Loans and High Yield
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The €145m of loan facilities to support the purchase of German jewellery maker Amor from 3i by Gilde Buy Out Partners enjoyed a good reception, in line with latest deals in the market. -
Spanish broadcasting infrastructure operator Cellnex Telecom, which finished a roadshow last week, is biding its time before bringing a deal to market, in anticipation of volatility in the coming days.
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Chinese auto rental company eHi Car Services, which sent out invitations for its debut $150m syndicated loan in early May, has attracted a few commitments.
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Wuxi Construction and Development Investment Co kicked off bookbuilding on Monday for its first appearance in the offshore bond market. It is expected to be followed shortly by Jiangsu Hanrui Investment Holdings, which has mandated banks for its maiden dollar trade.
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Chinese sportswear maker 361 Degrees has announced a tender offer to repurchase offshore renminbi-denominated notes issued in 2014.
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Zhongrong International Trust managed to raise $500m this week by compensating investors for its weak fundamentals with a juicy premium over its outstanding bond. But what also helped the deal was a lack of high yield supply from China, reckon bankers.
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China Minsheng Bank has added a new member to its loan syndications team in Hong Kong.
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Credit markets showed their capacity to surprise this week, as a varied array of issuers, including high yield and emerging market companies, raised funds, even though a referendum that could lead to the first country leaving the European Union is only a week away, writes Jon Hay.
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Salini Impregilo, the Italian construction firm, sold €300m of non-callable notes on Thursday to refinance its old 2018 notes, and finance part of its acquisition of US peer Lane Industries.
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Ethypharm — PPHE — Brait — Datwyler — Bonava — Sponda
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Reliance Big Entertainment US has approached the Asian syndicated loan market for a $100m deal, bringing a rarely seen film production name to lenders. While there are some concerns over its cash flows, the borrower is mitigating those fears with two credit enhancements. Shruti Chaturvedi reports.
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Hotelbeds, the Mallorca-based travel services operator, has widened pricing on its €490m cov-lite seven year term loan ‘B’ following a muted investor response.
