Loans and High Yield
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The Irish telecommunications firm Eircom Holdings on Tuesday issued a benchmark size secured bond 25bp inside guidance levels — giving heart to issuers that would rather not wait for the UK referendum result. -
Springer Nature, the German publisher, Unit4, the Dutch software firm, and German telecoms firm Tele Columbus have all brought refinancing deals to the leveraged loan market this week.
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A resurrection of what should have been last year’s biggest deals from Veritas and a euro deal from Altice point to a leveraged loan market that has returned to good health, writes Max Bower.
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While the national economy heads for the road to recovery, the industry at the core of its 2008 crisis struggles to close its wounds: after Abengoa narrowly avoided default in March, Isolux is seeking to seal a standstill agreement with its creditors.
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German loan market participants have low expectations for syndicated loan volumes over the next year, although Schuldscheine will provide some hope, according to the latest Loan Market Association (LMA) poll.
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Nordic IT company Evry, 88% owned by Apax Partners, has tightened pricing on its €275m dividend recapitalisation term loan ‘B’.
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Cegid has launched €365m of loans for its buyout, at a 25 times multiple, by two investment firms. One of the buyers was set up by the former chief operating officer (COO) of Goldman’s investment banking unit in Japan.
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JP Morgan has appointed a new head of financial sponsors and family offices in France.
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Mexican cement manufacturer Cemex on Wednesday followed in fellow high yield issuer Braas Monier’s tracks with a significant tightening in pricing on its offer.
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Springer Nature, the German publisher, Unit4, the Dutch software firm, and German telecoms firm Tele Columbus have all brought refinancing deals to the leveraged loan market this week. But the majority of deal flow remains in the mid-market space.
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The Luxembourg-based producer of roof products, Braas Monier, proved there is still strong investor demand for double-B rated paper in the high yield market as it tightened pricing from guidance on Wednesday.
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According to the statement emailed by Cathay Financial Holdings to GlobalCapital Asia, the Ultrasonic loan was signed among Nomura and the participants in August 2014. A month later, the CEO of the company Qingyong Wu went missing after which the company defaulted on its obligations.
