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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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Amdipharm Mercury (AMCo), the UK generic pharmaceuticals group owned by Cinven, has widened pricing on its £984m refinancing and recapitalisation loan, as investors question a £420m dividend for its owners.
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Diesel engine component maker ASIMCO Technologies is in the market for a $120m dividend recapitalisation loan for sponsor Bain Capital (Asia). The deal, which is split into a term loan ‘A’ and term loan ‘B’, is being arranged by a single bank and is offering juicy margins to Asian lenders.
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Danish shipping company Torm has begun discussions with its lenders and Oaktree Capital Management to restructure its debt.
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3i is investing €214m in Christ, the German jewellery and watch retailer, gaining a controlling stake in the company.
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The Islamic Republic of Pakistan has raised the size of its loan to $200m from $150m as one more lender joined with a chunky commitment.
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Hong Kong listed Agile Property Holdings has reached an agreement with its lenders to extend the maturity on a portion of a $475m facility the company sealed in early April that was to fall due in December.