Loans and High Yield

Ineos, the Swiss-registered chemicals company, has brought forward the deadline for its bond-to-loan refinancing, after nearly doubling the size of the deal on Friday.

Italian telecom company Wind Telecomunicazioni cut down the initial size of the loan portion of a refinancing to €700m, and upped its bond offering.

Faurecia, the French car parts maker, said on Monday it wanted to issue€500m of bonds to redeem a note due 2019, in a market that has already seen refinancing issuers achieve substantial price cuts.

The bonds of troubled Chinese property developer Kaisa Group Holdings took a hit on the morning of March 9 following the announcement of its offshore debt restructuring programme.

UK theme parks group Merlin Entertainments on Wednesday priced its debut bond of €500m notes to yield 2.75%, the smallest printed this year in the European high yield.

The term loan portion of MMI International’s $580m five year borrowing opened into general syndication this week.

Lodha Developers has made its long awaited debut in the international bond market, raising $200m through a five year non-call three dollar trade on Thursday, March 5. However, not only did the Reg S deal struggle to maintain momentum during bookbuilding despite offering the highest coupon from an Indian corporate, but it also had a tough time in secondary markets.

Bank Rakyat Indonesia (BRI) is sounding out lenders for a $300m-$500m dual tranche loan. Banks are being asked to commit to a 3.5 year or a five-year tenor.

Long a staple of European leveraged buyouts, lists determined by sponsors of institutions that are either allowed or prohibited from buying loans in the secondary markets are drawing the ire of investors.

German science publisher Springer Science set out pricing on a €600m-equivalent acquisition loan on Tuesday, with some existing lenders already warm to the deal.

Ineos, the Swiss-registered chemicals company, set price guidance on its €750m refinancing loan in dollars and euros, slightly ahead of a 2pm lender call on Tuesday.

Survitec, the UK survival equipment provider, allocated its £250m acquisition loan late last Friday (February 27), reverse flexing to more borrower-friendly terms for the second time.