Loans and High Yield
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Action, the Benelux non-food discount retailer, has allocated its €1.2bn dividend recap and refinancing facilities at an impressive margin in volatile market conditions.
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RBC’s BlueBay Asset Management on Thursday appointed a new portfolio manager and a new senior credit analyst to its European high yield team in London.
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One of the four lenders on Tata Communications’ latest $250m club loan is selling down some of its hold, launching the trade into syndication at four levels. -
Spanish renewable energy company Abengoa has asked lenders to sign a new credit facility as its March 28 deadline to avoid bankruptcy looms ever closer, but an accord appears elusive.
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Most deals in the European high yield market this year have been smaller than €300m, in stark contrast with how strongly the market opened in 2015 — but this week’s rash of bigger deals has yet to generate much optimism.
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B&B Hotels, France’s third largest budget hotels group, closed the book for its €339m seven year term loan ‘B’ at a wide price this week, as the European leveraged loan market works through the last of the deals underwritten in 2015.
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Just when it seemed like Europe’s investment grade corporate bond new issue market was regaining momentum, last week’s slow but steady pick-up in deal flow was scuppered by Monday afternoon.
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High yield bond offerings from companies in southern Europe are expected to remain below €10bn this year, according to Moody's, as uncertainty over reform policies in Spain and Italy hangs over the market.
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Keurig Green Mountain, the US speciality coffee and coffee machine firm, increased the euro term loan ‘B’ tranche of the $6.4bn debt package backing its acquisition by JAB Holding, the German investment group.
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Solera Holdings, the US car insurance software maker, will start on Wednesday meetings with European investors for a $2bn-equivalent bond in dollars and euros to fund its acquisition by Vista Equity Partners.
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Bankers still hope to bring high yield bond issues to market this week in Europe, even though market conditions are highly volatile.
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Solera, the US insurance claims processor, held bank meetings on Tuesday in New York and Wednesday in London for a $1.9bn term loan ‘B’, backing its $6.5bn acquisition by Vista Equity Partners.
