Loans and High Yield

GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2020 will close today. If you haven't yet voted, we would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to loan markets in 2020. We remind you that an institution cannot win a category it hasn't voted on.

The allocation of Indonesian instant noodle maker Indofood CBP Sukses Makmur’s $2.05bn-equivalent acquisition loan has been finalised, after the lead banks closed the syndication earlier this month.

Shui On Land tapped its 5.75% 2023 bond on Tuesday for an additional $200m, bringing the unrated deal to $500m.

Balkan telecoms and cable company United Group slipped into the high yield market on Monday to launch a drive-by bond as it released its earnings results, seizing on strong market conditions to repay its revolving credit facility and part-fund the purchase of Greece’s Forthnet.

Hong Kong Broadbank Network has increased a loan to HK$5.5bn ($709m) after attracting 20 participants during syndication.

Bonds from India’s Future Retail rallied in the secondary market this week, after Reliance Industries got approval to buy the struggling business.

German flag carrier Lufthansa mandated a new unsecured bond on Monday, two weeks after it stormed into the convertible market on the back of the rally sparked by positive Covid-19 vaccine trials. The airline might have lost its investment grade ratings, but it is sticking to high grade bond execution norms, prepping a Reg S-only unsecured issue from its EMTN shelf.

Cineworld has stapled warrants for 9.9% of the company to its latest tranche of emergency funding, a $450m lifeline that comes with an undisclosed but eyewatering interest rate. The new cash has unlocked a further round of covenant waivers from its revolver banks, and should give the company a chance to keep trading until coronavirus vaccines bring back a semblance of normality to the economy.

China Evergrande Group got a boost to its bond and stock prices on Monday, after its flagship subsidiary convinced a large group of equity holders not to exercise a put option. The company also secured two new state-backed investors.

Touch screen manufacturer General Interface Solutions, an affiliate of Foxconn Technology Group, is seeking a $300m loan to refinance a deal set to mature next year.

Two Chinese banks have agreed to arrange a $1.1bn loan to support China Biologic Products Holdings’ delisting from the Nasdaq stock exchange.

Sweden’s EQT, the private equity company, has followed up on its summer signing of the biggest ever ESG-linked subscription facility with a second deal of the same maximum size. Lenders say this is further proof that ESG is becoming more important to private equity.