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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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Ares and GE Capital's mid-market debt fund, the European Senior Secured Loan Programme (ESSLP), has increased to €1bn, after completing its 10th transaction, the £120m refinancing of UK cash machine provider Notemachine’s debt. -
Daisy Group, the UK business communications provider listed on Aim, has signed £400m of debt facilities, including a payment-in-kind loan supplied by Ares Management, to support a management buyout.
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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.
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Hong Kong headquartered NewOcean Energy Holdings has signed a $105m three year loan with six lenders. The loan was raised via subsidiary Sound Agents and comes with a covenant relating to NewOcean’s shareholding.
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UK car breakdown recovery firm RAC set out price guidance on its £1.25bn loan at a London bank meeting on Thursday.
