Loans and High Yield

Acadia Healthcare, the US psychiatric and behavioural health care provider, has agreed to buy UK peer the Priory Group from Advent International for around £1.5bn.

Abengoa, the Spanish construction and renewable energy group that is in pre-insolvency proceedings, signed a €106m loan on December 24 to pay employees' December wages, but will need more cash this month to avoid a full insolvency filing.

Hong Kong-listed China SCE Property has completed a $400m fundraising via four mandated lead arrangers and bookrunners.

Standard & Poor’s has put the credit rating of Chinese mall developer Renhe Commercial Holdings on negative watch after one of the company's subsidiaries breached covenants on a syndicated loan. The breach could prompt banks to demand an early repayment, which the firm might find tough to meet.

Struggling Indonesian company Trikomsel Oke has had its debt payment obligations suspended, according to an official statement released by the firm on January 4.

Eurozone quantitative easing may benefit new high yield issuance less than it will help other primary debt markets, Standard & Poor’s said in its European corporate credit outlook for 2016 on Monday. Nevertheless, market participants remain hopeful.

Electra Partners and Patron Capital have agreed to buy Grainger Retirement Solutions, the home reversion equity release business of Grainger plc, for £325m.

Chongqing Red Dragonfly Oil is seeking an onshore loan of up to $200m as it looks to forge relationships with foreign lenders in mainland China.

Asia’s debt capital market is set for a busy start to the year with both repeat and debut issuers looking to sell dollar offerings as early as this week.

Indian pharmaceutical companies Cipla and Lupin are set to tap the syndicated loan market in 2016 to refinance bridge loans they raised for acquisitions in early 2015.

A $1.5bn refinancing for Tata Steel that went into senior syndication in early December has been funded by 17 lenders.

Hong Kong-listed Redco Properties Group has completed a consent solicitation to modify terms and conditions of its outstanding dollar bond in a bid to have more flexibility to pursue business opportunities.