Loans and High Yield
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Cicero, the climate research institute at Oslo University, has produced a report to help investors work out where they face risks from climate change, with red, orange and yellow flags for the severity and immediacy of threats. -
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Bankers and debt advisers in the European high yield market believe more US companies could bring reverse Yankee bonds to Europe, as uncertainty surrounding new economic and trade policies in the US hampers their home market.
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Parkdean Resorts accelerated commitments on its £575m ($722m) buyout seven year term loan ‘B’ this week alongside several issuers who came to reprice sterling deals, as more cash pours into non-CLO investment accounts.
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BC Partners, the private equity firm, has hired a new managing partner from outside the company.
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The European high yield market may not be as bleak for issuance volumes as previously thought following a stellar start to the year, according to market participants.
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The corporate bond market is keeping apace this week, with the first hybrid of the year joining unrated deals for Porr and Louis Dreyfuss. But conditions in the leveraged finance market favour loans, as numerous repricings punctuate the market between few buyouts.
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KWG Property Holding signed a dual currency term loan with a group of lenders on January 27, with the money to be used for refinancing and corporate funding requirements.
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Five banks have lined up to underwrite a loan and bridge financing to laboratory services operator Cerba Healthcare for PSP Investment’s secondary buyout of the French firm. But the deal comes as Fitch said on Tuesday that buyout multiples have hit a post-crisis high.
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Louis Dreyfus, the unrated, privately owned food commodities company headquartered in Amsterdam, pushed ahead with a senior unsecured bond issue it had previously tried to bring in November on Tuesday.
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Tekni-Plex, the US packaging maker, launched a repricing request on a €148m term loan due in 2022 this week, holding a lender call on Tuesday.
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A loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is attracting strong interest, according to bankers involved, with a meeting in Bucharest on Tuesday to discuss the deal heavily attended.
