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Non-bank lenders seem more confident than banks in the short term
New facility smaller than the original but 20% larger than the launch amount
In Europe loans are the key to opening ancillary business while in the Middle East relationships should cap premiums
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Virgin Media launched a refinancing of its $3.4bn senior secured term loan B, with a combined offering across sterling bonds, and euro and dollar loans. The move comes two weeks after Swiss telco Salt proved that bonds could price meaningfully tighter than leveraged loans for the right issuer, and Virgin also saw a strong result. -
Suez Water Resources, the US subsidiary of Suez, the French water and waste management company, has issued $375m of US private placements, with the longest note expiring in 40 years — a rarity for dollar PPs.
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Denmark’s Hafnia has cut down the size of its revolving credit facility to $473m, as the shipping company refinances its bank debt following its merger with BW Tankers at the start of the year.
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German car parts maker ZF Friedrichshafen has closed its Schuldschein and agreed to take just over €2bn, according to market sources. Schuldschein participants believe this demonstrates the private market’s ability to compete with its public equivalents.
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Eddie Wong, a director of loan syndications, has left ING after over a year.
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German car parts maker ZF Friedrichshafen has closed its Schuldschein on Friday, and is about to decide how big to make the deal. ZF's €2.2bn issue in November 2014 is the biggest deal the market has ever seen — but several sources believe this transaction may be bigger.
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