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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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CLO managers seeking to issue new deals have been sitting on the sidelines waiting for the return of large investors which had supported supply in the first quarter. But a substantial pipeline of new issues is being built. -
TDR Capital is injecting £100m in equity and a £250m payment-in-kind financing to recapitalise gym chain David Lloyd Leisure, as part of a broad-based refinancing including the firm’s first public high yield bond issue. Barclays, which has done most of TDR's recent deals, is running the £900m-equivalent bond, announced on Tuesday morning.
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Banks launched the first leg of the buyout package for Hillhouse Capital’s purchase of Philips Domestic Appliances on Tuesday, readying an €850m seven year term loan, with bonds to follow.
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Two Chinese real estate borrowers, Agile Group Holdings and Datang Group Holdings, hit the dollar debt market on Monday.
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Cambodia’s Acleda Bank has returned to the loan market after a three-year absence, and is testing lenders’ appetite for three different deals simultaneously.
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Vietnam’s VNDirect Securities Corp has tapped the offshore loan market for the first time for a $50m borrowing.
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