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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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Avago Technologies, the electronics components manufacturer, has commitments due today at 12pm London time for a new €500m term loan ‘B’ for its $37bn sponsor-backed acquisition of Broadcom Corp. -
Veritas Technologies, the US data storage and management company, has cut the size of its $3.3bn loan package, with replies from investors due today (November 16).
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Videocon Hydrocarbon, which engages in oil and gas exploration, is tapping the loan market for a $75m three year facility and is counting on a standby letter of credit to attract liquidity.
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The Ranger holds banks to ransom for their votes for the Loans Awards.
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Sri Lankan conglomerate John Keells has finally signed its $395m resort financing that spent nearly a year in syndication. The facility was delayed after the country’s new government changed rules on casino licences, which meant banks had to rethink the loan to take into account the absence of casino revenues.
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Standard Chartered is understood to have dismantled its Hong Kong-based project finance team that focused on Greater China, making the division the latest to fall prey to the bank’s restructuring.
