Loans and High Yield

Northgate Information Solutions, the holding company of NGA Human Resources, the HR software and payroll services provider, has announced a new capital structure following a full debt-to-equity swap of subordinated debt and £320m of new senior debt.

Fresenius SE, the German medical services company, received its second investment grade rating this week with a Moody's one notch upgrade on Monday. But there was little movement in the company's bond prices as market participants said the change had long been priced in.

UBS has further strengthened its leveraged finance business, hiring an ex-Credit Suisse banker for a new role focusing on private equity and corporate clients.

Asia’s debt market saw a busy Tuesday with a trio of issuers, SP PowerAssets, Stats ChipPac and TUS Holdings, venturing out for dollars.

A $328.6m loan for poultry feed producer Charoen Pokphand (CP) Indonesia has seen nine lenders join, as the borrower sealed most of the funds in its local currency while capping the dollar portion at $100m.

Veritas Technologies, the Californian data storage company, has increased its high yield bond issue to make up for a disappointing loan financing. But initial price talk has yet to emerge.

Avago Technologies, the electronics components manufacturer, has commitments due today at 12pm London time for a new €500m term loan ‘B’ for its $37bn sponsor-backed acquisition of Broadcom Corp.

Veritas Technologies, the US data storage and management company, has cut the size of its $3.3bn loan package, with replies from investors due today (November 16).

Videocon Hydrocarbon, which engages in oil and gas exploration, is tapping the loan market for a $75m three year facility and is counting on a standby letter of credit to attract liquidity.

The Ranger holds banks to ransom for their votes for the Loans Awards.

Sri Lankan conglomerate John Keells has finally signed its $395m resort financing that spent nearly a year in syndication. The facility was delayed after the country’s new government changed rules on casino licences, which meant banks had to rethink the loan to take into account the absence of casino revenues.

Standard Chartered is understood to have dismantled its Hong Kong-based project finance team that focused on Greater China, making the division the latest to fall prey to the bank’s restructuring.