Embattled UK clothing retailer New Look is embarking on its second round of credit restructuring in two years, after gaining support from its lenders and the majority of its noteholders for a debt for equity swap.
A small group of Japanese banks have signed a syndicated facility that will support the funding of a solar power plant in Qatar, which is jointly owned by a consortium of Japanese, French and Qatari firms.
VC Trade, a digital platform in the Schuldschein market, has begun promoting secondary trading on its system, with an eye of scaling up into Europe’s loan markets.
US corporates under stress from Covid-19 economic shocks, especially those in the real estate sector, have been struggling in their renegotiations of loan and swap agreements as power has flowed back to the banks, writes Ross Lancaster.
Liberty Global has announced plans for a $7.4bn acquisition of mobile phone company Sunrise, less than a year after the latter’s plans to acquire Liberty’s subsidiary UPC fell through. On Wednesday, UPC launched two sets of term loan ‘B’s to support the new deal.
Christina Too and Gordon Butterworth will join Deutsche Bank as managing directors in its healthcare investment banking coverage and advisory team for Europe, the Middle East and Africa.
Anne Stevenson-Yang is a director and co-founder of J Capital Research, a New York firm and short seller that specialises in Chinese companies, as well as international companies looking to grow their business in China. GlobalCapital spoke to Stevenson-Yang about the dangers of trusting financial reporting from China, and steps stock exchanges could take to stifle the likelihood of fraud.
Institutional investors holding Hammerson’s £689m ($900.27m) of private placements (PPs) are to be offered a pre-payment option first after the UK property company’s intended rights issue, according to a prospectus on the upcoming trade. Unlike the UK property company’s bondholders and bank lenders, during their coronavirus amendment process, PP investors negotiated an offer of pre-payment at par of 30% of any proceeds of capital raises or disposals.
UK student loan securitizations are set to repay faster if the government decides to reform inflation indices in 2030, benefiting junior investors. Other noteholders could see returns drop if the government opts for an earlier switch date, however.
Nordex has signed a €350m revolving credit facility, guaranteed by the German state, to help the wind turbine manufactuer through the coronavirus pandemic. Elsewhere in Germany, Tele Columbus refreshed its loan support.
Terna, the Italian transmission company, has signed a €100m sustainability-linked facility, marking the borrower’s third outing into the socially-conscious debt markets in recent weeks.
Loan market bankers disagree about the impact that the new social revolving credit facility structure will have on the European market — though the first-of-its-kind Covid-19 facility for Suez will likely remain a rarity, after the Loan Market Association said it is not looking at producing documentation for the structure.
Institutional investors in private placements (PPs) have signalled their appetite for borrowers beyond their typical stables throughout the coronavirus pandemic. But this week’s transaction from Vanguard Group — the largest in the market’s history — showed the size of funding available, as buyers demand bigger deals. Silas Brown reports.
Companies across Europe are shifting their aspirations from surviving the coronavirus pandemic to making the most of the economic opportunities it may present. Both loan and bond bankers are seeing more requests to help clients fund M&A. In the last few weeks, multiple companies have signed loans linked to acquisitions and more are expected after the summer.
Canny loans bankers have devised a social revolving credit facility structure that links a portion of a borrower’s debt directly to Covid-19 era relief spending. It’s a structure that won’t take the markets by storm on what is likely the eve of global recession but ESG-minded investors should still push hard for the companies they own to consider this new type of funding.
This week in Keeping Tabs: whether investors are prepared for the impact of a Joe Biden win on environmental policy, how bond and syndicated loan markets diverged in the crisis, and a crypto app that tanked.
Embattled UK clothing retailer New Look is embarking on its second round of credit restructuring in two years, after gaining support from its lenders and the majority of its noteholders for a debt for equity swap. It is planning on reducing senior debt from £550m to £100m.
A small group of Japanese banks have signed a syndicated facility that will support the funding of a solar power plant in Qatar, which is jointly owned by a consortium of Japanese, French and Qatari firms.
NatWest Markets has restructured its divisions and given them new leadership. It is also moving some UK corporate-focused bankers over to the ring-fenced bank.
Christina Too and Gordon Butterworth will join Deutsche Bank as managing directors in its healthcare investment banking coverage and advisory team for Europe, the Middle East and Africa.
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