Loans and High Yield

Ineos, the UK chemical company registered in Switzerland, is allocating €2bn of leveraged loans after an amend-and-extend exercise that led to a refinancing of some of its dollar debt.

Leveraged finance investors have claimed a victory against borrowers by forcing Valeo Foods to back down on aggressive transferability restrictions that pushed their patience too far in an already hot market, Ross Lancaster reports.

PizzaExpress, the largest UK casual dining restaurant operator, priced on Tuesday a £55m tap of its senior secured bond to fund the purchase of 28 franchise businesses in China and Hong Kong.

XPO Logistics, the US transport logistics company, wants to issue a $2bn-equivalent four tranche bond to fund its acquisition of Norbert Dentressangle, the French trucking group.

SC Lowy, the Hong Kong-based investment bank specialising in fixed income, has hired Hussein Nasser as head of European bond trading, with a remit to expand its high yield business.

Dell, the US personal computer maker, has closed books on a loan repricing and will increase the deal, although investors put the brakes on a full repricing.

CMA CGM, the French container shipping company, has ditched the dollar tranche from its planned €715m-equivalent high yield bond issue and just raised €550m in euros.

Debut borrower Beijing Construction Engineering Group (BCEG) came to the offshore bond market for the first time on June 3 as it looked to take full advantage of strong feedback it garnered during a roadshow. Despite the packed pipeline on that day, the Chinese borrower fetched $500m on the back of solid demand.

Penn Engineering has achieved almost unanimous approval for the repricing of its $465m loan and aims to allocate the entire facility by today.

Taiwanese electronic components distributor World Peace Group is back in the market for a borrowing of NT$6bn ($195m). Banks have already put in their proposals for the loan and the mandate is likely to be decided by the end of June.

Ineos, the UK chemical company registered in Switzerland, is allocating €2bn of leveraged loans after an amend-and-extend exercise that led to refinancing some dollar debt.

Port and ferry service provider Zhuhai Holdings Investment has unfurled an HK$1bn ($128m) borrowing in general. Interested banks will get a chance to review the company’s operations in its home city of Zhuhai.