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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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Pan-European car park operator Apcoa has released price guidance at 450bp with a 0% floor on its €325m seven year term loan ‘B’, a deal that follows a restructuring in 2015 that led to distressed debt investor Centerbridge taking over the firm. -
Commerzbank has chosen a new head of its UK corporate banking operation and a new head of international loan origination as part of a reshuffle of senior bankers.
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The corporate bond market is picking up momentum again, with almost €3.5bn of debt printed already this week, and investors say issuance can continue apace if Europe’s economies continue to improve.
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CVC has agreed to buy Polish retailer Żabka Polska from Mid Europa Partners, in what the latter says is the largest private equity exit in Poland to date.
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KKR has agreed to buy up to a 40% share in Telefónica’s telecoms infrastructure division Telxius for €1.275bn, adding further to a growing buyout pipeline in Europe.
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The successful placement of an outbound acquisition financing for Indian company Intas Pharmaceuticals has put the spotlight on rules barring Indian banks from supporting local M&A. Intas’s loan has demonstrated that the country’s lenders are well positioned to structure and distribute complex deals with cross-border elements. It’s time for the regulator to rethink rules on domestic transactions.
