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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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Africa Loans — Bulgarian Energy Holding — OSN — Conviviality -
Axis Bank has begun sounding out lenders for a $274m loan related to Indian pharmaceutical firm Strides Arcolab's recent acquisition in Australia.
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Philippines’ Petron Corp, which recently amended covenants on a 2014 borrowing, has hit the market for a $550m refinancing that was funded in July.
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Tractel, the French maker of lifting machines being bought by Cinven, held a bank meeting on Wednesday morning, to present to potential investors the terms of its new €235m all senior loan package.
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Hong Kong Tian Yuan Manganese International Trade, which sent out invitations for a $150m loan this week, is now understood to have cancelled the transaction after second thoughts on the impact of a weaker renminbi.
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Tata Steel’s attempt to cut pricing on a $1.5bn portion of a loan completed in 2014 has met resistance from lenders, who are concerned about the outlook of the company’s sector. With the borrower also understood to be looking at tweaking covenants, the transaction is proving to be a test of client-bank relationships. Shruti Chaturvedi reports.
