Latest news
Latest news
◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
Manager tightens spread on triple-A rated notes by 23.5bp compared with the original deal
Lower loan prices offer higher equity returns but managers face rally risk once deals are priced
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Dell, the US computer maker, allocated the €700m tranche of its LBO financing early on Wednesday, after European investors overwhelming supported one of the largest covenant-lite deals ever to be issued in the currency. Most of the commitments to the loan came from lenders in Europe, investors and bankers involved in the deal told EuroWeek on Wednesday.
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Investor commitments to Skrill’s €305m loan package are due in on Wednesday afternoon, with allocations expected next week. The terms and size of the UK online payment company’s debt remain unchanged from when it was first marketed at a bank meeting on 12 September.
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Spanish construction and industrial conglomerate Abengoa priced the tap of its 8.875% 2018 notes at the tight end of guidance on Tuesday. -
Emma Delta, an investment fund controlled by a Czech businessman and a Greek, wants to issue €400m of first and second lien unrated high yield bonds to part-finance its takeover of a 33% stake in OPAP, the Greek lottery and football betting company.
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The leveraged loan market flexed its muscles this week as investors scrambled for US computer maker Dell’s covenant-lite loans. Not only did levloan investors out-compete bond investors, so that a bond tranche was replaced with a loan, but the demand showed just how eager European investors can be for cov-lite paper, although some of the interest will have come from the US.
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Lenders to Thyssenkrupp have agreed to waive the September covenant test on its €2.5bn revolving credit line after the German steel firm revealed that it ran the risk of breaching its debt to equity requirements.
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US computer maker Dell has increased the loan portion of its buyout financing, with the euro term loan ‘E’ expected to grow to at least €650m ahead of its Tuesday allocation. The facility will become one of the largest covenant-lite loans ever to be issued in euros.
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The UK’s Tunstall Healthcare is refinancing all its outstanding loans and mezzanine facilities with new drawn and undrawn loans totalling £350m. The debt will be marketed at a bank meeting on Thursday.
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Oberthur has launched €440m-equivalent of transatlantic, covenant-lite loans, to refinance drawn credit facilities issued by the French smart card developer for its buy-out in 2011.
