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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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Two months after Chinese hotel chain 7 Days Group Holdings made headlines with its return to the market for a $300m recapitalisation loan, the deal is finally taking shape with a soft launch into general syndication this week. -
A $150m loan to back the leveraged buyout of Minacs, the business process outsourcing unit of Indian company Aditya Birla Group, has opened into general syndication, with pricing on the deal starting at 475bp over dollar Libor based on a leverage grid.
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The international arm of Taiwan’s Chailease Finance is tipped to mandate three banks for its latest fundraising of $120m, according to a banker.
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Chinese company Bright Food (Group), which this month announced the acquisition of a 56% stake in Israel’s Tnuva, has sent out invitations to banks for a loan of around $800m to back the purchase.
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It has been slow going but Giant Interactive’s $850m five year leveraged buyout financing is gaining traction in general syndication, with commitments from three Taiwanese lenders, one of which has joined at the highest ticket level.
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Shanghai Prime Machinery Company is acquiring the Netherlands’ Koninklijke Nedschroef Holding, an automotive fastener supplier, in a deal worth €325m ($442.6m) expected to be partly funded via debt.
