Syndicated Loans - All Articles

  • Barclays' Macdonald leaves loan role, more cuts to come

    Barclays swung the axe last week as up to five loans bankers are thought to be facing job losses. Jonathan Macdonald, the bank's managing director, head of loan syndicate for EMEA and Asia Pacific, has already been notified that his position is under review.

    • 31 Jan 2014
  • ICBC aiming to branch out into EMEA loan market

    The rise of Chinese banks in the EMEA loan market seems to be inevitable. Regulatory changes will allow Chinese subsidiaries to apply for branch status in the UK, opening up the vast balance sheets of parent banks for the first time. Loans bankers at western houses have been keeping a close watch on these sleeping dragons, which this week made their intentions outside of China clear when Industrial and Commercial Bank of China (ICBC) entered into an agreement to buy Standard Bank’s UK arm (see separate story). But this isn't the first move that the Chinese behemoth has made to expand in Europe. Last April, Benny Zachariah was hired to ICBC London with the task of setting up the bank’s loan sales and syndication desk. He talks to EuroWeek’s Michael Turner about the bank’s ambitions.

    • 31 Jan 2014
  • Moves in Brief, 31 January

    Exotix appoints global head of loans — RenCap continues equity sales drive with VP hire

    • 31 Jan 2014
  • Sberbank Europe 100bp all-in pricing well below expectations

    Sberbank Europe has priced its debut €400m one year deal at 100bp all-in. This is well below both lenders' expectations and the price its parent bank pays.

    • 31 Jan 2014
  • Unitranche backs two mid-cap LBOs

    Alcentra has provided unitranche financing for the buyout of two European companies, as it continues its drive to lend to European midcaps.

    • 31 Jan 2014
  • Ken and the art of M&A cycle maintenance

    The prospect of an IPO of one of the vibrant new forces in M&A advisory is further evidence of the return of big-ticket business, writes David Rothnie.

    • 31 Jan 2014
  • Ardagh unveils new debt for Verallia buyout

    Ardagh Group has set out a new plan to finance its acquisition of Saint-Gobain's subsidiary Verallia North America, after a delay in winning approval for the deal forced it to cancel the first financing.

    • 31 Jan 2014
  • Metalloinvest denies rumoured facility

    Loans bankers in London are assessing the market for a possible pre-export finance facility for Russia's Metalloinvest, after relationship managers in Russia reported that the firm wanted to raise funds.

    • 31 Jan 2014
  • Leveraged loans — news in brief, January 31, 2014

    Patheon cuts margins - Bureau van Dijk launches refi - Scout24 trims €50m off LBO debt

    • 31 Jan 2014
  • Investment Grade syndicated loans-news in brief,January 31,2014

    Telefónica - Ferrovial - INPP - First Citizen Finance - AT&S

    • 31 Jan 2014
  • Turkish banks are still kings of the loan market – poll

    The loan market is at the mercy of Turkish financial institution borrowers when it comes to pricing, according to EuroWeek Loans' latest poll.

    • 31 Jan 2014
  • Emerging Market syndicated loans-news in brief,Jan 31,2014

    Tenex - Credit Bank of Moscow - Akbank and ING Turkey - AccessBank - Ak Bars - Senegal

    • 31 Jan 2014
  • Ziggo in market for biggest term loan ‘B' since financial crisis

    Dutch cable operator Ziggo has launched a €3.7bn-equivalent term loan ‘B’ to back its takeover by US counterpart Liberty Global, in a deal which bankers have called the largest leveraged loan to rely on institutional investors since the financial crisis.

    • 31 Jan 2014
  • FMG closes senior stage of M&A loan

    Germany's Funke Mediengruppe has closed the senior syndication of €980m of loans supporting its acquisition of newspaper and magazine assets from fellow publisher Axel Springer.

    • 31 Jan 2014
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, full year 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 30 Jan 2014
  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, last 12 months rolling.

    • 30 Jan 2014
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, last 12 months rolling. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 30 Jan 2014
  • Safestore amends banking lines as it hits deleveraging target

    UK self storage provider Safestore has extended the maturity of its banking facilities on improved terms as it reaches its target for a reduced leverage ratio.

    • 30 Jan 2014
  • Scout24 trims €50m off loan after sale of Swiss websites

    Scout24, the German online directories and listings company, has reduced the size of its €645m term loan ‘B’ by €50m, after selling its Swiss business to e-commerce firm Ringier Digital.

    • 30 Jan 2014
  • Ferrovial on verge of signing €750m loan

    Spanish infrastructure firm Ferrovial is due to sign a €750m self-arranged loan imminently, according to loans bankers.

    • 30 Jan 2014
  • Exotix appoints global head of loans

    Investment banking firm Exotix Partners has moved one of its employees, Andrew Chappell, to be global head of loans and claims, as it continues to broaden its debt and equity capital markets business.

    • 30 Jan 2014
  • Suek success makes general syndication possible

    Russia's Siberian Coal Energy Co (Suek) might take its five year pre-export finance facility into general syndication after it closed at $1.5bn in senior syndication, with commitments of more than $2bn.

    • 30 Jan 2014
  • Guotai Junan rises to HK$3.3bn

    Guotai Junan Securities had a stellar reception to its loan in general syndication, with an oversubscription allowing the company to more than double its deal to HK$3.3bn ($425m) from the original HK$1.5bn.

    • 30 Jan 2014
  • Astra Sedaya picks 11 banks for $500m

    Astra Sedaya Finance has picked a group of 11 banks to arrange its $500m three year financing, tentatively scheduled to launch into syndication in mid-February.

    • 30 Jan 2014
  • Tata Communications connects for $240m loan

    Tata Communications has picked three banks to arrange a $240m financing, its first loan for more than three years.

    • 30 Jan 2014
  • Plenty of interest, but SGD loan prospects dim

    Singapore dollar loans are back in the limelight, with a debut from Geo Energy Resources joining a club from SingTel and a syndication from Savu Investments in the market. Geo Energy’s deal is small, at just S$75m ($58.7m), but it has attracted attention as the company is seeking local currency despite having most of its operations in Indonesia, writes Rashmi Kumar. However, bankers do not think that is the start of a trend.

    • 30 Jan 2014
  • Formosa heats up market with $700m five year

    Formosa Plastics Group has launched a $700m five year loan into syndication, and has quickly hit the radars of Taiwanese bankers by offering a margin of 200bp over dollar Libor.

    • 30 Jan 2014
  • Pakistan closes loan at $172.5m with nine

    Bankers working on the Ministry of Finance of the Islamic Republic of Pakistan’s loan have wrapped up syndication at a final deal size of $172.5m.

    • 30 Jan 2014
  • Morocco receives helping hand from IsDB

    The Islamic Development Bank (IsDB) has signed an Mr1.8bn ($220m) financing facility with Morocco for drinking water supply projects in Agadir and Chtouka Ait Baha, and the olive sector for small farmers.

    • 30 Jan 2014
  • ONGC Videsh seeks new $725m acquisition loan

    ONGC Videsh, the international arm of Oil and Natural Gas Corp, is seeking a new $725m one year bridge loan, with a group of seven to nine banks expected to win the mandate.

    • 30 Jan 2014
  • China Resources powers up HK$6.4bn in general

    China Resources Power Holdings launched its HK$6.4bn ($824m) five year loan into general syndication on January 29 via an eight member bookrunning group. But some bankers have already turned away from the transaction due to excess exposure to the parent company.

    • 30 Jan 2014
  • Geo Energy, Savu drill for Singapore dollars

    Singapore-based Geo Energy Resources and Savu Investments have launched their respective Singapore dollar loans into syndication. While the former is making its debut in the loan market, the latter is returning after a six year absence.

    • 30 Jan 2014
  • Azerbaijan's AccessBank prepares to launch debut loan

    Azerbaijan's AccessBank has mandated Raiffeisen Bank International to co-ordinate its debut syndicated loan.

    • 29 Jan 2014
  • LMA to produce template docs for European PPs

    The Loan Market Association has formed a working party to produce a template document for use in European private placement transactions.

    • 29 Jan 2014
  • Whitbread covers mid-term funding needs with loan extension

    Whitbread, the UK hotel, restaurant and coffee shop operator, has signed an amendment to an existing £650m syndicated loan to increase its maturity by two years.

    • 29 Jan 2014
  • Austria's AT&S shines in Schuldschein market

    Austrian computer parts maker AT&S has launched a $75m Schuldschein. The size is expected to be increased after investors pounced on the deal.

    • 29 Jan 2014
  • Unitranche backs PE buyout of Impetus Waste Management

    Alcentra has provided debt backing the acquisition of the UK’s Impetus Waste Management by Agilitas Partners and the company's management, as it continues its drive to lend to European midcaps.

    • 29 Jan 2014
  • Bureau van Dijk launches €670m of loans for refi and dividend

    Bureau van Dijk, the Belgian publisher of business intelligence, has launched a €670m loans package to refinance debt and fund a dividend to its private equity owner Charterhouse.

    • 29 Jan 2014
  • Tenex mandates for new loan

    Russian state owned nuclear energy firm Tenex has approached the loan market for a $500m five year deal.

    • 29 Jan 2014
  • Bank meeting packed as Ziggo markets €3.7bn Liberty loan

    Potential investors flocked to Ziggo’s bank meetings on Tuesday, as the Dutch cable company began to market a €3.735bn-equivalent eight year term loan ‘B’.

    • 29 Jan 2014
  • Ak Bars goes bigger with second Islamic loan

    Ak Bars Bank, from the Russian federal subject of Tatarstan, has signed a $100m murabaha facility with international banks.

    • 29 Jan 2014
  • IsDB and Senegal agree $144m of financing facilities

    The Islamic Development Bank (IsDB) and Senegal have signed facilities totalling $144m for the financing of three social projects in the west African country.

    • 29 Jan 2014
  • Credit Bank of Moscow tussles with lenders over loan pricing

    Credit Bank of Moscow is in talks with banks for a new one year club deal. The amount and terms have not been set yet, though lenders and the borrower are in tough negotiations over the price.

    • 29 Jan 2014
  • EM rout shakes investors, but new issues restart

    Emerging market bond bankers have been unnerved by the sell-off in their asset class this week. But as trading stabilised on Tuesday and interest rate hikes in Turkey and India calmed local currency selling, a new issue emerged from Latin America and bankers hope others in CEEMEA may not be far behind.

    • 29 Jan 2014
  • Sberbank Europe all-in pricing well below expectations

    Sberbank Europe has priced its debut €400m one year deal at 100bp all-in. This is well below both lenders' expectations and the price its parent bank pays.

    • 29 Jan 2014
  • Ak Bars goes bigger with second Islamic loan

    Ak Bars Bank, from the Russian federal subject of Tatarstan, has signed a $100m murabaha facility with international banks.

    • 29 Jan 2014
  • Senegal boosts IsDB loan agreements to $144m

    The Islamic Development Bank (IsDB) and Senegal have signed facilities totalling $144m for the financing of three social projects in the west African country.

    • 29 Jan 2014
  • ADIB signs Dh450m Islamic facility with Al Dhafra

    Abu Dhabi Islamic Bank (ADIB) has signed Dh450m ($122.5m) Islamic financing facility with Al Dhafra Cooperative Society, a private equity firm that serves local communities in western Abu Dhabi.

    • 28 Jan 2014
  • Turkish banks are kings of the loan market – Poll

    The loan market is at the mercy of Turkish financial institution borrowers when it comes to pricing, according to EuroWeek Loans' latest poll.

    • 28 Jan 2014
  • Ardagh unveils new debt for Verallia takeover after repaying first bonds

    Ardagh Group has set out a new plan to finance its acquisition of Saint-Gobain's subsidiary Verallia North America, after a delay in winning approval for the deal forced it to cancel the first financing.

    • 28 Jan 2014
  • Alcentra unitranche backs LBO of Chesapeake's plastic unit

    Alcentra has provided all the financing for the buyout of Chesapeake’s plastic packaging division by CEREA Partenaire, Bpifrance, Chemark and company management.

    • 28 Jan 2014
  • First Citizen gets loan to start Irish car finance lending

    Irish retail credit provider First Citizen Finance has signed a €150m revolving credit facility as it tries to break into the car finance market.

    • 28 Jan 2014
  • In the club: Citic Pacific seeks $300m refi

    Citic Pacific is in the market for a loan of around $300m, with lenders now busy processing their credit approvals, according to a banker.

    • 28 Jan 2014
  • Pakistan closes loan at $172.5m

    Bankers working on the Ministry of Finance of the Islamic Republic of Pakistan’s loan have wrapped up syndication at a final deal size of $172.5m.

    • 28 Jan 2014
  • ANZ picks new debt structuring head

    Frik Dreyer has been named Australia and New Zealand Bank’s head of debt structuring and acquisition finance for Asia, a position that sees him relocating to Singapore.

    • 28 Jan 2014
  • Geo Energy drills for S$75m

    Geo Energy Resources has made its debut in the loan market with a S$75m ($58.7m) loan, as the Singapore-based company eyes up acquisition prospects in Indonesia.

    • 28 Jan 2014
  • ADIB signs Dh450m Islamic facility with Al Dhafra

    Abu Dhabi Islamic Bank (ADIB) has signed Dh450m ($122.5m) Islamic financing facility with Al Dhafra Cooperative Society, a private equity firm that serves local communities in western Abu Dhabi.

    • 28 Jan 2014
  • Outokumpu seeks bondholder consent for debt changes

    Outokumpu, the Finnish steel company, is asking holders of its two bonds for consent to add a security package to its loans and bonds, and to complete its separation from ThyssenKrupp.

    • 27 Jan 2014
  • Funke Medien closes senior stage of €980m M&A loan

    Germany's Funke Mediengruppe has closed the senior syndication of €980m of loans supporting its acquisition of newspaper and magazine assets from fellow publisher Axel Springer.

    • 27 Jan 2014
  • Ziggo launches biggest term loan ‘B’ since crisis for Liberty deal

    Dutch cable operator Ziggo has launched a €3.735bn-equivalent term loan ‘B’ to back its takeover by US counterpart Liberty Global, in a deal which bankers have called the largest leveraged loan since the financial crisis.

    • 27 Jan 2014
  • Infrastructure firm INPP signs sterling refi

    Infrastructure investment firm International Public Partnerships (INPP) has refinanced debt with a £175m three year loan from relationship banks.

    • 27 Jan 2014
  • Telefónica set for warm welcome in loan market

    Spain's Telefónica has received an enthusiastic reception from loan market bankers as it approaches the market for a €3bn facility to refinance debt early.

    • 27 Jan 2014
  • Patheon enlarges dollar loan and cuts margins sharply

    Toronto-listed pharmaceuticals firm Patheon has signed a new seven year covenant-lite loan package. A healthy oversubscription allowed it to increase the dollar tranche and substantially tighten price margins.

    • 27 Jan 2014
  • A century from now

    While the bond desks were busy getting the full details on EDF's 100 year bond, Loan Ranger's thoughts last week turned to the world that the bond will expire in, and how even the best intentioned long term project finance loans can hope to compete.

    • 27 Jan 2014
  • Eager banks mull deal for Metalloinvest, but no loan for now

    Loans bankers in London are assessing market prospects for a possible pre-export finance facility for Russia's Metalloinvest, after relationship managers in Russia reported that the firm wanted to raise funds.

    • 27 Jan 2014
  • Alliance grows as five join $120m loan

    Five banks have made firm commitments to agribusiness Alliance International Development Corp’s loan of $120m, with the lead now hoping to wrap up the deal after the Chinese New Year break.

    • 27 Jan 2014
  • Akbank matches ING Turkey's pricing for new loan

    Turkey's Akbank has launched a refinancing facility priced at 90bp all-in. This is the same price ING Turkey is offering on a loan launched a fortnight ago, though lenders on Akbank's deal say the loans were priced independently of each other.

    • 27 Jan 2014
  • PFC returns for $100m, sends RFP

    India’s Power Finance Corp is back in the loan market, sending out a request for proposals to banks for a five year loan of $100m.

    • 27 Jan 2014
  • Formosa heats up market with $700m

    Formosa Plastics Group has launched a $700m five year loan into syndication, and has quickly hit the radars of Taiwanese bankers thanks to the margin of 200bp over dollar Libor.

    • 27 Jan 2014
  • Kingboard allocates HK$3bn, signing this week

    Allocations have been revealed for Kingboard Laminates Holdings’ HK$3bn ($387m) loan, expected to sign this week.

    • 27 Jan 2014
  • Savu develops S$420m loan

    Singapore property developer Savu Investments has launched a S$420m ($328.3m) loan into syndication, returning to the loan market six years after its previous fundraising, as it seeks to refinance a bond.

    • 27 Jan 2014
  • Astra Sedaya $500m mandate imminent

    Indonesian company Astra Sedaya Finance is tipped to formally mandate a group of 10 or 11 banks to arrange its $500m three year fundraising.

    • 24 Jan 2014
  • Tata Communications connects for $240m loan

    Tata Communications has picked three banks to arrange a $240m financing, marking its return to the loan market more than three years after it last tapped lenders.

    • 24 Jan 2014
  • The Chinese are coming! Euroloan banks brace for impact

    China is poised to profoundly reshape the European syndicated loan market, according to bankers, with the country’s biggest lenders likely to soon start grabbing top deal roles from struggling local players, writes Michael Turner.

    • 24 Jan 2014
  • Turkish corporate loans on hold as protests keep lenders away

    Turkish event-driven corporate loans estimated to total more than $2bn have been postponed as public protests continue to rage in the country.

    • 24 Jan 2014
  • Investment Grade syndicated loans-news in brief, Jan 24, 2014

    Feuer Powertrain takes loan and PP — UCB cuts price — CBRE completes refi programme

    • 24 Jan 2014
  • Citic Resources, China Hongqiao fire up deals

    Hong Kong-listed Citic Resources has started marketing its $300m three year term loan in a limited general syndication, while China Hongqiao is approaching banks to refinance some of its maturing debt.

    • 24 Jan 2014
  • All eyes on pricing as TCCI launches $1bn RFP

    Taiwan Cement Corp International Limited (TCCI), the Hong Kong subsidiary of Taiwan’s largest cement manufacturer, has created a rush of excitement among bankers thanks to its request for proposals for a $1bn loan. The size of the deal has prompted bankers to claim it could be a game changer for the pricing of loans, not only in Taiwan, but across Asia, writes Rashmi Kumar.

    • 24 Jan 2014
  • SapuraKencana, Vedanta loans gain steam

    Malaysian company SapuraKencana Petroleum’s $5.8bn jumbo loan has received its first set of commitments from two local lenders, according to a banker, while Indian company Vedanta Resources’ $500m loan is also gathering traction.

    • 24 Jan 2014
  • PE funds see appeal in directories firms Scout24 and Trader Media

    Private equity funds are showing growing confidence in parts of the online directories sector, as they acquire two of the UK and Germany’s best-known web marketplaces.

    • 24 Jan 2014
  • Leveraged loans — news in brief, January 24, 2014

    Hotter Shoes buyout — Sophos cov-lite — VAT Vacuums' rating — Rothschild levloan fund — Gruppo Argenta repayment

    • 24 Jan 2014
  • Wii back in the game: returns for $1.75bn

    Agribusiness Wii, a fully-owned subsidiary of Wilmar International, has launched its $1.75bn loan into general syndication, opting for a larger initial size than the last time it came to the market. But if the response is at all similar to its loan from 2013, the borrower is likely to increase the loan, said bankers.

    • 24 Jan 2014
  • EuroWeekAsia / Asiamoney Awards 2013

    The EuroWeek Asia and Asiamoney capital markets and investment banking awards were decided by the editorial team in December 2013 after an exhaustive series of meetings with bankers. Banks were invited to submit written pitches in November, after which journalists held meetings with individual asset class teams as well as discussions with issuers. Our thanks go to all those who took the time to discuss their work.

    • 24 Jan 2014
  • Lite-On Mobile rings up banks for $200m

    Lite-On Mobile, owned by Taiwan’s Lite-On Technology Group, has hit the market for a $200m five year term loan, pricing the deal at 110bp over dollar Libor. Returning to lenders nearly three years since its previous deal, the borrower is paying close to double the price this time.

    • 24 Jan 2014
  • Time to put up or shut up when lending to Russians

    Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think things should be.

    • 24 Jan 2014
  • REC lights up market with $150m RFP

    Indian state-owned Rural Electrification Corp has sent out a request for proposals to banks to raise $150m, only two months after it signed a $285m financing. But it has already gathered plenty of interest from banks who wish to break away from the oil and gas names hogging the market.

    • 24 Jan 2014
  • Unitranche debt: a bespoke financing option for SMEs

    Unitranche debt is gaining traction among Europe’s mid-caps. This can only be a good thing, particularly on a continent where small and medium-sized companies have long been short on financing options.

    • 24 Jan 2014
  • Time to put up or shut up when lending in Russia

    Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think they should be.

    • 24 Jan 2014
  • Asmodee gets €65m unitranche LBO debt

    European Capital and Tikehau Investment Management have provided a €65m unitranche facility to support Eurazeo Capital’s acquisition of Asmodee Editions, the French games publisher.

    • 24 Jan 2014
  • Done and dusted: CLP and Sun Hung Kai close

    The Hong Kong loan market has had a busy week, with two chunky financings sealed. The HK$5bn ($645m) loan for CLP Power, which will help fund its acquisition of stakes in Castle Peak Power Co and Hong Kong Pumped Storage Development Co, was signed on January 22 after a group of 12 lenders joined during syndication. Meanwhile, Sun Hung Kai has also signed its HK$14bn loan, after just one bank came in during general.

    • 24 Jan 2014
  • Mechel gets covenant easing as firm fights debt pile

    Russian metals and mining firm Mechel has reached an agreement with its creditors to cap its net debt at 10 times Ebitda, as the firm continues to battle its way out of its debt pile.

    • 24 Jan 2014
  • Sberbank Europe in loan talks

    Sberbank Europe has sounded out the syndicated loan market for a €400m one year loan. The borrower is offering a margin of 100bp over Euribor, though fees and a co-ordinating bank have yet to be revealed.

    • 24 Jan 2014
  • Navigat, Malakoff power up southeast Asia

    Power companies Navigat Energy and Malakoff Corp have launched their respective loans into general syndication, providing the first set of deals to emerge from the Indonesian and Malaysian markets this year.

    • 24 Jan 2014
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, full year 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 23 Jan 2014
  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, last 12 months rolling.

    • 23 Jan 2014
  • Trafigura refi gives deal-hungry lenders some sustenance

    Dutch commodities trading firm Trafigura has mandated nine banks to bookrun a $4bn refinancing facility, due to be signed by the end of February.

    • 23 Jan 2014
  • Qatar Shipping loan finds Japanese supporters

    Doha-headquartered Qatar Shipping has signed a $425m 12 year ship financing facility from mainly Japanese lenders.

    • 23 Jan 2014
  • CBRE completes 13 month refi programme

    Dutch real estate fund CBRE Dutch Retail Fund has completed a €550m refinancing programme that it began in December 2012.

    • 22 Jan 2014
  • Italy's Gruppo Argenta to partially repay lenders

    KKR Asset Management has agreed to invest €100m in Italian food vending machine operator Gruppo Argenta to partly repay loans and support its growth.

    • 22 Jan 2014
  • JP Morgan underwrites loan for Trader Media Group buyout

    JP Morgan has underwritten senior debt backing Apax Partners’ acquisition of 50.1% of the UK’s Trader Media Group from the Guardian Media Group.

    • 22 Jan 2014