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Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
A slow destruction of misallocated investment is more likely than a sudden stop
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Investor appetite for triple-B CLO notes has been a powerful lever encouraging managers to tweak regular CLO structures to boost the size of this tranche and diverting excess spread to shore up the rating. Colloquially known as ‘Kroll deals’, from the rating agency that rates these issues, some managers have structured tranches as large as $100m to satisfy insurers’ quest for yield. But the structure relies in part on sourcing loans at low prices. -
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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Tullow Oil has tightened the already restrictive terms on a new $1.8bn senior secured bond, applying further limits to dividend capacity and restrictions on paying down its unsecured 2025 bonds early. But the company had few other options to stave off a restructuring, other than taking what the market will bear, and the bond looks set to price at the tight end of the 10.25%-10.5% guidance.
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UK small business lender SME Capital could bring one of the first true SME CLO deals in Europe to market, once it builds up a large enough pool of collateral. The lender has just announced a funding deal with structured credit funds Prytania and Scio Capital, which will allow it to expand its lending capacity and build towards a full sized portfolio.
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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.
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