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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
Deal could include $950m of bonds
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Australian healthcare business Genesis Care is borrowing A$1.4bn-equivalent to fund the buyout of 21st Century Oncology’s US business, giving loan investors a rare chance to put money to work at a spread north of 400bp. -
China Datang Corp, a power generation company, is making its debut in the offshore loan market, seeking HK$5bn ($643m).
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Trans Retail Indonesia has caused a stir by deciding to structure its new syndicated loan with a relatively rare two-stage participation fee payment. Although not all banks will be wholeheartedly on board, the borrower’s move is savvy under the circumstances.
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Inovyn, an Ineos entity, is marketing an increase, extension and alteration to €1.064bn of term loans, pushing out maturities from 2025 to 2027 and adding another €250m to its debt stack. But the Ba3/BB- rated borrower is not seeking any margin cut. The 200bp spread is already at the effective floor for European leveraged loans.
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A Dubai World subsidiary has agreed to buy port operator DP World for $13.9bn. The lending desks at Citigroup and Deutsche Bank will be big winners from the debt-fuelled transaction.
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Property company Eisa Holding has returned to the loan market for a refinancing deal through bookrunner First Commercial Bank.
