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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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Swissport, the air cargo handling company, has removed the US dollar tranche from its €1bn equivalent (Sfr1.145bn) debt package for its acquisition by HNA, a Chinese private equity firm. -
Abengoa may be nearing the end of the line. After umpteen upsets and false dawns since it shocked the market a year ago by making conflicting noises about whether its green bond was full recourse, Abengoa is now on the verge of bankruptcy.
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Groupe Fnac, the French book, music and electronics retailer, has signed €865m of loans for its €615m acquisition of Darty, the London and Paris-listed French electricals retailer.
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San Miguel Corp, which is looking to set up a new mobile network joint venture in the Philippines, is seeking as much as $1.1bn for it, via a combination of onshore and offshore loans.
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India’s Reliance Industries signed its $1.47bn dual-currency loan at the end of last week in Dubai, with the deal sealed following commitments from a group of around 30 lenders.
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Coopération Pharmaceutique Française, the French pharmaceuticals distributor known as Cooper, has bank meetings scheduled on Wednesday for more than €350m of new debt for its leveraged buyout by Charterhouse.
