Loans and High Yield

A $1.5bn chunk of financing backing the acquisition of the LED and automotive lighting division of Dutch company Philips has become a talking point because of its low amortisation and seven-year tenor. Syndication has closed for the deal, but it was too aggressive for some, as Shruti Chaturvedi reports.

The two leads on Yuexiu Real Estate Investment Trust’s (Reit) financing for its acquisition of Hongjia Tower in Shanghai are inviting lenders to join the syndicate.

French car rental company Europcar is withdrawing its support from Team Europcar and its worldwide brand exposure. Despite this, investors remain keen on the company and its ability to retain its leadership in the European car-hire market.

Repricing activity dominated the leveraged loan market in Europe in the second quarter of this year, a new study has suggested.

International Container Terminal Services (ICTSI) provided a breath of fresh air to Asia's bond market this week thanks to its $450m perpetual deal. The lack of issuance this year from Philippine borrowers worked in the company’s favour, with the trade opening up an opportunity for more perps to follow.

Europe’s corporate bond market is catching its breath before an expected power dash of deals, but the loan market continues to bring deals and leveraged borrowers are gearing up for a big push on acquisitions.

Shanghai Pudong Development Bank and Ping An Bank have been picked as underwriters and mandated lead arrangers to a $1.1bn loan for the take-private of New York-listed Wuxi PharmaTech.

IMCD Group, the Dutch speciality chemicals firm, has amended and extended its existing loan facilities to achieve the financial flexibility that may enable it to pursue acquisitions in the future.

Apax is acquiring a majority stake in FullBeauty Brands, the US plus-size fashion retailer, and has obtained the commitment of four banks to the deal’s debt financing.

British satellite data communications company Avanti on Tuesday tapped its $370m debut bond sold in 2013 for an additional $125m.

John Wade, the head of syndicate and MTNs, Asia Pacific at Natixis will also head loan distribution in the region for the bank from September.

Tiphone Mobile Indonesia has hit the market for a dual currency financing of $184m, with four mandated lead arrangers and bookrunners. The leads have gone out to a limited number of banks for syndication.