NH Hotel Group, the Spanish hotel chain, has extended its revolving credit facility, but three lenders have pulled out of the deal, which has been reduced in size by €14m to €236m.
Aston Martin, the British luxury carmaker, has arranged a new financing package to strengthen its balance sheet and cash reserves as it embarks on an ambitious new partnership with German car giant Mercedes-Benz, to start producing electric cars.
UK hospitality companies have been avid users of the US private placement market in the past, but since the coronavirus pandemic began, their businesses have been up-ended, with pubs subject to curfews, social distancing and closures.
Loan syndicate desk heads at major European lenders are expecting to make budget this year, but the bulk of their desks’ profits will not be coming from the usual sources of loan income nor the torrent of bridge loans that hit the market in the Spring outbreak of the coronavirus pandemic.
The coronavirus pandemic has subjected the European leveraged loan market, where ‘cov-lite’ documents reign supreme, to a brutal test. The early results are positive.
South Africa's Standard Bank, which is 20% owned by ICBC, has raised a syndicated loan from a consortium of Chinese lenders. The transaction marks one of the few spots of activity in a market that has almost halved in size this year.
Ion Investment Group is preparing to combine its Dealogic and Mergermarket units under a single corporate entity, Ion Analytics, and refinance the group’s expensive private debt raised last year with a cheaper, broadly syndicated loan package across dollars and euros. A strong performance over the last year should encourage investors to look past the group’s previous struggles with access to the public markets.
European syndicated loan bankers are confident that the market is heading towards a tipping point in its transition from Libor, despite new data showing just 18 publicly announced deals in markets that use Libor have signed or been amended to reference risk-free rates.
Analysts believe optimism over the IMF disbursing funds to Ukraine this year is unfounded, as the country is struggling to fulfil the conditions it has to meet to be granted the money.
Metals and mining company Vedanta Resources has returned a $1.75bn loan and redeemed a $1.4bn bond after its plan to delist its Indian subsidiary failed to attract enough support.
Enel has signed a sustainability-linked loan (SLL) days after printing a bond using the structure. The Italian energy company has doubled down on its sustainability plans by pinning both trades to the same goal.
Euronav, the Belgium based crude oil tanker company, has signed a $713m loan package, as the sector outlook turns bleak after a strong start to the year because of an overproduction of oil.
Leveraged finance bankers coping with a slump in deal flow in Asia this year are gearing up for a bumper start to 2021, as a return of liquidity and growing interest from institutional investors for loans set the stage for a market revival. Pan Yue reports.
Bavarian dairy group Müller is marketing US private placements, according to market sources, alongside nutrition group Glanbia.
The European Central Bank's decision to embrace sustainability-linked bonds (SLBs) as collateral and for its asset purchase programme is a sign of what is to come.
BNP Paribas has shaken up its advisory business to address underperformance in its home market, but this must be more than a quick fix to restore national pride, writes David Rothnie.
BNP Paribas has shaken up its advisory business to address underperformance in its home market, but this must be more than a quick fix to restore national pride, writes David Rothnie.
Outrage at the destruction of the Amazon rainforest — which often involves dispossessing indigenous people — is common among capital markets executives. But few realise that their own firms are financing it.
UK hospitality companies have been avid users of the US private placement market in the past, but since the coronavirus pandemic began, their businesses have been up-ended, with pubs subject to curfews, social distancing and closures. Fortunately, US PP investors have largely followed bank lenders in opting for leniency, waiving covenants or switching to monitoring minimum levels of liquidity. One firm even managed to raise new debt this summer.
BNP Paribas has shaken up its advisory business to address underperformance in its home market, but this must be more than a quick fix to restore national pride, writes David Rothnie.
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