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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 bidco Planets UK has signed a £2.5bn syndicated loan to support a £4.2bn all-cash acquisition of UK waste management firm Viridor, according to sources familiar with the situation. Merger and acquisition activity is set for a revival in the second half of the year, as previously deferred deals are brought back to the fore and at-risk companies are forced to rethink strategy, bankers say. -
China ZhengTong Auto Services Holdings, a luxury auto dealership, surprised bankers this week after missing a principal payment on a dollar loan. Pan Yue reports.
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Wellfleet Credit Partners and Carlyle Group priced new CLOs last week, adding to a growing pool of new deals that have cleared the pipeline in recent weeks as investors and managers settle into a stabilized market, according to sources.
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UK pub owner Stonegate held calls with investors on Monday for a bond issue, to partly refinance £2.73bn worth of acquisition facilities used to acquire a larger competitor, Ei. Stonegate is set to be one of the first UK borrowers hit by coronavirus to sell high yield notes.
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Investindustrial, the European private equity firm, has signed a €600m subscription credit facility linked to environmental, social and governance metrics, as sustainability-conscious finance makes further inroads into the private equity market.
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European CLO managers have begun opening up warehouses again, according to two sources. Newly collateralised Covid-19 era CLOs are set to emerge, as the market heads into 2021 following a primary issuance drop-off as a result of the pandemic.
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