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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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China Universal Leasing, which is seeking to change the benchmark of an offshore renminbi borrowing, is now simultaneously looking for a new Rmb800m ($126m) onshore loan. -
Veritas, the IT systems management provider, caught some officials unaware as it held bank meetings on Tuesday for a $2.45bn cross-border term loan ‘B’ backing its $8bn acquisition by the Carlyle Group.
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India’s Aditya Birla Group, which has been in discussions with its relationship banks about refinancing a loan raised in 2011, is likely to launch a new $925m deal before the end of the month.
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Editis, the second largest publishing group in France, has signed €465m of loans to refinance a €480m facility that was due to mature in January 2018.
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Sri Lanka’s Bank of Ceylon, which last accessed the offshore loan market in 2013, is making a comeback for a new $100m borrowing.
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National Bank of Abu Dhabi (NBAD) has reaffirmed its Indian ambitions with the purchase of the Royal Bank of Scotland’s portfolio of offshore loans to the country’s corporates.
