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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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Delek Group - Continental Foods - Heysta Energy - Seadrill - Ardian -
French medical diagnostics firm Sebia has launched a €709m-equivalent loan to back its acquisition by Astorg and Montagu, but some lenders are wary of the deal’s high leverage.
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When Chinese company Wugang Trading launched a loan backed by both a bank guarantee and a letter of comfort from its parent, it immediately caught the attention of bankers eager to mitigate credit risks. Although guarantees and standby letters of credit (SBLC) do not feature regularly in Asian syndications, there are plenty of incentives for companies that take up these structures, write Shruti Chaturvedi and Rashmi Kumar.
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The power of corporate borrowers in the leveraged loan market has taken a beating in the last three weeks. Investor pushback drove changes of terms on a series of deals, the most recent being the term loan ‘B’ portion of a €7.5bn facility for DE Master Blenders. But this is just a blip. Borrower clout in the leveraged market is still growing, and the shift to the dominance of covenant-lite deals looks inevitable.
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UK offshore deepwater drilling company Seadrill has received commitments for a $1.35bn loan secured on three ultra-deepwater units.
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French hotel chain B&B Hotels has allocated a €175m senior secured loan that will refinance existing debt.
