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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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Retailer Sports Direct has offered to buy Debenhams for around £61.4m in cash, though the companies disagree on whether Mike Ashley’s firm will be able to deal with the department store’s immediate debt servicing requirements. -
Chinese pharmaceuticals company WuXi Biologics has launched a debut offshore loan of $200m through sole lead Standard Chartered.
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Holders of Inmarsat’s 6.5% 2024 high yield notes are recommended to take profits, as the board of the UK-listed satellite company recommended an LBO offer from a consortium of investors. Barclays, Bank of America, and UBS are arranging a $3.625bn term loan and a $600m-equivalent multicurrency revolver to fund the deal.
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Global alternative investment firm Castlelake is tapping the offshore loan market for $685.1m to support its purchase of aircraft from Malaysia’s AirAsia.
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Bank Rakyat Indonesia has closed its $700m offshore syndicated loan, with 15 participants joining during syndication.
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Banks are bringing forward leveraged loans to fund projects from earlier this year, launching them into a strong market buoyed by another round of liquidity support from central banks. New buyout debt for IFCO and a full refinancing for Perstorp join a host of other deals in the market.
