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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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French funeral group OGF launched a €960m cov-lite term loan ‘B’ this week as minority owner Ontario Teachers’ Pension Plan plans to increase its stake to 74%. -
Tele Columbus led a band of issuers piling back into the leveraged loan market for repricing requests this week, ahead of an expected wave of new leveraged buyouts in Europe.
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Volkswagen’s main borrowing entities have not issued unsecured bonds since the company became embroiled in its diesel emissions test cheating scandal in September 2015. Last week, however, the company took a first step back, with a €900m Schuldschein issue for its financial services arm.
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HSBC is understood to be considering transferring a banker from London to take over leveraged and acquisition finance responsibilities for Asia Pacific. This follows the departures of senior Hong Kong-based bankers from the levfin and sponsor coverage teams last month.
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Cerba Healthcare has released price guidance of just 325bp-350bp on its €544m buyout term loan, squeezing the tightening of recent repricings even further.
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Coating resins business Allnex launched a €425m-equivalent incremental term loan dividend recapitalisation this week, the fourth such deal this year, on top of its repricing request on existing facilities.
