Loans and High Yield

Indonesian telco tower company Solusi Tunas Pratama (STP) has asked banks to relax a covenant on a loan raised in May as it anticipates future acquisitions that will change its gearing levels.

Abengoa has triggered a failure to pay credit event, ISDA's Determinations Committee has ruled, only days after the company narrowly avoided a bankruptcy trigger for most credit default swaps.

Goodyear Dunlop Tires, the US tyre maker, issued €250m of eight year senior notes on Wednesday. The notes are rated Ba1/BB, with a coupon of 3.750% and non-call protection of three years.

David Lloyd Leisure, the TDR Capital-owned UK gym and spa firm, and Cooper, the French pharmaceuticals distributor, widened loan pricing this week as the leveraged market became increasingly selective.

Unitymedia, the German cable operator, this week priced €420m of senior secured 10 year notes to yield 4.625%, the wide end of price talk.

David Lloyd Leisure, the TDR Capital owned UK gym and spa firm, is widening pricing on its £380m debt offering after prospective lenders missed the Tuesday commitments deadline.

Reserve Bank of India has issued a new framework to regulate offshore borrowing by Indian companies. While the changes are aimed at reducing the stress in the country’s banking system, the rules have led to bankers questioning how they will adjust to the new regime. Shruti Chaturvedi reports.

State-owned refiner Bharat Petroleum Corp has sent out a request for proposals for a $200m deal, coming to the market eight months after it cancelled a loan in favour of a bond.

Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year facility and is offering banks an attractive yield of more than 300bp.

China Nuclear Engineering Group Corporation (CNEC) is struggling to get its debut dim sum offering off the ground. The company has set its sights on a deal before the end of the year, but sources say the management’s unrealistic pricing targets are not going down well with investors.

The movement of one word – 10 places to the left – in ISDA’s credit derivative definitions was the determining factor in the trade body deciding that Abengoa had not triggered a bankruptcy credit event for most of its credit default swaps.

Unitymedia, one of Germany’s largest cable operators, launched a €420m senior secured high yield bond today.