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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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Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company. -
Dividend recapitalisations are picking up in Asia, with a number of private equity firms tapping the loan market in recent months. Asian lenders have traditionally been reluctant to lend for such purposes, but have become more familiar with PE sponsors and more comfortable with the structure. It helps that such deals are offering juicy margins at a time when top tier credits are paying peanuts, writes Shruti Chaturvedi.
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Fresenius Medical Care, the US subsidiary of Fresenius SE, is closing books on a $4.2bn refinancing loan today, offering margins at a level more familiar to investment grade borrowers than double-B credits like Fresenius.
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CVC Capital Partners-owned internet service provider Hong Kong Broadband Network (HKBN) is sounding out banks for a loan of around HK$4.5bn ($580m), according bankers.
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Europe’s corporate bond market is in overdrive. The pace of issuance is frenetic, and the diversity of issuers startling.
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CVC Capital Partners has hired Tomas Ekman as a partner in its Stockholm office.
