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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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Fresenius, the German kidney dialysis company, has seized the day, launching a loan refinancing project of around €3bn only two days after Standard & Poor’s upgraded it to investment grade. -
Giles Borten, former head of EMEA levfin at UBS, has joined ANZ as global head of funds and insurance.
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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.
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A $3.1bn piece of Tata Steel’s $5.6bn multi-trancher was signed in December with 34 lenders. The deal has been singled out for praise by many loans bankers for its structuring that led to success despite the borrower operating in the troubled steel sector.
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European leveraged finance investors are having to get to grips with a new and challenging sector, as a spate of buyouts of technology companies is coming to market - and some investors are anxious that they lack the skills to analyse these credits.
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Exact Holdings, the Dutch software company, held bank meetings for its $460m acquisition loan in New York on Monday, and then presented the deal to European investors in London on Wednesday, a lender base that is usually more chary of the tech sector than its US peer.
