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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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Australian employment website Seek has sealed its loan of A$770m ($692.1m) after strong demand from lenders during syndication allowed it to increase the final deal size from the planned A$565m. -
Diaverum, the Swedish operator of dialysis clinics, has mandated five banks to arrange €708m of senior credit facilities, but has yet to pick a left lead.
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Borrowers in Europe’s peripheral countries are likely to increase demand for alternative forms of lending, as small and medium-sized companies across the continent turn away from traditional bank debt, according to a new study by Deloitte.
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The European market will have to wait. After talk that Ceva Santé Animale, the French maker of veterinary vaccines, would raise the first euro-only covenant-lite leveraged loan since the financial crisis, it has now emerged that the €700m transaction will also include a dollar tranche.
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Metaldyne, a US car parts maker, closed a $671m-equivalent transatlantic leveraged loan facility last week. Bank of America Merrill Lynch, which led it, was set to launch another large deal later this week, GlobalCapital has learned.
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Two bankers have left Bank of America Merrill Lynch’s leveraged finance team in New York to join rival banks. Neither has yet been replaced.
