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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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Rottapharm Madaus, the Italian drug firm that pulled its IPO amid tough markets just three weeks ago, has been acquired by a Swedish peer at a valuation nearly 20% above the top of the range in the failed IPO. Meda will finance the €2.3bn deal through the debt and equity markets. -
The telecoms arm of Spanish utility Gas Natural Fenosa is set to allocate its €325m acquisition loan on Thursday.
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7 Days Group Holdings has closed its fundraising at $300m, fully exercising a $50m greenshoe, as the deal was oversubscribed thanks to relationship banks piling in.
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Integrated oilfield services provider SPT Energy is in the market with a $100m facility that is being arranged by China Citic Bank International.
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Taiwan Cement Corp’s $1bn loan, which launched into syndication at the beginning of July, is expected to go up in size after getting a great response. Ten banks have already committed to the deal and 10 more are processing their approvals, according to bankers.
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Reliance Industries’ telecom arm Reliance Jio Infocomm (RJIL) is seeking feedback from banks on a $1.5bn loan that is likely to hit the market in the autumn. The proceeds will be used to refinance a facility that the subsidiary signed in 2011.
