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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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Siemens Audiology Solutions, the hearing aid maker, has launched the €1.06bn bond and cov-lite loan package that will back its buyout by EQT.
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Syndication for the $3.2bn portion of Tata Steel’s $5.6bn borrowing is progressing well, with the deal already receiving $750m worth of commitments, said a banker. Nine banks have committed so far and a handful more are expected to join before close.
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Yildiz Holding, the Turkish food manufacturer, has announced details of the debt package that will back its buyout of United Biscuits, in advance of a London bank meeting on Friday.
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Fresenius Medical Care, the US subsidiary of German global healthcare group Fresenius, is closing books on a $4.2bn refinancing loan this week, offering margins at a level more familiar to investment grade borrowers than those in the double-B pocket.
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Pulsant, the UK IT business services company, has syndicated leveraged loans backing its buy-out by Oak Hill Capital Partners.
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UK biscuit maker United Biscuits has given guidance on the currency split of the £760m-equivalent term loan ‘B’ slice of its leveraged buyout by Yildiz.