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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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China ZhengTong Auto Services Holdings, a luxury auto dealership, surprised bankers this week after missing a principal payment on a dollar loan. Pan Yue reports. -
Investindustrial, the European private equity firm, has signed a €600m subscription credit facility linked to environmental, social and governance metrics, as sustainability-conscious finance makes further inroads into the private equity market.
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Hexaware Technologies, an Indian software company majority owned by Baring Private Equity Asia, has mandated nine banks for a $600m take-private loan.
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Chinese property company Agile Group Holdings has launched a HK$3.242bn ($418m) refinancing loan into syndication.
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The US Alternative Reference Rates Committee (ARRC) has updated its reference rate guidance for the move away from dollar Libor that removes the need to get a lending syndicate’s consent. But trade bodies on both sides of the Atlantic do not agree on the details, writes Mike Turner, and some lawyers claim that major issues still need to be addressed before the ARRC-recommended method can work.
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Fives, the French industrial equipment group, has signed a €200m loan backed by the state, as government-backed facilities continue to prove essential to tackling the economic fallout from the coronavirus pandemic.
