Loans and High Yield
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Groupe Fnac, the French book, music and electronics retailer, has signed €865m of loans for its €615m acquisition of Darty, the London and Paris-listed French electricals retailer. -
San Miguel Corp, which is looking to set up a new mobile network joint venture in the Philippines, is seeking as much as $1.1bn for it, via a combination of onshore and offshore loans.
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Indonesian miner Berau Coal Energy is conducting a tender offer to buy back its two outstanding dollar bonds, the company announced on November 24.
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India’s Reliance Industries signed its $1.47bn dual-currency loan at the end of last week in Dubai, with the deal sealed following commitments from a group of around 30 lenders.
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B2 Holding, the Norwegian debt management company, printed on Thursday its debut bond as it refinances its debts to support further acquisitions.
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Coopération Pharmaceutique Française, the French pharmaceuticals distributor known as Cooper, has bank meetings scheduled on Wednesday for more than €350m of new debt for its leveraged buyout by Charterhouse.
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Royal Bank of Scotland has hired a well known high yield specialist to head corporate and event driven credit trading.
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Powerlong Real Estate Holdings returned to the dollar bond market following a hiatus of nearly three years, pricing a $200m deal inside its existing curve.
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Birla Carbon, part of India’s Aditya Birla Group, has opened its $925m refinancing into general syndication via five mandated lead arrangers and bookrunners.
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Chinese water treatment firm Citic Envirotech has printed its first dollar bond, raising $175m from a trade that was designed to take advantage of Asian private banks’ increasing need for yield.
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The leveraged finance market suffered an unpleasant shock this week, when $5.6bn of loans and bonds for the Carlyle Group’s acquisition of Veritas Software had to be pulled. Bankers were left blaming market sentiment, an aggressive structure — and each other, write Max Bower and Victor Jimenez.
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