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Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
A slow destruction of misallocated investment is more likely than a sudden stop
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After weeks of slim pickings in high yield and leveraged loan capital markets, Monday brought a flood of new issue announcements, with MasMovil’s take-private loan, a multi-currency loan from cruise company Carnival, AMS’s bridge for the takeover of Osram, an add-on for IFCO, and a high yield debut in the morning. But that was all hors d'oeuvres to the main course: the long-awaited ThyssenKrupp Elevator bridge in the afternoon.
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German PVC window and door maker Profine was marketing its debut in the wholesale capital markets with a bond issue on Monday, after exploring options for a unitranche loan to refinance its main loan facility with Commerzbank, which matures at the end of the year.
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Chinese company Genertec Universal Medical Group has launched a $600m dual-currency loan into syndication.
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Oil company Hilong Holding has defaulted on a dollar bond that matured on Monday, after failing to drum up enough support for an exchange offer that was extended multiple times.
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Taiwan-based notebook computer maker Inventec has changed the structure for its loan return to prepare for the expected discontinuation of Libor at the end of next year.
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Philippine fast food operator Jollibee Foods Corp made a quick return to the dollar market on Thursday, attracting investors to its dual-tranche bond despite the impact the coronavirus has had on its business.
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