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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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Europe’s investment grade bond market is in fine form, as a parade of grand borrowers entered the market for the highly attractive funding available in euros. High yield, on the other hand, has been rocked by the implosion of Phones 4U, the UK mobile phone retailer.
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Dutch business publisher Bureau van Dijk has reached the deadline for commitments on its €845m loan, with small changes expected to the tranche sizes and perhaps pricing.
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Taiwan Cement Corp’s dual tranche loan was signed on September 4 among 18 lenders at $1.07bn, higher than the launch size of $1bn.
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Chinese Taiyuan Iron & Steel Co (Tisco) has launched a $100m three year bullet loan into limited syndication. The facility is being borrowed by Tisco Stainless Steel HK and has Standard Chartered as bookrunner.
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Michael Hart will join Carlyle as managing director and president at Carlyle GMS Finance, which invests in US mid-market companies.
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Leveraged finance lenders are assessing the structure and leverage of Bestway, the UK food wholesaler that is buying Co-op Pharmacy’s owner, after a bank meeting on Friday to market a £725m loan for the acquisition.