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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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LGC, the UK life sciences company being bought by KKR, has tightened price guidance on its €350m euro term loan ‘B’ and accelerated its deadline.
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Tata Power subsidiary Bhira Investments, which has picked six lenders to arrange a refinancing of a $460m facility, is stretching the tenor of the new loan to five years.
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Chinese hospital group Phoenix Healthcare has terminated an undrawn $150m loan raised in February 2015 due to the instability in the foreign exchange rate.
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Only one lender is understood to have made a commitment to join China Shengmu Organic Milk’s $120m three year facility, which has been in syndication since December.
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While almost all financial markets have been stricken with fear so far this year, Europe's leveraged loan market has been surprisingly buoyant, with a healthy flow of deals and plenty of interest from investors — though the sister high yield market is a desert. Max Bower and Victor Jimenez report.
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China’s Haier Group is expected to use bank loans to fund up to $3.3bn of its forthcoming $5.4bn acquisition of US-based GE Appliances. Bankers have predicted an onshore China takeout, but the fundraising structure has not yet been disclosed, reports Shruti Chaturvedi.