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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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Just when markets usually wind down for summer, they are winding up, after weeks of Greece-induced torpor. Europe’s corporate bond market is swinging back into action, but while investment grade issuers are taking it slowly, high yield is ablaze with 12 deals.
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Die casting machine manufacturer LK Machinery Co has launched syndication for an HK$600m ($77m) three year amortising loan, picking HSBC and United Overseas Bank to arrange the deal. -
After its parent company Altice zipped through the leveraged loan market with a refinancing of revolver drawdowns last week, Numericable, the French cable company, has followed with a similar deal.
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Singapore listed property developer Oxley Holdings has launched an S$110m ($80m) two year bullet into the market. The company has picked one bank to arrange the financing, which offers a margin that steps up based on time elapsed.
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Tata Steel is looking to reprice a $3.1bn refinancing it sealed in 2014 and has asked banks on that deal for feedback. Although the loan is not performing remarkably in secondary, the company will be able to cut costs thanks to its solid banking relationships, said a source who worked on the 2014 borrowing.
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Leveraged loans of €725m backing the merger of French private healthcare groups Vedici and Vitalia are being marketed at a bank meeting today.
