Loans and High Yield

UK insurance broker Towergate announced on Monday that a committee representing a majority of senior secured bond holders had finally agreed to cancel more than £600m of debt – and gain a 100% stake, leaving little if anything for unsecured creditors. But on Thursday, it was the unsecured creditors who grabbed the headlines.

Hurtigruten, the Norwegian cruise operator, sold a €455m bond through Silk Bidco on January 30, to fund private equity firm TDR's acquisition of a larger stake in the business.

Cerba European Lab, the clinical pathology laboratory company, raised €230m on January 30 by tapping its 7% 2020 bond and issuing a new note, which even attracted investors new to the high yield market.

Host Europe, the German online hosting provider, expects to close books for its £535m loan for the acquisition of Intergenia by the middle of this week, after the consent process for the deal took longer than expected.

Cinven has made partners of three of its team, promoting Maxim Crewe, Pontus Pettersson and Yalin Karadogan.

Afren, the Africa-focused oil exploration company listed on the London Stock Exchange, has avoided default on a $300m loan after obtaining a deferral from banks on the $50m amortisation payment that was due on Saturday January 31 for its Ebok debt facility.

Telecommunication tower operator Solusi Tunas Pratama (STP) is looking to tap the bond market for the first time having mandated five banks for a series of investor meetings starting on February 4.

Altice on January 30 achieved a successful sale for its €4.8bn-equivalent bond package backing its takeover of Portugal Telecom.

Private equity firm Oakley Capital has agreed, along with Daisy Group as a minority partner, to buy Damovo Europe, a provider of enterprise communication technology.

GTech, the Italian gambling equipment maker, completed an €800m term loan on Friday last week, the day before Standard & Poor’s and Moody’s downgraded it to junk.

Philippine property developer Century Properties will meet investors next week ahead of a potential US dollar bond debut after mandating three banks.

Solenis, the US chemicals producer, has closed books on an €85m six year term loan that backs its acquisition of Clearwater Specialties, increasing the facility by €10m.