Loans and High Yield
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The eurozone’s angst over Greece slowed down the high yield market this week, with only two deals priced. The second of these was Worldwide Flight Services’s €225m unsecured bond. -
Bank of America Merrill Lynch has irked some investors, by planning to cut emerging market issuers out of its high yield bond indices, after some big issuers like Petrobras and Gazprom were downgraded into the indices.
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Ufinet, the telecoms unit of Gas Natural Fenosa formerly called GNF Telecom, which was bought by Cinven last year, is seeking to cut the margin on a €295m leveraged loan it allocated last July.
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Greek drama has been little more than a sideshow for loan bankers until now, but there was no sense of complacency in the leveraged loan market this week as Greece grew more likely to default on its debt.
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Host Europe, the German online hosting provider, has slashed margins on €406m-equivalent of leveraged loans, as an oversubscribed order book showed there was life yet in repricings.
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Mauser, the German industrial packaging group, has won near-unanimous acceptance for its amendment exercise on a $1.6bn leveraged loan, originally closed last July to back its buyout by Clayton, Dubilier & Rice.
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A default by Greece would shut the European high yield market — but not for long, market participants agree. And some of them say the market could cope better with that sudden shock than with endless uncertainty.
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TI Automotive, the UK car parts maker being bought by Bain Capital, rushed from Monday’s London bank meeting to New York to build support for a €1.07bn-equivalent acquisition loan. Bonds will follow later.
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M7 — Mercuria — Mærsk — Falck Renewables — Ballast Nedam — Egyptian Fajr — Acıbadem
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Douglas Holding, the German perfumery chain, enlivened the leveraged loan market this week, launching a €1bn deal that will contribute to its buyout by CVC.
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New York-listed Nord Anglia, the international schools operator, sold a Sfr200m secured high yield bond on Thursday. It had to trim the size, but was able to hold out against pressure to widen pricing.
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Douglas Holding, the German perfumery chain, received a favourable initial response from investors at its Wednesday bank meeting as it launched the €1bn loan portion of its buyout debt.
