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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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Aditya Birla Group company UltraTech Cement has wound up a $365m dual-tranche refinancing with five lenders in the syndicate. -
Dexter Axle, the US car axle maker, looks set to allocate its leveraged loan package by Friday midday, after having reduced the size of the deal.
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Fosun Group has hit the limelight following the disappearance and re-appearance of its co-founder chairman Guo Guangchang, who is understood to be assisting Chinese authorities with an investigation. The news has delayed an ongoing syndicated loan for an affiliated company and has prompted bankers to say they will take a more cautious approach towards privately owned Chinese borrowers. Shruti Chaturvedi reports.
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Terex, the US lifting and material solutions company, has allocated $900m equivalent across two term loan facilities yesterday, widening the pricing on both.
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Loans are the last bastion of European corporate finance activity, as the rest of the market falls to Federal Reserve trepidation. But the right message from the Fed could open the door for small, opportunistic trades.
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Tata Motors has allocated its $600m dual-tranche refinancing among a group of 36 banks. The company split the amount evenly between a five year and a seven year despite the longer tenor seeing a higher volume of commitments.
