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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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Osram has signed its debut syndicated loan, a €1.25bn five year facility, as part of a new standalone financing structure to be used after its planned spin-off from Siemens.
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A flurry of refinancings and extensions has helped to reduce the refinancing wall faced by non-investment grade European companies over the coming few years. But these corporates still face some €115bn of debt due before the end of 2016, according to Fitch Ratings.
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Leveraged lenders are becoming so aggressive in their pitches for new LBO transactions in Europe that sponsors are asking them to temper the leverage ratios that they are offering, write Nina Flitman and Stefanie Linhardt. For the first time that market participants can remember, sponsors of deals are stepping down from the frenzied leverage levels being put forward by underwriters for new money paper.
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UPC Broadband has already received commitments to cover the minimum €400m it was seeking for its new term loan ‘AG’, ahead of a late Thursday deadline for lenders to participate.
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Payment processing firm WorldPay is looking to amend and extend its existing credit facilities, increasing its total net leverage to five times, in preparation for a potential disposal of its US business.
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Clearstream settles €750m refi loan