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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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China’s Hefei Guoxuan High-Tech Power Energy has tapped the offshore loan market for the first time, unveiling a $300m loan. -
After releasing first quarter results, Canadian drugmaker Valeant is again looking to refinance old debt with less restrictive facilities, announcing a new $5.3bn refinancing package on Thursday.
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Lloyds Bank has replaced Ian Baggott, its head of loan markets.
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Interserve, the struggling support services and construction firm, has signed an £834m-equivalent three year refinancing facility, just months after it narrowly avoided breaching a covenant on its old debt.
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Fundraising for private debt in Europe has slowed, but a new pan-European private debt fund from US house Muzinich targeting mid-market businesses, had raised €460m at its third close this week. The final close is expected later this year.
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ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.
