Loans and High Yield

The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies.

Restaurant chain operator Wagamama will cancel its banking debt with the £150m senior secured bond it sold on Wednesday, a debut issue for the company.

KKR-sponsored precision engineering company MMI International is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid.

Succeed Venture is looking to raise a $300m secured loan. In addition to offering security based on a hotel building in Shanghai, the fundraising comes backed by provisions related to the loan-to-value ratio, using the hotel’s valuation as a basis, said a banker.

Taiwanese cable television operator China Network Systems (CNS) is in the market with a NT$46.742bn ($1.53bn) seven year multi-tranche loan. CNS’s sponsor MBK had originally picked Taiwan’s Wei family to acquire the company in August last year but subsequent scandals surrounding the buyer prevented the deal from going through.

Privately-owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.

Oil offtaker Oil Bridge is in the market for a $180m 23 month loan. The proceeds will go to Indian integrated oil company Essar Oil, which has entered into an advance payment agreement with the offtaker. The loan comes backed by an export performance bank guarantee from State Bank of India.

Liberty Global’s subsidiary Ziggo launched and priced on Wednesday €800m of senior secured notes, only a week after selling an unsecured bond. Both are linked to its merger with its sister company UPC Netherlands.

SIG Combibloc, the Swiss drinks carton maker, has launched the long-awaited €2.265bn loan backing its acquisition by Onex, the largest European leveraged takeover financing of the year so far.

The €160m high yield bond issue from Eden Springs, the Swiss-based provider of water and coffee dispensers for the workplace, had a price guidance of 8.75% to 9%.

The European Central Bank’s meeting on Thursday is the first thing corporate bond specialists have to consider this week when weighing the prospects for their market — and many see more risk of downside than upside.

Four Seasons Health Care, the UK private health care provider, has switched an undrawn revolving facility into a £40m super-senior three year term loan.