover of 50% of its business by Goldman Sachs’s Merchant Banking division. Bankers claimed the deal was the first European insurance LBO to be financed in the high yield market.
