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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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Philippines’ Petron Corp is tapping the syndications market for $600m to partly refinance a term loan due next year, as well as some peso-denominated notes. -
Gates Global, the power transmission belts maker, held a lender call on Friday afternoon London time for a $300m-equivalent euro term loan ‘B’ add-on, having tapped its 2022 bonds on Thursday.
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Stada, the German pharmaceuticals firm, has invited private equity bidders to raise their offers for a potential buyout, after a board meeting this week. If the LBO occurs, it would be the largest in Europe since 2015.
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Taiwanese semiconductor company GlobalWafers Co has wrapped up a $350m dual tranche acquisition financing with a group of local lenders. The same banks have also provided $200m to refinance the debt of the target company SunEdison.
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Netherlands-based telecoms firm Altice, one of the European leveraged finance market’s leading issuers, held a lender call at 3pm London time on Thursday for €1.6bn of loan refinancings in euros, and more in dollars.
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Cerba has increased its buyout term loan to €794m after dropping a planned bond. It is the second successive large cap buyout this year in which that has happened.
