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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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New York-headquartered Multi Packaging Solutions allocated its multi-currency term loan refinancing late on Tuesday afternoon, with several more deals scheduled to have followed this week. -
Specialty chemical manufacturer Platform and Irish telecom firm Eir both launched major refinancings this week, looking to tap into a market where nearly everything on offer is being tightened from initial guidance.
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Ufinet has tightened price guidance on a €124m dividend recapitalisation term loan, while increasing the offering to €135m, as Ammeraal Beltech’s €85m dividend recap also tightened from initial guidance this week.
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Froneri, the joint venture vehicle between R&R Ice Cream and Nestlé, has added an Australian dollar tranche to its €800m equivalent term loan ‘B’ as banks have reportedly took much of the deal, while Israeli plastics manufacturer Keter removed the US dollar tranche to its own €690m buyout loan.
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UK asset manager Pemberton launched a £500m mid-market all-sterling direct lending fund this week, with one market participant arguing that opportunities in the space will expand because European banks are “the worst pricers of credit” in the market.
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The oil and gas exploration firm DEA, owned by Russian oligarch Mikhail Fridman, announced €400m of six year non-call 2.5 year senior notes with roadshows on Tuesday and Wednesday in London.
