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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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A brutal market for auto suppliers and a string of dividend deals have left Lumileds, a maker of LED lighting and an Apollo portfolio company, staring at a leverage level which could top 14 times by year-end, according to Moody’s. The company’s loan saw the largest price fall in Europe over the last quarter, according to IHS Markit, and is now bid around 47, compared with 70 in June. -
Leveraged credit investors are keen to put cash to work this week, and arrangers see a plausible window to execute deals. Opportunistic and strategic financings are both on offer. UK issuers are well represented, nipping through a window before political uncertainty grips the market over the Brexit deadline at the end of the month.
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Private equity and debt investment group Intermediate Capital (ICG) has named former Standard Chartered chief executive Mervyn Davies its new chairman, replacing Kevin Parry.
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The Ministry of Finance of the Lao PDR is inviting banks to join a €135m five year loan that Credit Suisse pre-funded in June.
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India’s PNB Housing Finance is breaking a five-year absence from the loan market, launching a new $75m deal into syndication.
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Mark Okada, the co-founder of alternative credit investment and CLO management firm Highland Capital Management, is set to retire at the end of the year.
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