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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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It’s been a long time since the European investment grade corporate bond new issue market fell silent for eight days, but that has just happened, as a volatile Bund market and worries about Greece’s fraught negotiations with its creditors have made issuers and investors wary of the primary market.
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Women’s clothing maker E-Land World has received a good response for its $200m dual tranche borrowing, which could lead the company to increase the facility's size. Bankers attributed the deal’s success to the company’s steady growth in China and attractive pricing.
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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.