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A slow destruction of misallocated investment is more likely than a sudden stop
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
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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.
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US data centre firm Equinix launched a €500m seven year term loan ‘B’ at bank meetings this week, following its announcement of plans to acquire a portfolio of data centres from Verizon for $3.6bn.
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Apollo-owned French glass maker Verallia launched a €1.375bn term loan refinancing with a lender call on Thursday afternoon, its first deal since its failed €500m pay-if-you-can dividend recap offering in October.
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The syndicate that supplied a $405m loan on which Royal Industries defaulted, is waiting for one last bank’s go-ahead for the borrower’s waiver request. All lenders must sign off the changes before they can be implemented.