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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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NYX Gaming Group, the Las Vegas digital game supplier, has announced the signing of £120m of leveraged loans backing its acquisition of UK peer, OpenBet. UK competitors William Hill and Sky Betting & Gaming are partially funding the £270m purchase. -
Pakistan has signed its latest loan at a higher than launch size of $408m, completing the syndication within just three weeks.
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Parque Reunidos, the leisure parks operator, on Monday announced what it hopes will be the largest Spanish IPO for over a year, in a bid to reduce debt and begin to make an exit for private equity owner Arle Capital.
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Chongqing Red Dragonfly Oil has raised a $126m onshore loan with a group of seven lenders joining in syndication.
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Indonesian television broadcaster MNC Sky Vision is back in the loan market for a $275m borrowing with two lenders at the top. The company was recently slammed by a credit rating downgrade because of rising leverage and weakening performance.
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Europe’s private debt market is growing, as companies seek funding diversity and longer maturities than offered by bank loans. GlobalCapital estimates there was €45bn of issuance of private debt to institutional investors last year.
