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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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London-listed tech firm Micro Focus is refinancing and extending its term loan 'B' and revolver, with a $1.435bn-equivalent deal across dollars and euros. The company has had a grim year — reflected in the targeted loan margins — with a series of revenue warnings, a sliding share price and subsequent exit from the FTSE100, a failed sale of part of the business, and the departure of its long-serving executive chairman. -
After a pause last week, the primary high yield bond market in euros has bounced back with two new mandates on Wednesday, unsecured deals for US firms Catalent and Silgan. Both deals are in popular industries and refinance existing debt, with leveraged finance bankers telling clients there’s no time to print like the present.
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One of Peking University Founder Group Co’s creditors has applied to a Chinese court for a restructuring of the company, which defaulted on a Rmb2bn ($285m) domestic bond at the end of last year.
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China’s Powerlong Real Estate Holdings is returning to the international loan market to refinance some of its debt, mandating one bank to lead the deal.
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Citic, Yango Group Co and Kunming Industrial Development and Investment Co were the three Chinese issuers that tapped bond investors for new dollar deals on Tuesday.
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Delhi International Airport (Dial) returned to the bond market with a tap of its 2029 notes on Tuesday, taking $150m from investors.
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