Loans and High Yield
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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. -
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.
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Ineos, the energy conglomerate, launched a refinancing and repricing loan deal on Monday afternoon, extending the run of issuers coming back to cut funding costs in the market.
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Ray Doody, former EMEA head of leveraged finance, is leaving JP Morgan and is set to join HSBC as global head of leveraged and acquisition finance at the bank.
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German building materials maker Xella has cancelled a proposed €350m high yield bond issue, adding that amount to its €1.15bn term loan ‘B’ offering, which backs Lone Star’s $2.3bn buyout of the firm.
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ANZ has made a new hire to its loan syndications team in Australia. The move comes close on the heels of high level changes in the department.
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Although the European high yield market priced only one sterling issuer this week, some debt advisers say the pipeline is building up.
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Sky Bet, the UK gaming company owned by private equity firm CVC, is planning to cut margins on its existing term loan as activity stirs in the sterling loan market.
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While fund managers and issuers' law firms in the US go to war over protection covenants for high yield investors, European market participants are intent on dodging a similar conflict. But investor advisers say bond buyers should check the fine print in Europe, too.
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VodafoneZiggo completed a bumper refinancing deal on Wednesday as several other leveraged finance borrowers came to market with euro deals, relentlessly pushing the market's repricing trend further.
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Schroders this week launched a global high yield fund with US exposure, while BNP Paribas IP announced it will reduce holdings of US corporate high yield bonds.
