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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
Liquidity event at American manager comes at fraught time for industry
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Corporate bond issuers in Europe were making up for lost time with a slew of deals on Wednesday, after a sluggish start this week with just one deal for Renault’s finance arm RCI Banque on Monday. Books are big and deals are tightening strongly in bookbuild.
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Investment banks' revenues from leveraged finance in Europe rose 146% to $537m in the first quarter from the first quarter of 2016, as the high yield market surged back into life and loan refinancings were ubiquitous.
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CVC has acquired a 25% stake in Spanish oil transportation and storage firm CLH, making it the largest shareholder in the firm.
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Acetow, the cigarette filter maker Blackstone is carving out of parent Solvay, has launched €630m-equivalent of loan facilities for the buyout, four months after it was announced.
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Inovyn, the chlorvinyls firm owned by chemicals group Ineos, and French food producer Labeyrie both joined the bond-to-loan refinancing trend in the leveraged finance market this week, holding a lender call and bank meeting respectively for term loan deals of at least €500m each.
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Investec has added another banker to its corporate and acquisition finance team, to work on leveraged finance and private debt deals.