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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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Taiwan Cement Corp has re-launched its $1bn loan into syndication, after its going-private deal failed to gather shareholder approval earlier in the year. Now the company has revised some of the terms and changed the final purpose of the fundraising ahead of opening to the market. -
German industrial packaging group Mauser has priced the tranches of its $1.6bn acquisition loan at the tight end of guidance and inside it, while keeping covenant-lite terms on all tranches but one.
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DE Master Blenders, the Dutch coffee company, has shifted €1bn of its €7.5bn acquisition loan out of term loan 'B's and into an extra term loan 'A', as bank demand has proved stronger than expected, even outstripping that from institutional investors.
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UK frozen foods producer Iglo has set guidance on the sizes and prices of most tranches of its €1.3bn refinancing loan, which includes covenant-lite portions.
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German-Swiss steel firm Schmolz + Bickenbach has signed a €450m refinancing loan and extended its €300m asset-backed securities programme until April 2019.
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Independent Clinical Services, the UK temporary staff provider for health services, is raising a £239.5m loan to back its acquisition by Towerbrook Capital Partners.
