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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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UK courts have endorsed gym chain Virgin Active’s restructuring plan, a precedent-setting move which shows that the UK’s new restructuring law with its ‘cross-class cramdown’ feature can be used instead of a CVA to cut debts to landlords. Some claim it represents a further attack on already-struggling landlords, but others argue than having all creditors share the pain at the outset should mean better recoveries if other chains follow this approach. -
The rapid pace of new dollar bond issuance from Chinese property companies continued from Monday into Tuesday as four more borrowers joined the fray.
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Philippine company Vista Land & Lifescapes bagged $170m from a tap of its 2027 notes this week.
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Chinese conglomerate Fosun International has sold its second dollar bond of 2021, raising $500m once again.
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China Water Affairs Group has made a rare outing in the debt market for a $200m green bond.
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Kayne Anderson Capital has refinanced the mezzanine tranches of a deal originally priced in 2019 in an unusual repricing that left the senior notes intact.
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