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Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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HKR International, a conglomerate with operations in property development and healthcare, has turned to the loan market after five years for a HK$3.35bn ($432m) facility. -
Ineos Styrolution, the styrenics supplying unit of Ineos, has signed a number of loan facilities to support its $5bn acquisition of BP’s aromatics and acetyls businesses. There were roughly $9bn in commitments from 23 banks.
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The Vanguard Group, the US asset manager which pioneered low cost, index-tracking investment, has sold $3bn worth of private placements. According to GlobalCapital data, this deal is the largest ever recorded in the US private placement market.
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Taiwan’s Cheng Loong Corp, a paper maker, has closed syndication of a $130m borrowing with nine banks.
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Credit Suisse has given staff including Jeff Cohen new positions and is also creating a new energy and infrastructure group.
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India’s Adani Green Energy is in talks with banks for project finance of more than $1bn, which some bankers think is ambitious.
