Loans and High Yield

A number of foreign banks are eyeing a potential loan to fund the buyout of the Indian business of outsourcing company Serco.

Two private equity firms have chosen Bank of China as sole mandated lead arranger and bookrunner and agent for a loan of nearly $2bn to fund their acquisition of the LED component and automotive lighting business of Philips.

Autodis, the French car parts distributor, held an investor call on Monday morning for a €60m high yield bond tap to fund a dividend and for general corporate purposes.

Delachaux, the CVC-owned French railway track maker, is working to close books on its €690m loan repricing this Monday, with a second cut in the deal’s margin.

Valeo Foods, the Irish food producer, has launched a €595m loan that includes a second lien tranche, to refinance debt and fund an add-on acquisition.

Hong Kong listed Fosun International has allocated its latest borrowing among 22 lenders. Banks are eager to establish a relationship with Fosun, which is snapping up assets across continents. Their interest led the Chinese company to increase its loan to $800m from $500m.

We are pleased to announce this year's borrower nominees for the 2015 GlobalCapital Bond Market Awards.

Indonesian tower company Solusi Tunas Pratama’s latest borrowing has received $185m in commitments. The deal, which will refinance what is left of a bridge it sealed with five banks in December last year, is due to close imminently.

Hong Kong’s Hsin Chong Construction Group successfully completed its inaugural outing in the bond market, raising $250m with a three year offering on May 7.

Eircom, the Irish telecoms company, held an investor call on Tuesday for a €2bn amend-and-extend process on its loans that will bring documentation into line with market standards.

From yields to maturities and covenants, most high yield market metrics are being pushed around by the impact of the European Central Bank’s asset-purchasing programme. But bankers and investors insist the situation is not getting out of hand.

Delachaux, the French maker of railway tracks, on Thursday hit the deadline for commitments on its €690m-equivalent loan repricing, an aggressive deal that is nevertheless likely to fly.