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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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BMC Software, the US IT firm, has revealed the loan leg of the funding for its leveraged buyout by KKR, a $4.4bn facility in dollars and euros. It is the first multi-billion leveraged loan deal for four weeks, after a battery of large offerings early in May. -
International Game Technology is readying its comeback to bond issuance, seeking funding for a partial tender offer for two 2020 euro notes. Europe’s primary high yield market was back in action, too, but investors warn renewed talk of trade war between the US and China could disrupt the market.
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BlueBay has hired Sid Chhabra as head of structured credit and CLOs in London, and plans to establish a new range of global structured credit and ABS strategies.
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Greenland Holding Group Co priced the first floating rate note (FRN) transaction from a Chinese high yield real estate company last Friday, finding sufficient demand to extend its maturity profile to September 2021.
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Macau’s casino operator MGM China and subsidiary MGM Grand Paradise have amended and extended credit facilities signed in 2012 for the second time.
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UK car parts maker TI Group Automotive Systems, owned by Bain Capital, wants out of the high yield bond market and is planning to redeem its only issue by increasing its term loans.
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