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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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A $550m borrowing for Bank Rakyat Indonesia’s (BRI), which is due to be prefunded by a club of 11 banks, is expected to go into general syndication. Lenders are waiting for Bank Indonesia approval and are targeting signing by the end of August, with the first drawdown in the first week of September. -
A Standard Chartered led borrowing for automobile parts maker Zhongding Hong Kong will see the company fully exercise a greenshoe, taking the loan size to €150m ($165m). Eight banks have committed to the facility during general syndication and two more are processing their approvals.
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Côte Restaurants, the UK chain of French-styled restaurants being bought out by BC Partners, has avoided general syndication and allocated a £138m leveraged loan with early bird lenders.
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Cinven has mandated three banks to arrange a leveraged loan financing for its acquisition of Tractel, the French provider of equipment for working at height.
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Depo Auto Parts Industrial has parked for an NT$7bn ($224.5m) five year financing, with one bank in the driver’s seat.
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UBS is breathing new life into its European leveraged finance operations, hiring a new head of origination to ready the troops for the fourth quarter — the first big hire in Europe for David Slade, who joined to run the team in April.
