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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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Hellman & Friedman transferred Verisure, the Swedish alarm maker, into its ninth fund before Christmas, and has now launched a combined refinancing, dividend and consent deal to releverage the company. The first part of the package in the market is a €2bn loan deal led by Bank of America, with secured and unsecured bonds to follow. -
UK stationery retailer Paperchase has submitted a notice of intent to appoint administrators, as it struggles to cope with the effects of lockdowns and disruption to Christmas sales.
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MUFG has given Darryl D’Souza a new position under Matteo Ferrario, where he will lead part of the bank's strategy for financial institutions.
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Bankers are readying a fat pipeline of new primary projects in leveraged finance, which are likely to meet a deep swell of investor demand, but the starting gun has yet to fire, with high grade and frequent borrowers setting the tone for now.
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UK gambling firm Entain, the former GVC Holdings, rejected a buyout bid from MGM on Monday morning, which could have added a second multibillion gaming deal alongside the Caesar’s bid for William Hill. MGM had offered to pay in stock, but regardless, the year is looking bright for debt-funded UK buyouts, with a healthy pipeline building.
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Fondo Gomma Plastica, Fopen, Pegaso and Previmoda are looking for a direct lender to manage just under €200m of capital, in a push for higher yielding assets.
