The shift to home working is going to heap pressure on office property companies, with some corners of the capital market expecting their bonds to start selling off if workers stay away as lockdowns are eased.
KKR, Cinven and Providence Private Equity have launched the first post-Covid take-private LBO attempt, targeting Spanish telecommunications company MasMovil with a €3bn takeover offer at €22.50 a share, giving the company an enterprise value of around €5bn.
Safran is set to sell a large US private placement this summer, as the French aerospace and defence company looks to extend its maturity profile.
The board of Lufthansa, the German flag carrier, has rejected the terms of a €9bn state bailout that would have seen the European Commission require the company to relinquish flight slots in Frankfurt and Munich.
Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from state-owned Instituto de Crédito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.
Cineworld announced on Thursday that it had raised on extra $110m of liquidity by extending its revolve. Its lenders also agreed to waive the covenant test for the end of June. The company also plans to tap government lending schemes in the UK and US.
Swissport, the baggage handling and air cargo group, is asking bondholders to allow it to add €380m of super-senior debt above its existing senior secured bonds and loans, secured by the same collateral but with a priority claim.
Syndication of the £4bn bridge loan backing the merger of UK mobile phone company O2 — owned by Spanish telecoms giant Telefonica — with Liberty Global’s Virgin Media cable business was signed on Thursday.
Some of the largest investment banks made 12% less revenue from lending in the first quarter, despite balance sheet expansion as they supported companies, according to research from analytics firm CRISIL Coalition.
Technicolor has asked its lenders to waive a default condition so it can appoint a conciliateur and begin a consensual debt restructuring process that includes €400m of new financing and a debt-for-equity swap. This follows the failure of the company’s planned €300m rights issue, announced in mid-February but thrown off course by the coronavirus pandemic.
Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from the state owned Instituto de Credito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.
Muddy Waters has fostered a fearsome reputation as a credible, thorough and forceful short seller whose explosive reports are a danger to anyone harbouring a stake in its intended target. Carson Block, its founder and chief investment officer, told GlobalCapital he has never been wrong about a company he’s shorted, though that doesn’t mean he’s made money from every position he has held. According to Block, monetary policies intended to stimulate markets through financial crises actually corrode them, and stifle accountability for serious failures in corporate governance.
UK food and ingredients company Tate & Lyle has sold a $200m US private placement, according to two sources familiar with the situation. Several agents have said that requests for proposals are now rolling in after a quieter few months.
Africa Finance Corporation (AFC), the Nigeria-based multilateral development bank (MDBs), has emerged at the forefront of regional coronavirus rescue efforts, providing financing for emergency hospitals, medical aid and more. As Africa finds itself at the centre of global calls for emergency financing and debt relief, the AFC’s chief executive, Samaila Zubairu, talks to GlobalCapital about the bank’s response to the crisis, how its own fundraising plans have been affected, and the future of Chinese capital in the region.
The coronavirus pandemic will test the complex relationship between bank loans and the fabled ancillary business supposed to make it all worthwhile. Some banks have provided heaps of extra cash for European clients to keep them alive and it has changed the shape of the loan market, with some banks ramping up market share. But will companies return the love when the time comes?
China Construction Bank International has repaid a $1bn loan maturing in July 2021 well ahead of schedule.
The Ministry of Finance of the Lao PDR has returned to the loan market for a new financing of $50m.
The Ministry of Finance of the Lao PDR has returned to the loan market for a new financing of $50m.
Safran is set to sell a large US private placement this summer, as the French aerospace and defence company looks to extend its maturity profile.
The Asian Infrastructure Investment Bank has approved a $750m loan to the Philippines to help it recover from the Covid-19 pandemic.
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