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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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TI Automotive, the UK car parts maker being bought by Bain Capital, is rushing from Monday’s London bank meeting to New York to build support for a €1.07bn-equivalent acquisition loan. Bonds will follow later.
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Mauser, the German industrial packaging group, has won near-unanimous acceptance for its amendment exercise on a $1.6bn leveraged loan, originally closed last July to back its buyout by Clayton, Dubilier & Rice.
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GNF Telecom, the telecoms unit of Gas Natural Fenosa which was bought by Cinven last year, is seeking to cut the margin on a €295m leveraged loan it allocated last July.
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Douglas Holding, the German perfumery chain, has enlivened the leveraged loan market this Monday, launching a €1bn deal that will contribute to its buyout by CVC.
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British Airways is refinancing $1.25bn of credit facilities in a deal that is separate from the €1.4bn loan its parent company, International Airlines Group, is using to buy Aer Lingus.
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Far from being the bunch of cautious stay-at-homes one might expect, it turns out that loan bankers count among their ranks some of the most fearless thrill-seekers in the capital markets.