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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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It is commitments week in the European leveraged loan market this week, after a busy December packed with deals. Nine transactions are due to be priced, with several, including Morpho’s €2.1bn term loan, having already been completed.
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French e-security and biometrics firm Morpho tightened guidance on its €2.1bn-equivalent buyout term loan this week, as the strength of the leveraged loan bid is still squeezing prices. -
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.
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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.
