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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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Powerlong Real Estate Holdings has raised a new offshore borrowing of $120m-equivalent, just two months after closing a $200m loan. -
Barclays appoints levfin and sponsors leaders — Créd Ag gives Goldfischer UK role — BTIG hires Huggins
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The huge demand seen for ThyssenKrupp Elevator’s buyout financing, the largest bridge loan left on banks’ books through the Covid-19 crisis, should reassure credit committees and capital markets operators that the LBO market is wide open again, for the right business. Owen Sanderson reports.
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Specialist transmission manufacturer Renk sold a high yield bond this week, testing the market’s capacity for companies in cyclical sectors — though marketing for the five year issue lent heavily on the company’s stable military and servicing contracts.
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Angelo Gordon has broken the record recently set by Albacore to print new post-coronavirus tights, with Bank of America leading the senior notes to land at a discount margin (DM) of 150bp.
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Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.
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