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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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Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads. -
Europe’s supply and demand in primary markets for corporate high yield debt has eased and fund managers like the new climate. Lower supply would afford debt buyers a better opportunity to check on deals and push back when needed, some said this week.
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McGraw-Hill Global Education has obtained a payment in kind (PIK) term loan from funds advised by Guggenheim Partners and Ares to help refinance its 2019 PIK toggle notes, five months after it pulled a PIK toggle bond aimed at achieving the same goal.
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Cambodia’s Prasac Microfinance Institution has launched a $50m three year term loan with a $50m greenshoe option into syndication.
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Vietnam’s Nghi Son 2 Power, which counts Japanese trading and investment conglomerate Marubeni Corp as one of its investors, has raised a $1.869bn project loan from a group of mainly Japanese lenders.
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Hong Kong-listed Canvest Environmental Protection Group Company, a waste-to-energy provider, is seeking a $150m-equivalent borrowing denominated in Hong Kong dollars.
