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Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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More than one in 10 European companies had to renegotiate covenant waivers on loans to offset a collapse in earnings from the pandemic, and loans bankers say they are still getting requests from borrowers to amend terms. -
Singapore-listed Manulife US Real Estate Investment Trust has raised a $250m five year sustainability-linked loan from two banks.
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Vietnam’s Masan Group Corp, an investment holding company operating in the food and beverage and consumer retail industries, has increased its borrowing to $350m after receiving strong response from 23 banks during syndication.
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Organon, a spin-off of US pharmaceuticals company Merck, has launched the first $3bn of a $9.5bn capital raising that will give the soon-to-be independent group its own debt capital structure and fund a one-off special dividend to its parent.
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Windscreen repair group Belron, which owns brands such as Autoglass and Carglass, looks set to become the second borrower to raise an ESG-linked leveraged loan in dollars and euros, adding this feature into a broad financing package of new loans and amendments to fund a €1.46bn dividend to owners D’Ieteren Group and CD&R.
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Moody’s downgraded Indonesian textile manufacturer Sri Rejeki Isman (Sritex) by two notches on Monday, as the company faces rising refinancing pressure.
