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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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Iris World Enterprises, an affiliate of Taiwan's Foxconn Technology Group, has picked three banks for its $300m borrowing. -
Azelis, the Antwerp-headquartered speciality chemicals distributor, will hold bank meetings in New York tomorrow and in London on Monday for a $675m transatlantic acquisition loan.
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Jindal Steel & Power and Tata Steel are seeking covenant waivers on their respective offshore loans, putting the spotlight on tough conditions facing their industry. India’s steel companies, which expanded rapidly over the past few years, are strapped with a heavy debt burden amid lower earnings, forcing them to restructure their existing fundraisings. Shruti Chaturvedi reports.
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Global Blue, the Swiss tax-free shopping company, is seeking new term loans ‘A’, ‘B’ and ‘C’, totalling around €260m, according to an investor.
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Anheuser-Busch InBev has secured a $75bn syndicated loan, which has been described as “the world’s largest ever loan”, for its £71bn recommended acquisition of SABMiller.
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Santander has completed an overhaul of its London loans team, with four new hires that it hopes will lead the bank to the forefront of Europe’s corporate finance business. The Spanish bank wants a bigger role in high level acquisition finance in western Europe and is also investing in CIB divisions in Asia, eastern Europe and the US.
