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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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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. -
Australian employment website Seek has increased its loan to around A$770m ($692.1m) from the planned A$565m, after seeing enough demand from lenders in syndication.
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Asia Pacific Boiler Corp is seeking a $300m standby line of credit to fund its proposed acquisition of Million Place Investments. Separately, Brightoil Petroleum, which is acquiring Kerr-McGee China Petroleum, is also funding some of its acquisition via bank loans.
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Kreuz Holdings, a Singapore-listed subsea services provider to the offshore oil and gas industry, is close to wrapping up its $275m five year loan, which will help fund the buyback of its shares by holding company SEA9.
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Paris-based private equity firm Chequers Capital is set to receive a dividend payment from its portfolio company the Accelya Group, after closing a $190m-equivalent loan.
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Swedish shipping company Stena has closed a covenant-lite refinancing loan, having reduced it by $100m to $650m.
