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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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Shares in Intu Properties, the UK real estate investment trust focused on shopping centres, tanked this week after the company said on Wednesday morning that it has called off its £1bn-plus rights issue due to “extreme” market conditions. -
Coronavirus fears and plunging markets meant a flood of pulled deals in leveraged loans — but a strong backdrop for some, notably French medical diagnostics and testing business Biogroup-LCD which launched a €274.7m acquisition loan into general syndication through JP Morgan and Natixis on Tuesday.
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China Hongqiao Group, an aluminium producer, has returned to the loan market for a $200m borrowing,
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China’s Luxshare Precision is in the market seeking a $500m revolving credit facility, returning to bank lenders after an absence of three years.
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Clayton, Dubilier & Rice has launched a take-private bid for UK based healthcare marketing and PR firm Huntsworth, bidding an enterprise value of £524m for the company. The debt financing for the deal is a $295m term loan and a £35m revolver provided by Royal Bank of Canada.
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Troubled UK tech firm Micro Focus succumbed to miserable market conditions on Monday when it decided to postpone a refinancing and extension of its revolver, promising a return "once market conditions improve".
