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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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Specialty chemicals distributor Azelis offered a €1bn loan deal to fund its acquisition by EQT this week. It has pre-placed almost half of it amid widening margins in the European leveraged loan market. -
VFS Global, a tech services specialist for governments across the world, is reducing the cost of its subordinated debt by increasing the size of its term loans ‘B’ to pay down more expensive second lien loans.
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Canvest Environmental Protection Group Company has increased its latest offshore borrowing to HK$1.409bn ($180m).
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Powerlong Real Estate Holdings has closed a $305m offshore loan with three lenders.
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Digital payment company Nets has agreed a €515m financing package, as the private equity owned Nordic company prepares to merge with Germany’s Concardis Payment and buy Poland’s Dotpay.
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Banks have been hiring staff to help financial sponsors hunt jumbo take-private deals as opportunities dry up elsewhere, writes David Rothnie.
