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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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Pfleiderer and its owner, Strategic Value Partners, have minor changes during syndication to the deal docs in its dual-tranche sustainability-linked high yield bond, limiting the group’s flexibility to pay out sale proceeds from its Polish division as a dividend. But the company has succeeded in pushing pricing tight, with the fixed rate bonds set to land at 4.75% area and the floater at 475bp. -
Cimpress has launched a cross-border term loan ‘B’, aiming to raise more first lien debt at tight levels to allow it to clean up its costly 12% second lien facility raised from Apollo last April.
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GlobalCapital is conducting its annual poll to determine its Bond Awards 2021. The voting deadline has been extended until April 22, so we invite readers who have not voted yet to do so in the coming week.
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Singapore’s agribusiness company Wilmar International has returned to the loan market for a borrowing of up to $1bn.
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A flurry of deals is expected to hit the CLO market with managers, such as Sculptor, MJX, First Eagle and Carlyle, among others, set to issue new deals or reprice legacy deals.
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CLO managers once happily sold huge volumes of triple-A securities to NorinChukin, sucking up the Japanese bank’s terms in return for a reliable anchor order which locked in their senior notes ahead of public syndication. The bank has been slowly running down its portfolio since it was forced to stop buying by its regulator, but if it comes back, it might find managers keen to preserve their flexibility and place their bonds elsewhere.
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