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Investors eye 2028, 2031, 2032 as big years for loan maturities
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
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The number of highly leveraged retailers including clauses in loans that allow them to strip out valuable collateral into separate subsidiaries, out of reach of secured lenders, has reached “extreme” levels, according to loan market sources. -
Transport and tourism services provider Zhuhai Holdings Investment has sealed a successful return to the loan market through an increased HK$2bn ($255.7m) financing. The company, which tapped offshore liquidity after two years away, launched the deal at HK$1.5bn.
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AR Packaging, the Swedish maker of packaging for food, increased its LBO loans with a dividend recapitalisation deal on Tuesday. The move follows a trend of loan borrowers taking on more leverage ahead of new European Central Bank guidance on leverage limits.
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US private equity firms keep an eye on European deals, but their doubts over the eurozone’s future become a deterrent at times. Now that Germany and France are signalling a zealous commitment to the European project, the chance is ripe to regain their trust.
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Medco Energi Internasional, which issued a dollar bond last week, has returned to the debt market for a reserve based lending (RBL) facility for subsidiary Medco E&P Malaka.
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Private equity firms have deployed their direct lending arms in three UK mid-sized deals in the past week, just as public market bankers begin to fret about the effects of Brexit on the sterling market.
