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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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Four Seasons Health Care — Gazprom — Angola — Addnode Group
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The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies.
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KKR-sponsored precision engineering company MMI International is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid. -
Succeed Venture is looking to raise a $300m secured loan. In addition to offering security based on a hotel building in Shanghai, the fundraising comes backed by provisions related to the loan-to-value ratio, using the hotel’s valuation as a basis, said a banker.
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Taiwanese cable television operator China Network Systems (CNS) is in the market with a NT$46.742bn ($1.53bn) seven year multi-tranche loan. CNS’s sponsor MBK had originally picked Taiwan’s Wei family to acquire the company in August last year but subsequent scandals surrounding the buyer prevented the deal from going through.
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Privately-owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.
