Loans and High Yield
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Although Fosun’s acquisition of Club Mediterranee (Club Med) marks another step in the advance of Chinese investment in Europe, the transaction’s buyout debt is unlikely to send pulses racing, as the borrower is aiming for a conservative debt package. -
AS Adventure, the outdoor clothing retailer, is working on the term sheet for a €245m acquisition loan, which it plans to launch early in March.
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Twin Pine Consulting is stepping up its efforts to develop local currency markets in Asean as it begins preparations to sell the first Lao kip-denominated corporate bond. The Thai financial advisory firm is also trying to bring sovereigns, including Cambodia and Myanmar, to the international bond market.
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Picard Surgelés, the French frozen food producer and retailer, sold a €770m bond on Wednesday, of which €602m will be used to pay a dividend to shareholders.
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Over 50 lenders are said to be interested in Indian integrated oil company Essar Oil’s advance payment based loan with offtaker Oil Bridge, with banks from Europe, Taiwan and the Gulf among those that are considering joining.
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Telecommunication tower provider Solusi Tunas Pratama (STP) raised $300m from a five year non-call three bond on February 12, in what was the second international bond from the sector in less than 10 days.
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Wittur, the German lift components producer, has become the latest midmarket leveraged loan borrower to join this year's rush to market with a covenant-lite loan - and like the others, has been forced to widen its pricing.
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Constantia Flexibles, the Austrian food packaging company, marketed a €1.3bn loan to lenders at a London bank meeting on Monday.
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Sky Bet, the UK online gambling business, allocated its £340m seven year term loan ‘B’ at around 10am GMT on Monday morning, having further flexed the deal’s terms in favour of investors.
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UniCredit SpA’s full year results disappointed on Wednesday. While at group level it recorded a €2bn profit, disappointing revenues at both group and core bank level, and a shrinking CET1 ratio have sent the bank’s share price tumbling.
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Smurfit Kappa Group, the Irish packaging group, priced a €250m 10 year high yield bond on Wednesday evening that found solid demand, after announcing higher earnings and revenue for 2014.
