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Investors eye 2028, 2031, 2032 as big years for loan maturities
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
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Sri Lankan conglomerate John Keells has returned for its resort project financing, cutting the loan size by $50m to $395m in its second attempt. The original $445m facility was delayed after the incoming government in Sri Lanka changed rules on casino licences, which meant banks had to rethink the loan, taking into account the absence of casino revenues. -
Pemberton Capital Advisors, a UK asset manager, has won €547m of commitments for a fund that will lend to mid-market companies in the UK and Europe, adding another player to this increasingly crowded market.
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Last week proved that companies could issue bonds in Europe if they wanted to — Danaher even raised €2.7bn. But this week shows that most of them don’t want to.
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Bumi Armada has signed a loan and standby letter of credit facility worth a $755m with a group of seven banks. The money will be used to take out a bridge loan the company raised in March 2014 for the acquisition and installation of the Armada Kraken floating production storage and offloading vessel (FPSO).
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European corporate and fund services providers Vistra and Orangefield are holding bank meetings for a $700m transatlantic buyout loan, despite uncertain leveraged finance markets.
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BNP Paribas is sounding out lenders for a triple tranche loan that relates to the acquisition of telecom company TDF’s business in France, according to a source.
