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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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UK discount chain B&M Value Retail has launched a £350m senior secured bond and a £300m term loan to refinance its whole capital structure — with help from the Arora brothers, the largest shareholders in the company, who will subscribe for £100m of the bond through their vehicle SSA Investments.
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Investcorp Credit Management announced on Tuesday that it has hired Brian Marshall to its US credit business.
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Morgan Stanley Investment Management has finalized its acquisition of the CLO assets of Assurant, according to CLO market sources.
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Fiat Chrysler Automobiles, the Italian-American crossover-rated car company, launched €3.5bn of bonds into the market on Tuesday, days after its Italian arm had agreed €6.3bn of bailout funds guaranteed by Italy.
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BP’s announcement that it was selling $5bn of assets to Ineos — a sale the already leveraged group will fund largely through new debt — put selling pressure on existing Ineos debt on Monday; particularly that issued by its Styrolution unit, which will be the acquirer in the BP deal.
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Chinese property companies Times China Holdings and Golden Wheel Tiandi Holdings Co took a combined $470m from the bond market on Monday.
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