Loans and High Yield
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Syndication has closed for a $1.5bn portion of a $1.93bn financing for the acquisition of Dutch company Philips’ LED component and automotive lighting business.The deal became a talking point among bankers, as it featured very low amortisation and a seven year tenor, which was considered aggressive by some. -
Bank of Communications (BoCom) Financial Leasing and International Container Terminal Services (ICTSI) were back in the offshore bond market on August 18.
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Numen Capital, a London based credit manager, has hired an experienced trader to its team as a portfolio manager and research analyst.
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Investment manager BlackRock has expanded its global high yield bond range with a Europe-focused fund, which covers speculative grade but also unrated issues.
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Notebook parts maker Luxshare Precision Industry is in the market for a $200m revolver, with one bank at the helm. The Shenzhen-listed borrower is paying generous all-ins for the borrowing, which comes with a $100m greenshoe.
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International Container Terminal Services (ICTSI) has named three banks to lead its upcoming, benchmark sized US dollar perpetual bond.
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BNP Paribas has hired an associate for its southeast Asia loans team, GlobalCapital Asia understands.
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Chinese automobile dealer Zhongsheng Group Holdings has increased the size of its borrowing to $250m from the launch of $150m, raking in plenty of demand from lenders during general syndication. The borrower decided to diversify the set of currencies to include euros and Hong Kong dollars, as it wanted to limit its US dollar exposure in a depreciating renminbi environment.
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Bain Capital-owned Wittur, the German lift components producer, has alerted lenders that a financing package backing its merger with Sematic is on the way.
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The middle of August is an acceptable time to be quiet if you are a leveraged loan banker or investor, but as dealflow dwindles, many are reflecting on a disappointing year.
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Côte Restaurants, the UK chain of French-styled restaurants being bought out by BC Partners, has avoided general syndication and allocated a £138m leveraged loan with early bird lenders.
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A report by Scope Ratings argues that the German corporate Schuldschein market is more heavily populated with high yield issuers than has previously been acknowledged.
