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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 open season for repricings in the levloan market and lenders are feeling the squeeze. Two firms, one Austrian and one US, launched requests on Wednesday. They followed SIG Combibloc and Ineos Styrolution’s lead in exploiting ever friendlier conditions for issuers looking for cheaper debt, writes Max Bower. -
Ineos-owned styrene manufacturer Styrolution tightened guidance on its €1.1bn refinancing on Thursday while altering the structure of the deal, in a market dominated by refinancings.
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Hong Kong-based WeLab is set to dip its toes in the Asian syndicated loans market for a $50m borrowing, potentially fuelling a trend of fintech start-up lenders hitting the wholesale market for funds.
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Ardian and Tikehau both announced the closing of €4.5bn and €610m direct lending funds respectively this week, with Tikehau's private debt fund manager Jean-Baptiste Féat telling GlobalCapital that 2016 seemed to be one of its "best years".
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Repricings are bubbling up across the levloan market as two firms, one Austrian and one US, launched repricing requests on Wednesday following SIG Combibloc's lead.
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TMF Group, the business services provider based in Amsterdam, and Unilabs, the laboratory services firm from Geneva, have both launched loan refinancing packages with TMF holding bank meetings last Friday in London, Unilabs on Thursday.
