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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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Just two working days after shares in “New Abengoa” began trading, the Spanish engineering and construction sector was hit on Monday by another credit risk crisis — Isolux Corsán has until July to find €400m to avoid insolvency. -
Acetow, the cigarette filter maker Blackstone is carving out of parent Solvay, has launched €630m-equivalent of loan facilities for the buyout, four months after it was announced.
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Inovyn, the chlorvinyls firm owned by chemicals group Ineos, and French food producer Labeyrie both joined the bond-to-loan refinancing trend in the leveraged finance market this week, holding a lender call and bank meeting respectively for term loan deals of at least €500m each.
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Investec has added another banker to its corporate and acquisition finance team, to work on leveraged finance and private debt deals.
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Indonesia’s Modernland Realty is preparing for a new US dollar bond this week, following compatriot property issuer Pakuwon Jati’s tightly priced February deal.
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Aston Martin, the UK luxury car maker, made savings of up to 400bp on Friday as it wrapped up its latest bond refinancing bond. Investors came along for the ride but found it a bit of a squeeze.
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