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Former investment banker has been CFO of Verbund
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Hipgnosis, the UK intellectual property and song management company, has again increased the size of its revolving credit facility since first signing it earlier this year, weeks after the firm raised £236m through an equity raise. -
Royal Vopak, the Dutch oil and gas storage company, has sold $500m-equivalent in US private placements.
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Weir Group, the UK engineering company, earned a favourable mention from Moody’s weeks after signing a new syndicated loan, as corporate debt markets brace themselves for a wave of downgrades.
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Drinks bottler Refresco is targeting a €400m term loan 'B' deal intended to finance acquisitions in Europe and the US.
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Several companies boasting Big Four accounting firms as auditors have emerged as fraudulent, leading many to wonder what value auditors bring to an investors' understanding of a company. The big issue is that auditors have little obligation to detect fraud at companies they audit, and neither it seems does anyone else. Until they do, investors need to stop believing a Big Four sign-off is a seal of approval. In fact, for a system supposedly built with its own reputation in mind, developed markets have offered investors very little protection.
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The syndicated loan market is facing a schism in the way it deals with the transition away from Libor — and unless the famously ponderous market starts to co-ordinate fast, fissures will keep appearing as different regions stick by their favoured replacement benchmark rates.
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