Loans and High Yield
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CVC Partners on Thursday reduced to below €1bn its high yield offering to fund the acquisition of German cosmetics retailer Douglas Holding — yet investors dismissed the cut as a sign of an increasingly ‘closed for business’ market.
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Douglas Holding, the German perfume retailer, has become the third leveraged finance borrower this week to feel the lash of investors' anxiety about Greece, as it widened pricing on its €1.22bn loan.
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Orion Engineered Carbons, the German carbon black producer, is seeking a margin cut on a leveraged loan, just as the market's repricing wave appears to be ending. -
Ufinet, the telecoms unit of Gas Natural Fenosa (formerly called GNF Telecom), has pulled a repricing of its €295m leveraged loan, in a sign that the market's repricing wave may be breaking.
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Douglas Holding was forced to rejig a €2bn financing for its buyout by CVC late on Thursday, as volatility ripped through leveraged finance markets, write Ross Lancaster and Victor Jimenez.
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Sunrise Medical, a German wheelchair maker, is holding a bank meeting on Friday to market a €315m acquisition loan. Like many leveraged finance borrowers this year, it has pre-placed the second lien.
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Constantia —Nokia — BB Energy — Ferrero — Kernel
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Constantia Flexibles has become the second borrower to pull a repricing from the leveraged loan market this week, as investors call time on the surge of such deals.
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British Airways has completed refinancing $1.25bn of credit facilities and has increased the loans to $1.75bn.
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Orion Engineered Carbons, the German carbon black producer, is seeking a margin cut on a leveraged loan, just as the market's repricing wave appears to be ending.
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China SCE Property Holdings has returned to the dollar bond market, raising $350m from a five year non-call three deal that saw yield-hungry investors clamouring to jump on board.
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The southeast Asia loan pipeline has been underwhelming so far this year. But the overall quietness is benefiting deals from Mekong countries, as banks are keen to maintain a certain exposure to the region, writes Shruti Chaturvedi.
