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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 $575m loan for Twin Star Mauritius, a subsidiary of mining company Vedanta Resources, has attracted two commitments since its launch into general syndication in September. But the deal remains open to participants with a few more lenders expected to chip in, said two bankers close to the matter.
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French insurance broker Financière CEP and UK frozen food producer Nomad Foods have launched refinancing offerings to increase the size of existing debt.
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A two-part loan for Singaporean private equity firm Capital Square Partners’ acquisition of business process outsourcing company Aegis has entered into general syndication.
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CPF Investment, a unit of Thai firm Charoen Pokphand Foods (CPF), has approached the syndicated loan market for a $625m borrowing.
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Hong Kong-listed China Tian Lun Gas Holdings has signed its HK$1.25bn ($160m) five year borrowing with a group of nine lenders, said bankers close to the deal.
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Private equity firm Ardian is ready to tap Europe’s leveraged finance markets to fund the acquisition of a controlling stake in Dérivés Résiniques et Terpéniques (DRT), the French plant chemistry specialist, but there are mixed views on the outlook for further M&A-fuelled leveraged finance activity.