Loans and High Yield

The debt capital markets in Asia remained quiet on Wednesday, as typhoon Hato hit Hong Kong, cancelling stock trading in the morning. A single Chinese firm, Muyuan Foods Co, announced its plan to go offshore for funding in the morning.

Fintech firm Paysafe has disclosed the financial structure initial lenders have put in place before they begin marketing the all-leveraged loan funding of its acquisition by CVC and Blackstone from Old Mutual and Threadneedle.

Black Peony (Group) Co is eyeing the international debt capital markets, having just received approval from its board to issue as much as $100m of foreign currency bonds.

Lifestyle International Holdings is making a return to the dollar bond market after two years away, having mandating three banks for a roadshow in Hong Kong this week.

The terms are out for Hong Kong-listed company Samson Paper’s HK$570m ($73m) refinancing. The deal has three arrangers, which circulated term sheets among existing lenders a couple of weeks ago. Invitations have now gone out to other banks.

Stiga, the company known until June as Global Garden Products, is out with a refinancing loan deal led by one of its shareholders, the speculative grade investor Alcentra.

Although bankers predict the euro high yield bond pipeline will be varied and busy for September, investors delivered a message of caution as they took out €730m from European high yield funds last week.

The three bookrunners of a $900m-equivalent Hong Kong dollar loan for I Squared Capital’s acquisition of Hutchison Global Communications (HGC) have invited lenders to join the syndicate at a senior level.

Cathay United Bank has invited lenders for meetings in Laos during the first week of September, as it prepares to launch three different loans from the country.

Cairn India Holdings, which signed up new lenders for a $651m borrowing in late July, has received commitments from two more banks.

A growing number of European high yield borrowers are replacing their bonds with leveraged loan debt. This week, investment management company Neuberger Berman decided to add leveraged loans into its bond strategy, and said more investors should follow suit to avoid missing new speculative grade issuance.

Indian company Intas Pharmaceuticals is lining up banks to help it fund an acquisition in Europe and the US, turning back to lenders who helped the company pull off a successful takeover earlier this year. But this time around, it has more bargaining power. Shruti Chaturvedi reports.