Loans and High Yield

As expected, the loans for the leveraged buyout of Polish auction website Allegro are tightly priced, with tenors of six and seven years for less than 400bp.

Norwegian debt manager Lindorff has agreed a €3.4bn bridge-to-bond and a €850m four and a half year super senior credit facility to support its merger with Swedish competitor Intrum Justitia. The combination will create an “undisputed European leader” in debt management, said S&P.

Online consumer loan provider 4Finance plans to increase its euro denominated bonds as it closes its acquisition of unsecured loan specialist TBI Bank from TBIF, the Dutch financial services group.

Studio City, Shandong Ruyi Technology Group Co, Yanlord Land (HK) and Chengdu Xingcheng Investment Group Co are wooing investors for their respective Reg S bonds. Meanwhile, Shaanxi Xixian New Area Fengxi New City Development & Construction will go on a non-deal roadshow.

Chinese sportswear manufacturer Xtep International Holdings is looking to tie up a $100m amortising loan, having enlisted a Hong Kong lender to arrange it. Xtep has sold syndicated loans in the past but is reaching out to a smaller group of banks this time.

China’s Yancheng Oriental Investment & Development Group Co and South Korea’s Doosan Infracore Co ventured out to the DCM market on Tuesday for their respective dollar-denominated bonds.

BMI Healthcare has postponed proposed loans of £426m in total as rent negotiations with the owners of its properties have yet to result in an agreement.

Chinese local government financing vehicle Jiangsu Hanrui Investment Holdings tapped its outstanding 2019s last Friday in the post US-election market, raising $190m on the back of reverse enquiry.

US based-Novelis, part of Indian company Aditya Birla Group, has decided to access the Asian syndicated loan market following discussions lasting several months.

Adani Ports and Special Economic Zone, one of India’s largest port operators, is planning a comeback to the international bond market after more than a year.

Banks are yet to reach a unanimous decision on relaxations sought by Royal Industries Indonesia, which defaulted on the first principal repayment of a dual tranche loan signed in 2015. All lenders have to grant approval for the changes to be implemented.

Chinese local government financing vehicle Jiangsu Hanrui Investment Holdings opened a tap of its existing notes on Friday morning off the back of reverse anchor interest, keeping momentum going in the Asia DCM market post the US election.