Leveraged Loans

  • M&A shows resilience but still far from resurgent

    A $5bn take-private of Spanish telecoms operator MasMovil is the first sign of the return of M&A deal-making. But as bankers work frantically behind the scenes to rebuild the market, the big, integrated houses look set to dominate, writes David Rothnie.

  • Kion turns to KfW for heavy lifting on loan

    Kion turns to KfW for heavy lifting on loan

    Kion, the German crossover-rated forklift truck maker, has signed a €1bn crisis funding facility, becoming the latest company to turn to KfW’s loan scheme to get through the coronavirus pandemic.

  • Chinese banks double down in SSDs

    Chinese banks double down in SSDs

    Many felt that Chinese banks, key investors in Schuldscheine, would pull back from the market as the pandemic hit. This has been far from the case.

  • Crisis Talk — with Jeremy Ghose, global head of Investcorp Credit Management

    Crisis Talk — with Jeremy Ghose, global head of Investcorp Credit Management

    Investcorp's Credit Management business is one of the largest CLO issuers in Europe, with 24 deals under its belt, and a firm focus on the large cap, broadly syndicated market. GlobalCapital spoke to its boss, veteran leveraged finance investor and banker Jeremy Ghose, about how the coronavirus crisis has changed the LBO market, what CLOs will look like in the future, and the grim outlook for direct lending.

  • Investcorp raises Mount Row fund to scoop up bargain loans

    Investcorp raises Mount Row fund to scoop up bargain loans

    Investcorp said on Tuesday it had raised a new €318m loan fund to acquire "high performing loans at discounted levels" from large cap issuers in the European market. The fund will be leveraged and aim for returns in the mid teens.

  • Covid-19 can’t excuse corporate mismanagement

    Covid-19 can’t excuse corporate mismanagement

    For a failing business, the coronavirus pandemic has offered the perfect excuse. With so many well-managed companies forced to close their doors during lockdowns, record unemployment across several countries and a severe global recession on the cards, who can blame a management team or its backers when a corporate is on the edge of collapse?

  • 'Market darling' MasMovil ready to revive LBOs

    'Market darling' MasMovil ready to revive LBOs

    KKR, Cinven and Providence Private Equity have launched the first post-Covid take-private LBO attempt, targeting Spanish telecommunications company MasMovil with a €3bn takeover offer at €22.50 a share, giving the company an enterprise value of around €5bn. Barclays, BNP Paribas and Morgan Stanley have underwritten the financing for the buyout.

  • Green convertibles arrive with Neoen blowout

    Green convertibles arrive with Neoen blowout

    Neoen, the French solar and wind energy producer, has issued the first green convertible bond in Europe — and investors’ eager reception of the deal suggests these instruments could be as popular in the equity-linked market as they have become in the straight bond market.

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