Leveraged Loans

  • BNPP and Deutsche prep secondary buyout loan for Armacell

    BNPP and Deutsche prep secondary buyout loan for Armacell

    BNP Paribas and Deutsche Bank are marketing a €710m term loan 'B' to fund the secondary buyout of Armacell by PAI Partners, announced just before Christmas. This will be the insulation company’s fifth LBO, so it is well known to lenders, who ought to support the new deal despite a downgrade last year.

  • Loan repricing accelerates but can CLOs keep up?

    Loan repricing accelerates but can CLOs keep up?

    Some of the largest issuers in the leveraged finance universe are repricing their loans, cutting 50bp or more from their margins on the back of strong market conditions and proven performance since the loans were raised. That is putting pressure on CLO managers and equity holders, whose liabilities are tightening too, but more slowly, blocking repricing of the bonds and squeezing returns, write Owen Sanderson and Tom Brown.

  • Palmieri shakes up corp finance at SG

    Palmieri shakes up corp finance at SG

    Société Générale has redoubled its commitment to equity capital markets under a new structure designed to ensure it remains a force in investment banking when consolidation comes, writes David Rothnie.

  • Nouryon, Fluidra continue repricing trend in leveraged loans

    Nouryon, Fluidra continue repricing trend in leveraged loans

    Dutch chemicals giant Nouryon is attempting an elephantine repricing of a €5.6bn loan. Nouryon is following Spanish Fluidra, a pool manufacturer, which announced a €300m repricing on Tuesday, and UK-based data company Refinitiv, which set a more favourable price for its €2.33bn loan last week.

  • Röhm buyout loan returns to syndication

    Röhm buyout loan returns to syndication

    Advent’s buyout of German chemicals company’s Evonik’s acrylic unit last year is still haunting the leveraged loan market. The banks are relaunching syndication of €977m and $612m of term loan Bs, hoping that investors will find the credit more attractive this time around than when it was first syndicated.

  • Wafer-thin margins for giant Froneri financing

    Wafer-thin margins for giant Froneri financing

    Froneri, a PAI Partners-backed ice cream company, is syndicating the financing for its acquisition of Nestlé’s US ice cream business, raising €5.7bn-equivalent of first and second lien debt across three currencies.

  • NatWest Markets joins leveraged loan swap market

    NatWest Markets joins leveraged loan swap market

    NatWest Markets has started to offer currency swaps on leveraged loans, with its first ‘perfect asset swap’ traded in December. It joins just two other banks regularly offering the product, which is crucial for connecting the sterling leveraged finance market to the deep demand created by euro-based CLO buyers.

Leveraged loans news archive