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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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Refresco, the Dutch soft drinks and juices bottle maker, has rejected a €1.4bn buyout approach from PAI Partners, only two years after it floated at a valuation of around €1.1bn. -
China Huishan Dairy Holdings’ credentials have gone from bad to worse after it said on Monday that an event of default has been declared on its $200m loan, once again turning the spotlight on lending to non state-backed firms. While some bankers shrugged off the matter as a one off, others fear that getting lending approvals is set to become even more difficult. Shruti Chaturvedi reports.
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French dough maker Cérélia has launched a €345m loan package for its acquisition of Canadian cookie and muffin maker English Bay Batter, joining UK nurseries firm Busy Bees in signing a roll-up acquisition.
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Asset managers are looking to buy a piece of a $405m loan that is being restructured for Royal Industries, according to bankers on the deal. The Indonesian palm oil seller proposed the restructuring after failing to pay its first and second instalments.
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Citi has appointed a new head of global capital management for EMEA and new co-heads of EMEA loans and has hired a new co-head of leveraged finance EMEA, as it reorganises its leveraged finance and loans businesses within the global asset managers group.
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Bain Capital and Cinven have agreed to buy Stada, the German generic pharmaceuticals firm, for €4.1bn, in the biggest private equity acquisition of a European company for four years.
