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Allied Universal launches loans for G4S buyout
US security firm Allied Universal has launched term loan Bs in euros and dollars, the first leg of the financing for its acquisition of UK rival G4S.
21 Apr 2021 -
Taxonomy ducks gas and caves on bioenergy
The detailed rules for the EU Taxonomy of Sustainable Economic Activities look set to come into force, as the European Commission published them on Wednesday, after weeks of intense lobbying and negotiation that had raised the prospect of them being delayed again. Gas will not enter the Taxonomy for now and will be dealt with in separate legislation, but nuclear power could enter the Taxonomy later this year, alarming greens.
21 Apr 2021 -
Germany, Belgium join battle over Taxonomy credibility as it goes to wire
Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. Battlelines are now being drawn over the timing.
20 Apr 2021 -
Virgin Active restructuring to set high street precedent
UK gym chain Virgin Active’s restructuring could set a precedent for restructurings of UK retailers. Dozens of retailers have used ‘CVA’ processes to cut their debt burdens, which typically hits their landlords hard but leaves other creditors unscathed. Virgin Active is instead using the new UK ‘super scheme’ restructuring law introduced last year to try to bind landlords and other creditors alike into accepting writedowns.
20 Apr 2021 -
Opioid maker Grünenthal readies high yield debut months after freeze-out
Grünenthal, the German pharmaceutical firm which specialises in painkillers, is looking to refinance its debt with an inaugural high yield bond, just two months after buyers reportedly shunned the company over ESG concerns around opioid manufacturing.
20 Apr 2021 -
HSE prepares debut bond to take out unitranche
German TV shopping network HSE is preparing a new high yield bond to refinance its existing unitranche debt and pay owner Providence Private Equity a dividend.
20 Apr 2021 -
European loan demand comes in well below expectations for Q1
European loan bankers were wildly optimistic for their hopes for deal flow in the first quarter, after a new survey from the European Central Bank shows that loan demand was 40% less than expected.
20 Apr 2021 -
ESR bags $400m loan
Hong Kong-listed ESR Cayman, a logistics real estate company, has raised a $400m dual-tranche borrowing.
20 Apr 2021 -
Ping An goes wide for $500m borrowing
Ping An International Financial Leasing, a wholly-owned subsidiary of China’s Ping An Group, is casting a wide net for its $500m loan comeback, in a bid to diversify its financing sources — and its banking relationships.
20 Apr 2021 -
No let-up in blistering primary levfin pace
Last week’s heavy levfin supply hasn’t produced a pause for digestion, with five new high yield bonds on Monday joining two announced on Friday for execution this week, despite some recent supply trading down in secondary.
19 Apr 2021