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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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Spain’s El Corte Inglés has signed a €1.311bn short-term revolving credit facility, with the department store returning to the loan market twice in quick succession to make sure it has the cash to ride out the next year. -
Whitbread, the UK hotel and restaurant company behind Premier Inn, has amended a clause in its debt documentation which could have left it liable for technical default. One source said several companies may have to go through a similar amendment process.
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Logan Property Holdings has joined a few Chinese real estate companies in the offshore loan market, seeking a HK$2bn ($258m) borrowing.
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BMW has raised €200m from a single investor in the Schuldschein market, according to several market sources. Arrangers are talking with Schuldschein investors to gauge appetite for German auto manufacturers as the Covid-19 pandemic wreaks havoc on corporate earnings.
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Italian-American car company Fiat Chrysler Automobiles has signed a €3.5bn bridging facility, as the company becomes the latest to secure bank funding while it waits for calmer times in the capital markets.
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Taiwanese banks have triggered a market disruption clause on a recent loan signed by Indonesian company BFI Finance. The move, which allows lenders to increase the margins they earn on deals, is being considered for numerous other transactions too, GlobalCapital Asia understands.
