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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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Neoen, the French solar and wind energy producer, has issued the first green convertible bond in Europe — and investors’ eager reception of the deal suggests these instruments could be as popular in the equity-linked market as they have become in the straight bond market. -
Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from state-owned Instituto de Crédito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.
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Cineworld announced on Thursday that it had raised on extra $110m of liquidity by extending its revolve. Its lenders also agreed to waive the covenant test for the end of June. The company also plans to tap government lending schemes in the UK and US.
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Bonds issued by Spanish gambling company Cirsa have rallied on expectations of support from owner Blackstone, after it disclosed on its investor call that affiliates of the private equity firm had bought €120m of its PIK notes in the market — even though the purchase does nothing to boost the firm’s liquidity profile.
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Swissport, the baggage handling and air cargo group, is asking bondholders to allow it to add €380m of super-senior debt above its existing senior secured bonds and loans, secured by the same collateral but with a priority claim.
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Syndication of the £4bn bridge loan backing the merger of UK mobile phone company O2 — owned by Spanish telecoms giant Telefonica — with Liberty Global’s Virgin Media cable business was signed on Thursday.
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