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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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Synsam Nordic, the Swedish optical retailer, closed books on Skr3.15bn ($349m) of senior secured credit facilities on Tuesday. -
Alstom Auxiliary Components has set tranche sizes for a €430m-equivalent loan, which will finance its purchase from Alstom by private equity fund Triton.
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Three banks are understood to be providing underwritten debt financing to the tune of $600m-$650m to back KKR’s S$1.39bn ($1.1bn) buyout of Singaporean packaging company Goodpack, in a deal which will mark the private equity firm’s largest ever investment in southeast Asia. The move has led leveraged bankers to speculate that PE firms are now looking at opportunities outside of China to buy assets.
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The minor sell-off in corporate credit of the past fortnight has come to an end. The spread widening that followed news in mid-May that Italy’s GDP had fallen in the first quarter has mostly been reversed, helped by a recovery in European share prices. As many predicted, this was no rout but a temporary correction.
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Two months after Chinese hotel chain 7 Days Group Holdings made headlines for 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.
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The leveraged loan market has hosted some atypically big M&A deals over the last few months, including most recently €7.5bn for DE Master Blenders. But these attention-grabbing deals cannot hide the continued paucity of deals in the mid-market.
