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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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A combination of high demand, asymmetric advice and aggressive borrowers is crushing protection terms for leveraged loan investors in Europe, according to fund managers, analysts and lawyers. But the level of demand means that more cov-lite deals emerged this week. -
New York-listed aircraft leasing company Aircastle, owned by Japan's Marubeni Corp, has returned to the loan market for a $250m revolving credit facility.
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Barito Pacific and Bank Rakyat Indonesia have returned to the international loan market for new fundraisings.
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The high yield bonds being issued to support Apollo’s acquisition of hospital group LifePoint Health include carve-outs that allow the private equity firm to pay itself dividends by securitizing LifePoint’s property and equipment without falling foul of additional debt and restricted payments covenants.
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The newly formed Tritax EuroBox is buying a real estate asset in Germany, weeks after the European arm of the UK logistics company signed its debut revolving credit facility.
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A fund owned by Apax Partners has signed a €140m-equivalent revolving credit facility, with the private equity firm switching lenders for the deal.
