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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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Diagnostics firm Cerba Healthcare has made the key performance indicators on its sustainability-linked loan more ambitious after talks with leveraged loan investors on its financing for its buyout by Swedish private equity firm EQT. The deal was priced late Thursday at the tight end of the range. -
Swedish private equity firm EQT launched senior and subordinated bonds on Monday to finance its acquisition of Cerba Healthcare, the diagnostics company headquartered in France.
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EQT achieved a strong response from investors on Friday when it launched the first sustainability-linked bond from a private equity firm, and only the second from a financial company. The €500m deal is tied to greenhouse gas emission cuts and gender diversity metrics.
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Golden Goose, the Italian shoemaker bought by Permira just before the coronavirus pandemic struck Europe, is looking for €470m of senior secured bonds in what may be the last repayment of a bridge facility signed before Covid. Hung bridges for leveraged buyouts were a serious concern for banks at the height of the pandemic but due to governments and central banks supporting the financial markets, lenders sold down the positions successfully — mostly much earlier than Golden Goose, writes Silas Brown.
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French optician Afflelou is looking to sell senior secured high yield notes, in order to pay back state loans and refinance outstanding debt.
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Banks backing the successful Allied Universal bid for UK security company G4S are set to split around $100m in financing fees for backing the deal, with Credit Suisse and Morgan Stanley in line for the lion’s share of the profits, as the $6.3bn eight tranche syndication is priced and the firm is delisted.
