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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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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.
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Birla Carbon, part of India’s Aditya Birla Group, has opened its $925m refinancing into general syndication via five mandated lead arrangers and bookrunners.
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The leveraged finance market suffered an unpleasant shock this week, when $5.6bn of loans and bonds for the Carlyle Group’s acquisition of Veritas Software had to be pulled. Bankers were left blaming market sentiment, an aggressive structure — and each other, write Max Bower and Victor Jimenez.
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