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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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German styrenics producer Styrolution has widened pricing on its €1.05bn-equivalent five year term loan ‘B’, amid concerns from investors about its business model. -
Private equity firms are sounding out banks for a loan to finance their purchase of a stake in Indian firm CMS Info Systems from Blackstone, which is currently the majority owner.
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Hong Kong listed Poly Property is close to wrapping up an HK$5bn ($645m) club loan to finance the construction of residential projects in Kai Tak.
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Vedanta subsidiary Sesa Sterlite, which opened a $500m refinancing loan into general syndication on September 12, has pushed back the deadline for the fundraising.
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Cosmetics packaging company HCP Global, which pulled a US targeted loan of $380m in August, has launched a Taiwan targeted syndication for $360m for its dividend recapitalisation instead. The company, which has picked four banks to lead the new deal, is offering generous margins in light of the use of proceeds and the high leverage the company will be left with.
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Poultry feed producer Charoen Pokphand (CP) Indonesia’s $350m dual currency loan, which comes with a $50m greenshoe, has entered general syndication.
