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Varta switches to ESG bank lines

Investment Grade

Varta switches to ESG bank lines

Varta, a German battery maker, has signed a debut €235m sustainability-linked bank loan package, making the margin dependent on an improvement of its rating with a second party opinion provider.

Other news

  • CVC joins PE firms raising cash in private debt markets

    CVC joins PE firms raising cash in private debt markets

    Alternative asset manager CVC Capital Partners has issued €1.25bn in US private placements, according to market sources. The trade follows similar moves by Bain Capital and Dyal Capital in the past 12 months, but is the first iteration of the trend to be priced in euros.

  • BofA forms EMEA ESG council as it seeks ‘glidepath’ to lower emissions

    BofA forms EMEA ESG council as it seeks ‘glidepath’ to lower emissions

    Bank of America has set up an EMEA ESG strategic council chaired and led by three senior investment bankers, to intensify its effort to reduce its carbon footprint and manage its climate risks. BofA made a net zero commitment in February but has not yet set out its decarbonisation trajectory.

  • UK to be torn between harmony and leadership on green regulation

    UK to be torn between harmony and leadership on green regulation

    The UK has begun the process of creating its own versions of the European Union’s sustainable finance regulations, by picking a Green Technical Advisory Group to help it draft a green taxonomy. It will face two conflicting priorities: to maximise harmonisation by staying close to EU rules; and to depart from them, for a variety of reasons including the possibility of improving on the EU’s approach.

  • Bread Street aims to bring private equity to UK pensions

    Bread Street aims to bring private equity to UK pensions

    Two former investment managers at Aberdeen Standard have launched a firm called Bread Street Capital Partners, with the aim of creating a series of listed private markets funds to broaden access to the funds of top tier financial sponsors. The firm also aims to capture more investment from UK defined contribution pension schemes, which have historically had tiny allocations to private equity compared with some of their international peers.

  • Colisée looks to reprice EQT’s acquisition debt

    Colisée looks to reprice EQT’s acquisition debt

    Nursing home and elderly care company Colisée, which EQT Infrastructure acquired last year, was in the market on Thursday, looking to reprice the €875m acquisition facility and add-on a further €150m to pay down its revolver.

  • Pigging out: Six banks form club for WH Group’s $1.9bn buy-back

    Pigging out: Six banks form club for WH Group’s $1.9bn buy-back

    WH Group has turned to banks for about $1.25bn to fund a share buy-back, as the world’s largest pork company takes advantage of attractive market conditions to raise a new loan. Unlike its acquisition fundraising eight years ago, which received plenty of criticism and pushback from lenders, the market’s response this time around is different — despite some initial confusion, writes Pan Yue.

  • MetLife, Pricoa pip PP market to Biffa trade

    MetLife, Pricoa pip PP market to Biffa trade

    Two of the largest private placement investors have beaten the broader market to a deal with Biffa, the UK waste management company, after many investors expected the transaction to be widely marketed. More frequently, larger investors are going direct to borrowers with bilateral and club deals, undercutting the syndicated market.

  • BofA puts big hitters on EMEA ESG council

    BofA puts big hitters on EMEA ESG council

    Bank of America has set up an EMEA ESG strategic council chaired and led by three senior investment bankers, to intensify its effort to reduce its carbon footprint and manage its climate risks.

  • Uralkali enters loan market, welcomes oversubscription

    Uralkali enters loan market, welcomes oversubscription

    Russian potash fertiliser producer Uralkali has entered the syndicated loan market to raise a pre-export finance facility, according to loan bankers. The facility has so far garnered a strong response from lenders, as they hunt for assets in a bare pipeline.

  • Moody’s probes IG credentials of SSD’s car parts makers

    Moody’s probes IG credentials of SSD’s car parts makers

    Moody’s has torn up one of the shibboleths of the Schuldschein market — that its borrowers are worthy of investment grade ratings. On Wednesday, the rating agency said a number of borrowers from the car parts sector were overleveraged and not profitable enough. Investors appear to share these worries, but the Schuldschein market offers them little protection and there is no reliable secondary market for them to sell into.

  • VMED Ireland launches ESG-linked loans

    VMED Ireland launches ESG-linked loans

    Virgin Media Ireland is looking for €900m of loans, which will have margins linked to specific KPIs, following the Virgin Media/O2 merger in the UK.

  • JPM sends levfin bankers to US

    JPM sends levfin bankers to US

    JP Morgan has reorganized its leveraged finance capital markets operations in EMEA, with Todd Rothman and David De Boltz having relocated from London to New York.

  • Dräxlmaier tests Schuldschein appetite for auto suppliers

    Dräxlmaier, the German car parts maker, has launched a sustainability-linked Schuldschein. Deals from the car industry have been few and far between in the market of late. Investors have cooled on the sector, as there have been some high profile problems with specific credits at the same time as the industry undergoes big changes.

  • Survitec adds more private debt

    Survitec adds more private debt

    Survitec, the UK survival and safety company, has signed a revolving credit facility, bringing debt raised by the acquisitive company in the last few months to £297.5m.

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