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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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David Lloyd Leisure, the TDR Capital-owned UK gym and spa firm, and Cooper, the French pharmaceuticals distributor, widened loan pricing this week as the leveraged market became increasingly selective. -
David Lloyd Leisure, the TDR Capital owned UK gym and spa firm, is widening pricing on its £380m debt offering after prospective lenders missed the Tuesday commitments deadline.
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Reserve Bank of India has issued a new framework to regulate offshore borrowing by Indian companies. While the changes are aimed at reducing the stress in the country’s banking system, the rules have led to bankers questioning how they will adjust to the new regime. Shruti Chaturvedi reports.
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State-owned refiner Bharat Petroleum Corp has sent out a request for proposals for a $200m deal, coming to the market eight months after it cancelled a loan in favour of a bond.
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Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year facility and is offering banks an attractive yield of more than 300bp.
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Cooper, the French pharmaceuticals distributor, has priced the term loan ‘B’ for its acquisition by Charterhouse at 475bp over Euribor, with an original issue discount of 99.5, the wide end of initial talk that began at 450bp.
