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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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Airline Garuda Indonesia is seeking a loan of $200m with a three year tenor, roughly seven months before one of its old financings falls due. -
Indian company Tata Communications is close to wrapping up its $240m fundraising, with commitments worth $160m already firmed up.
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Indonesian telecommunications company Tower Bersama Group is seeking a club loan of up to $300m, and sent out a request for proposals to banks last week, joining a raft of other Indonesian issuers in the market.
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French cable company Numericable will raise €11.64bn-equivalent of bonds and covenant-lite loans to back its acquisition of Vivendi’s mobile phone unit SFR.
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Diaverum, the Swedish operator of dialysis clinics, has successfully raised €884m of loans to refinance debt.
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The resurgence of covenant-lite loan issuance in Europe bears much resemblance to the pre-crisis craze for loose terms on risky debt. It may benefit borrowers, but in the long run both banks and investors risk paying the price of repeating errors past.
