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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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An increase in fundraising from financial institutions this year has helped an otherwise sluggish Asia ex-Japan syndicated loan market, as borrowers have found opportunistic windows to cut costs and extend maturities. But as corporate credit growth has slowed, bankers are sceptical about business prospects from the FIG sector, writes Shruti Chaturvedi. -
Cabot Credit Management, the debt purchasing and recovery business, has amended its senior secured revolving credit facility and lowered the margin but kept the same group of lenders.
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Flakt Woods, the Swedish air conditioner supplier, allocated its €300m buyout term loan on Wednesday, at notably wider pricing than most other deals in the market of late.
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Corporate bond issuance is continuing at a fast rate in Europe, with three deals on Monday this week and six on Tuesday. But investors have become less willing to accept the tight spreads, yields and new issue premiums that quantitative easing has underpinned for much of this year.
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A number of banks are processing approvals for a club loan being arranged by Hong Kong-based personal loan provider PrimeCredit.
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Swedish financial services firm Lindorff has signed €225m in loans to fund its non-performing loans business and to reduce the group's reliance on its revolving credit facility.
