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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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Cambodian casino company NagaCorp sold a new dollar bond – and only the second from the country – this week, raising $350m. -
China Aoyuan Group used up the last of its debt issuance quota this week to raise $460m from the bond market.
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CNQC International Holdings, a real estate developer, is tapping the Hong Kong market for a $150m club loan
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Middle market investment specialist Garrison Capital is set to merge with business development company (BDC) Portman Ridge Finance Corporation.
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Profine, the German PVC window and door maker, made its debut in the wholesale capital markets this week, printing one of the highest yielding bonds seen in euro senior secured format at 9.25%. It opted for this route rather than a unitranche loan to refinance its main debt facility with Commerzbank, which matures at the end of the year.
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Banks sitting on €8bn of underwritten debt to finance Advent and Cinven’s buyout of ThyssenKrupp Elevator finally hit the ‘go’ button early this week, unveiling the takeout for the largest European LBO financing in more than a decade. Pre-marketing and pre-placement have helped derisk the exit, but documentation is as weak as on any deal in the pre-Covid market, making the financing a crucial test for the strength of any post-crisis investor resistance, writes Owen Sanderson.
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