Loans and High Yield

Novacap, the French chemicals and pharmaceuticals firm, had replies due on Wednesday on its €435m seven year cov-lite term loan ‘B’ as the market for European leveraged loans struggled to clear all launched deals and build a decent pipeline.

Allnex, the Brussels-headquartered coating resins business, had bank meetings on Wednesday for a €760m cov-lite term loan ‘B’ backing its acquisition of Nuplex, the New Zealand resins firm.

Indonesia’s Pertamina is planning a $1bn five year borrowing that includes a greenshoe option and has sent out a request for proposals to banks, according to bankers close to the situation.

English rugby club Harlequins on Monday gave investors two more weeks to buy into its new minibond issue, an unlisted, non-tradable note.

A credit event auction to settle Norske Skog credit default swaps is being delayed because ISDA’s EMEA Determinations Committee has been unable to source an intercreditor agreement.

Two US private equity firms have raised a $350m-equivalent loan for Network International’s buyout of Emerging Markets Payments Holdings (EMP) and tightened the pricing in syndication.

Betting house William Hill this week was alone in the European high yield market for a potential issue of £300m of unsecured notes, with the UK’s European Union membership referendum an unhelpful backdrop.

Airbus has released price talk on a €425m term loan, while First Data, the US payments technology firm, priced its euro term loan at an unusually tight margin on Monday.

Bhira Investments, a unit of India’s Tata Power, has wrapped up allocations for its $460m refinancing following a bumper response in syndication, with 19 banks getting a slice of the trade.

Macau casino operator SJM Holdings has launched a HK$25bn ($3.2bn) dual-tranche financing into general syndication with proceeds to be used for the construction of a new project in the gambling hub.

Lenders are waiting for an update on PetroVietnam Exploration Production Corp’s request to waive a covenant on a borrowing sealed in 2012.

DBS has seen one departure each in its loans teams in Singapore and Hong Kong, according to sources.