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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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Two bankers have joined the loan syndication team of Agricultural Bank of China in Hong Kong in recent months, according to sources. -
MédiPôle Partenaires, the French private hospital group, has abandoned plans for an IPO after sponsor Bridgepoint decided to sell it to its competitor Elsan, owned by CVC, instead.
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The leveraged finance market has been met this week by a raft of mergers and acquisitions, with four deals announced and several major leveraged buyouts poised for action. Considerable ground needs to be made up, however, if new paper is to offset the glut of repricings that have choked the market in recent months.
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French media technology firm Technicolor added yet another refinancing to the levloan market on Wednesday, with bank meetings scheduled on Friday for a €250m seven year term loan ‘B’.
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Novelis is to refinance debt raised in the US with an Asia loan, becoming the second company in India’s Aditya Birla Group to replace its term loan B with Asian liquidity. With plenty of cost savings on offer, bankers expect more companies to take a similar approach to fundraising, writes Shruti Chaturvedi.
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Papua New Guinea is set to make its offshore syndicated loan debut with a $200m five year facility. Arranger Credit Suisse is holding discussions to expand the top group, according to a source.
