Loans and High Yield

Banks have shown quick interest in a new $500m loan from Indonesia’s Sarana Multi Infrastruktur (SMI), which is wooing lenders with a short tenor deal.

Philippine oil refining and marketing company Petron has approached its relationship banks for a new club loan, after acknowledging the impact of the Covid-19 pandemic,

VTR Finance, the Chilean subsidiary of telecoms group Liberty Latin America, is marketing a dual-tranche refinancing that is likely to be distributed to both EM and dedicated high yield bond buyers and will shift debt towards the operating company.

India’s Mu Sigma, a data analytics firm, has kicked off an up to $100m loan in general syndication, after receiving commitments from three banks ahead of launch.

Subsidiaries of China Steel Corp and Ta Ya Electric Wire & Cable have closed their respective dollar loans.

Bank lenders are trying to reach an agreement with scandal-rocked Wirecard to renew as much as €2bn of loans, after the beleaguered German payments company breached its terms on Friday when it failed to produce audited financial results. According to several sources familiar with the situation every lender needs to sign off on the new deal, otherwise Wirecard may have to pay the entire loan back.

Banks sitting on the €8bn of bridge loans to finance Advent and Cinven’s takeover of ThyssenKrupp Elevator (TKE) have finally launched the first part of the deal into public syndication, with the announcement on Monday of a €3.05bn euro and dollar term loan 'B'.

After weeks of slim pickings in high yield and leveraged loan capital markets, Monday brought a flood of new issue announcements, with MasMovil’s take-private loan, a multi-currency loan from cruise company Carnival, AMS’s bridge for the takeover of Osram, an add-on for IFCO, and a high yield debut in the morning. But that was all hors d'oeuvres to the main course: the long-awaited ThyssenKrupp Elevator bridge in the afternoon.

German PVC window and door maker Profine was marketing its debut in the wholesale capital markets with a bond issue on Monday, after exploring options for a unitranche loan to refinance its main loan facility with Commerzbank, which matures at the end of the year.

Chinese company Genertec Universal Medical Group has launched a $600m dual-currency loan into syndication.

Oil company Hilong Holding has defaulted on a dollar bond that matured on Monday, after failing to drum up enough support for an exchange offer that was extended multiple times.

Taiwan-based notebook computer maker Inventec has changed the structure for its loan return to prepare for the expected discontinuation of Libor at the end of next year.