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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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KKR-owned vending machine company Selecta was one of the first companies to have its owner inject super-senior ‘priming’ debt once the Covid crisis hit, pushing bondholders down the capital structure. But in its restructuring package laid out on Tuesday, KKR reversed this aggressive move, offering a creditor-friendly proposal that sent the bonds up 11 points.
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Cabot Credit Management has launched a €300m refinancing following the reorganisation of its corporate structure to combine its balance sheet with its parent Encore Capital and boost the group’s financial firepower.
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The European syndicated loan market’s transition from Libor to risk-free rates is gathering pace, with market participants starting to offer a much clearer view on the technicalities that a world without Libor will look like for lending. -
German travel company Tui’s bondholders have agreed to suspend limits on the debt the company can incur, opening the door to a rescue loan from KfW and a convertible bond injection from the German government's economic stability fund.
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KKR priced a $450.75m CLO arranged by Credit Suisse this week, setting the stage for what CLO players expect to be a busy September for new issuance.
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Connecticut-based Nassau Corporate Credit is starting a European CLO operation led by former Ellington portfolio managers Paul Meloche and Hekeani Mathieu. The new business will buy CLO liabilities from third parties as well as running its own CLOs.
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