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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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A UK government spokesperson has told GlobalCapital that the UK is exploring ways to support private equity-backed businesses that fall foul of EU rules around state aid. Accredited lenders under the UK government’s emergency corporate loans schemes are rejecting applications by many private equity-backed companies, fearing they do not fit the eligibility criteria. -
JB Chemicals & Pharmaceuticals’ $206m loan is open in general syndication, with the proceeds going to support private equity firm KKR’s acquisition of a majority stake in the company.
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Thai agro-industrial and food conglomerate Charoen Pokphand Foods is in the market for its third syndicated loan of the year, this time through subsidiary CP Merchandising Co.
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Embattled UK clothing retailer New Look is embarking on its second round of credit restructuring in two years, after gaining support from its lenders and the majority of its noteholders for a debt for equity swap. It is planning on reducing senior debt from £550m to £100m.
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Indonesian tanker company Soechi Lines, which is facing a big hit to its shipyard operation, is in discussions with banks for a refinancing loan.
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US corporates under stress from Covid-19 economic shocks, especially those in the real estate sector, have been struggling in their renegotiations of loan and swap agreements as power has flowed back to the banks, writes Ross Lancaster.
