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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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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. -
Private healthcare group Generale de Santé will hold a bank meeting this week for a €1.75bn loan to back its takeover by Ramsay Santé.
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Wugang Trading has launched a $150m three year bullet loan into syndication, and is counting on a guarantee from Industrial and Commercial Bank of China to mitigate against the risks faced by the iron and steel sector.
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Using a special purpose vehicle, Dutch port terminals developer Heysta Energy has priced the €350m facility that backs its buyout of HES Beheer.
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Philippines-based oil refining and marketing company Petron Corp, which opened up a $300m loan into senior syndication towards the end of May, has now wrapped up the top level phase.
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Telecommunications company Indosat has issued a request for proposals to banks for a loan of $850m, which will comprise a revolving credit facility as well as a portion targeting export credit agencies.
