Loans and High Yield

After last week’s big bang in issuance, history was written and there was even a feeling of awe at investors' capacity for paper. And this week, supply lines continued delivering until just hours ahead of the summer break.

French smart card maker Linxens has shifted tranche sizes in its $1bn leveraged buyout loan, moving dollars from junior to senior tranches and creating a second lien for euro investors.

Stahl, the Dutch provider of chemicals for leather processing, has postponed its €585m refinancing and dividend payment loan after being jostled out of the market by competition.

Problems in Chinese and emerging market economies have become the biggest fear for credit investors for the rest of 2015, according to Bank of America Merrill Lynch’s July Credit Investor Survey — having not featured at all as a concern in the bank’s May poll.

Pemira debt managers has announced the final closing of a €1.1bn direct lending fund, Permira Credit Solutions II, further increasing the weight of capital in the mid-market.

Amaya — Africell — Turkish Airlines — Ashtead

Canadian online poker platform Amaya has launched a $400m refinancing loan that will in part pay down debt incurred to acquire two rivals last year.

French smart card manufacturer Linxens has shifted tranche sizes in its $1bn leveraged buyout loan, moving dollars from junior to senior tranches and creating a second lien for euro investors.

Two recent loans from Sri Lanka have once again put the spotlight on the country, which has seen few borrowers going down the syndicated route. Conversations with bankers reveal prominent arrangers are interested in securing business out of the South Asian country, but upcoming elections, the small size of its conglomerates and unfamiliarity pose constraints to dealflow, writes Shruti Chaturvedi.

Ezion Holdings chose an unusual structure for its most recent bond outing in Singapore dollars. The borrower sold a bond with the support of a loan facility from sole lead DBS, which allowed it to save around 300bp in funding costs.

Rizal Commercial Banking Corp (RCBC) is in the market for a $200m three year loan, making it the fifth lender from the Philippines to seek funds offshore this year. Two mandated lead arrangers and bookrunners are leading the syndication. The deal comes with a $100m greenshoe.

China Modern Dairy has increased the size of its second overseas syndicated loan to $300m from a launch size of $150m, after two dozen retail lenders joined in general. The loan attracted lenders from Taiwan, China, Hong Kong, Japan, Indonesia, India and Korea.