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Direct lenders take the initiative as banks step back
In recent weeks, private credit and direct lenders have brought more certainty to borrowers as capital markets were roiled by tariff chaos
Banks already working on deals in the industrials and chemicals sectors
As Ares raises the largest direct lending fund, Goldman Sachs reorganises to serve the trend
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Final commitments were due on Thursday for Euro Garages’ €1.16bn of loan facilities backing its merger with European Forecourt Retailer, while New York listed beauty firm Coty has commitments due Friday on its repricing and €325m add-on to its term loan ‘B’. -
Advent’s €2.43bn acquisition of French software solutions firm Morpho is supported by 13 banks, according to one banker, with up to €2bn of loans expected to be marketed by early November.
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Coffee maker Jacobs Douwe Egberts (JDE) and education publisher Infinitas both held lender calls on Tuesday for refinancing deals, though merger and acquisition financing could subdue the latest spate of repricings in leveraged loans, one senior banker said.
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Luceco, a maker of electrical wiring products and LED lights, made its debut on the London Stock Exchange on Monday after raising £93m, amid an IPO market in which many bigger and higher profile deals have come to grief.
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Three deals priced in the leveraged loan market on Friday, all at the tight end of guidance, with SFR and Platform increasing the size of their euro offerings.
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French telecoms firm SFR launched a $2.4bn-equivalent refinancing with a lender call on Tuesday afternoon, aiming to lower margins by as much as 100bp despite a poor performance this year, while Eircom closed its repricing on Wednesday evening.
