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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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UK forecourt operator Euro Garages held a lender call this morning for a repricing request on its £250m and €585m term loans, a deal one investor on Thursday said was a potential barometer of where market pricing now is. -
Three Chinese companies have been hit by difficulties that resulted in them breaching covenants on international syndicated loans. Despite the cluster of problems, bankers says this does not point to more systemic failure in China Inc. John Loh and Shruti Chaturvedi report.
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Element Materials Technology has agreed to purchase Exova, the laboratory testing specialist, for £620m, with the deal set to bring further new paper to the leveraged loan market.
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Leoch International Technology is in the market for a $150m fundraising that launched into general syndication via three mandated lead arrangers and bookrunners.
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China Orient Asset Management International Holdings is deciding whether to increase the size of its $300m loan after attracting a blowout response in syndication.
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Leveraged finance is once again Europe’s most vigorous corporate capital raising market this week, as investment grade markets remain slumbrous. Five high yield bond issues were mandated on Tuesday, the first day after the Easter holiday, and two cross-border leveraged loan repricings also came to market.
