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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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US based-Novelis, part of Indian company Aditya Birla Group, has lined up a syndicate of 10 lenders to arrange an Asia loan that refinances a $1.8bn US term loan B from last year. -
The head of leveraged finance at M&G Investments, one of the longest serving fund managers in the European levfin market, is to retire at the end of this year after 12 years at the firm and 38 in the wider industry.
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Calcium aluminate maker Kerneos has cancelled its proposed €445m term loan ‘B’ refinancing deal, with French industrial minerals maker Imersys set to buy the firm from sponsor Astorg Partners.
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Philips is set complete the divestment of its lighting businesses next year, with US private equity firm Apollo Global Management agreeing to acquire its Lumileds LED unit at a $2bn valuation.
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Central China Real Estate has hit the market for a $150m syndicated loan that will go towards refinancing outstanding — and more expensive — bonds.
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Property developer Country Garden Holdings has signed a $1.5bn dual currency syndicated loan for general corporate purposes, including prepayment of debt.
