Syndicated Loans - All Articles

  • Banks beat path to SUEK as Russian loans rev up

    Russia’s Siberian Coal Energy Company (SUEK) has drawn high interest from banks as it becomes one of the first borrowers this year from the country to open talks for a loan.

    • 31 Jan 2017
  • Varex signs acquisition loan as it sees through spin-off

    Varex Imaging, the Palo Alto-based X-ray equipment manufacturer, has had a busy January. Following its spin-off from parent company Varian Medical Systems, the firm has found a $600m loan package to acquire PerkinElmer’s medical imaging business.

    • 31 Jan 2017
  • Cerba mandates banks but multiples crippling buyouts

    Five banks have lined up to underwrite a loan and bridge financing to laboratory services operator Cerba Healthcare for PSP Investment’s secondary buyout of the French firm. But the deal comes as Fitch said on Tuesday that buyout multiples have hit a post-crisis high.

    • 31 Jan 2017
  • Tekni-Plex brings repricing to ‘best ever’ market

    Tekni-Plex, the US packaging maker, launched a repricing request on a €148m term loan due in 2022 this week, holding a lender call on Tuesday.

    • 31 Jan 2017
  • Long line of banks check out Profi loan

    A loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is attracting strong interest, according to bankers involved, with a meeting in Bucharest on Tuesday to discuss the deal heavily attended.

    • 31 Jan 2017
  • Ineos concocts repricing in flushed market

    Ineos, the energy conglomerate, launched a refinancing and repricing loan deal on Monday afternoon, extending the run of issuers coming back to cut funding costs in the market.

    • 30 Jan 2017
  • Nothing to sneeze at: Pehart rolls out loan

    Pehart Tec Group, a Romanian tissue paper manufacturer, has agreed a €24m syndicated loan with three banks.

    • 30 Jan 2017
  • Three Turkish banks prep loans despite sov downgrade

    Rating downgrades on Friday for Turkey sovereign debt have not dented the appetite of the country’s banks to borrow, with two firms said to be joining Akbank in pursuing loans.

    • 30 Jan 2017
  • HSBC hires Doody to take leveraged finance to next level

    Ray Doody, former EMEA head of leveraged finance, is leaving JP Morgan and is set to join HSBC as global head of leveraged and acquisition finance at the bank.

    • 30 Jan 2017
  • BAT adds sterling revolver to Reynolds deal

    British American Tobacco has obtained a £5.68bn revolving credit facility, in addition to the $25bn acquisition loan it agreed earlier this month with an 18 strong bank syndicate.

    • 27 Jan 2017
  • Xella cuts proposed HY deal to build loan offering

    German building materials maker Xella has cancelled a proposed €350m high yield bond issue, adding that amount to its €1.15bn term loan ‘B’ offering, which backs Lone Star’s $2.3bn buyout of the firm.

    • 27 Jan 2017
  • ANZ boosts loans team in Sydney with new hire

    ANZ has made a new hire to its loan syndications team in Australia. The move comes close on the heels of high level changes in the department.

    • 27 Jan 2017
  • Tsinghua Unigroup mulls increasing debut loan

    Tsinghua Unigroup, part of Chinese state-owned Tsinghua Holdings, is considering increasing the size of its $300m debut syndicated loan after commitments of nearly double the amount poured in.

    • 27 Jan 2017
  • CVC brings repricing swing to sterling levloan market

    Sky Bet, the UK gaming company owned by private equity firm CVC, is planning to cut margins on its existing term loan as activity stirs in the sterling loan market.

    • 26 Jan 2017
  • M&A boost as Johnson & Johnson bids for Actelion

    Johnson & Johnson has offered Actelion a 23% premium on its shares in a $30bn all-cash bid, in what would be the largest European pharmaceuticals transaction in a decade. And with M&A activity strong during January, investment grade loan bankers are feeling more optimistic.

    • 26 Jan 2017
  • Bankers wary as 'aggressive' Rosneft margin loan touted

    Aggressive manoeuvres on a loan supporting Glencore and the Qatar Investment Authority’s buyout of a stake in oil company Rosneft could result in the deal going to Russian state lenders, with international bank officials questioning whether there will be enough relationship business to justify the exposure and reputational risk.

    • 26 Jan 2017
  • Ziggo loan lines up aggressive week of refis

    VodafoneZiggo completed a bumper refinancing deal on Wednesday as several other leveraged finance borrowers came to market with euro deals, relentlessly pushing the market's repricing trend further.

    • 26 Jan 2017
  • First test for Turkish loans as Akbank cuts 3yr piece in refi launch

    Akbank plans to launch the first of its semi-annual one year refinancings early next week in the loan market’s first chance this year to gauge appetite for Turkish risk, but there is already a clear indication already that longer tenors will be challenging.

    • 26 Jan 2017
  • Sibanye draws oversubscription for Stillwater loan

    Sibanye Gold, the South African gold producer, confirmed a surfeit of lending demand at bank meetings on Thursday as it wrapped up final commitments for loans backing its acquisition of US palladium miner Stillwater.

    • 26 Jan 2017
  • Lloyds names top team for new look markets biz

    Following Lloyds Bank's creation of the "CB markets" division, combining trading with capital markets origination, James Garvey, the division’s boss, has laid out the management team for the new structure.

    • 26 Jan 2017
  • Structured financing success puts focus on Indian M&A rules

    A recent spate of high profile loans has shown that Indian banks have the ability to execute highly structured M&A funding. This has reignited gripes about rules that bar Indian lenders from funding acquisitions of domestic companies, hindering the growth of small borrowers with big ambitions. Shruti Chaturvedi reports.

    • 26 Jan 2017
  • Intas acquisition loan rakes in $670m of commitments

    A dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland has netted $650m-$670m of commitments.

    • 26 Jan 2017
  • MUFG hires two levfin directors in London

    MUFG has hired two directors in its leveraged finance team in London, following the appointment of a new head of loan syndications last year.

    • 26 Jan 2017
  • USS signs $3bn direct lending JV with Credit Suisse

    The Universities Superannuation Scheme, one of the UK’s largest pension schemes, has bought most of $3.1bn of senior loans to direct lenders from Credit Suisse, a first in a market which promises growth as institutional funds look for more esoteric products to find yield.

    • 25 Jan 2017
  • WHSmith signs £130m five year revolver with famous four

    WHSmith, the UK newsagent and bookseller, has signed a £130m five year revolving credit line to use as its working capital facility, it said on Wednesday, while raising its full year profit forecast.

    • 25 Jan 2017
  • Corporate, HY issuance slows but bid is still keen

    Corporate bond issuers are still coming to the euro market, but at a slower pace than in the past fortnight — perhaps a good thing, as signs of indigestion began to creep into the secondary market last week, and some new issues traded weakly.

    • 25 Jan 2017
  • Indomobil hikes three year borrowing to $250m

    Indomobil Finance Indonesia has increased the size of its latest syndicated loan to $250m from the initial $100m, keeping with its tradition of absorbing demand rather than heavily scaling back participants.

    • 25 Jan 2017
  • VodafoneZiggo zips tighter refi loans

    VodafoneZiggo obtained the go-ahead from leveraged loan investors on Tuesday to increase the size of its refinancing deal by more than €2bn while cutting margins.

    • 24 Jan 2017
  • Polytec looks for better terms in a buzzing Schuldschein market

    Polytec Holding, the Austrian plastics firm, is targeting improved terms for a €100m Schuldschein as the market shows no signs of slowing down.

    • 24 Jan 2017
  • Two early birds as Profi buyout loan launches

    General syndication has begun on loan facilities backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food.

    • 24 Jan 2017
  • Astra Sedaya eyes $150m from three year syndication

    Astra Sedaya Finance is speaking to banks for a fresh money borrowing of up to $150m. The discussions for the new loan come just one month after the company signed a $200m deal targeting Japanese lenders.

    • 24 Jan 2017
  • ANZ appoints new acting head of Oz loan syndications

    ANZ has moved an executive director to the position of acting head of its loan syndications operation in Australia, as the incumbent steps into a new role.

    • 24 Jan 2017
  • CVC brings repricing swing into sterling levloan market

    Sky Bet, the UK gaming company owned by private equity firm CVC, has informed investors that it is planning to cut margins on its existing term loan.

    • 23 Jan 2017
  • Investor AB signs oversubscribed refi

    Investor AB, a Swedish industrial holding company, has signed a new five year plus one plus one revolving credit facility for a capped size of Skr10bn ($1.13bn).

    • 23 Jan 2017
  • Questions abound as Akbank opens talks for loan

    Akbank is set to provide the loan market’s first gauge this year of appetite for Turkish risk, with the bank said to have opened talks with lenders about the first of its two annual refinancings.

    • 23 Jan 2017
  • Sinosteel returns for refi after three year break

    Sinosteel International Holding has approached the loan market for a $120m two year deal. The money is to refinance a loan from 2014, which falls due next month.

    • 23 Jan 2017
  • Tata AutoComp parks acquisition loan in general

    A $120.6m borrowing to support a recent acquisition by Indian company Tata AutoComp Systems has launched into general syndication.

    • 23 Jan 2017
  • Trio signs up for Dasin Retail $359m multi-currency financing

    Dasin Retail Trust, which sealed the year’s first mainboard listing on the Singapore exchange earlier this month, has signed a loan that backed the IPO. The deal had four lead banks, which brought in three participants during syndication.

    • 20 Jan 2017
  • BAT-Reynolds blend to light up tobacco M&A

    British American Tobacco’s (BAT) acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry which could see financing deals rolling up to capital markets, loan bankers believe. Silas Brown reports.

    • 19 Jan 2017
  • Kenya and Sibanye put roar back in Africa

    The African loan market has hit 2017 on the front foot, with bankers heralding the support shown for Kenya and Sibanye deals as testament to gathering confidence in the region — but only for the right credits.

    • 19 Jan 2017
  • BAML to syndicate €4bn Safran-Zodiac bridge, refi later

    Bank of America Merrill Lynch will soon syndicate a €4bn bridge loan it has underwritten to back French aerospace group Safran’s acquisition of Zodiac Aerospace, the French maker of aircraft seats and interiors. The two companies want to leapfrog up the pecking order of aircraft parts suppliers.

    • 19 Jan 2017
  • Pricing hurdle as Sabic reignites loan talks

    Saudi Basic Industries Corp (Sabic) has reopened discussions with banks for a loan of as much as $2bn, having put funding plans on hold last year.

    • 19 Jan 2017
  • Stricter China rules seen pushing up pricing for offshore loans

    The margin compression that dominated the Asian syndicated loan market in 2016 was expected to spill into this year. But Chinese capital controls have proved to be a game changer, with Mainland companies compelled to turn to overseas funding, said market participants. Shruti Chaturvedi reports.

    • 19 Jan 2017
  • MUFG Phils top EMEA investment banking slot

    Following the departure of Andy Jameson, MUFG has appointed Phil Roberts as head of its EMEA investment banking division.

    • 18 Jan 2017
  • BAT-Reynolds blend will light up tobacco M&A, say bankers

    British American Tobacco’s acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry, loan bankers believe.

    • 18 Jan 2017
  • Xella pencils bank meeting for year’s first large cap buyout

    Xella, the German building materials maker, held a bank meeting on Thursday morning in London for the first large buyout of the year so far, as it markets €1.3bn of loans backing its buyout by US private equity house Lone Star.

    • 18 Jan 2017
  • 3i poaches TMT head from ING

    3i has hired ING’s co-head of technology, media and telecoms mergers and acquisitions in a raft of additions to its private equity practice around the world.

    • 18 Jan 2017
  • Agrokor bails out of loan syndication

    Agrokor, a Croatian retail, food and agriculture company, has abandoned its syndication of a three year term loan complaining of unfavourable terms.

    • 18 Jan 2017
  • Hungry investors gobble up every corp bond flavour

    Every shade of corporate bond has been able to find a home with euro investors this week, despite investors’ mutterings about overly zealous spread tightening and continued scepticism about the long end.

    • 18 Jan 2017
  • Natixis loses Asia debt syndicate chief

    The head of debt syndicate for Asia Pacific at Natixis is understood to have resigned from the bank.

    • 18 Jan 2017
  • Sri Lanka back for more with $1bn RFP

    Sri Lanka has invited feedback from banks for a $1bn sovereign loan, with two bank groups said to be competing for the deal.

    • 18 Jan 2017
  • Reliance Industries mulls $550m club to replace bilaterals

    India’s Reliance Industries is continuing a refinancing spree that began last year. It has started speaking to banks for a syndicated loan facility that will consolidate several bilateral deals.

    • 18 Jan 2017
  • May’s Brexit plan: clarity at last

    Ever since Theresa May became UK prime minister in July, markets and commentators have thirsted to know what her strategy would be for the negotiations to leave the European Union. Now we know — and so far, the markets like it.

    • 17 Jan 2017
  • Pace of hand pivotal in Gulf loan poker

    If “keeping one’s cards close to one’s chest” in negotiations while also acknowledging the need for market certainty seems like a peculiarly Brexit paradox, try managing the funding plans of a Gulf state as it tries to deal with a budget deficit.

    • 17 Jan 2017
  • Credit Suisse appoints co-heads of global levfin

    Credit Suisse has named two bankers co-heads of global leveraged finance.

    • 17 Jan 2017
  • VodafoneZiggo tunes in tight JV refinancing

    VodafoneZiggo, the newly formed joint venture between Vodafone and Liberty Global-owned Ziggo, launched a €1.5bn-equivalent term loan package this week with a lender call at 4pm London time on Tuesday.

    • 17 Jan 2017
  • Trafigura launches $1.5bn revolver

    Trafigura, the Swiss commodities trader, has launched a multicurrency revolving credit facility to refinance the deal it signed in March last year.

    • 17 Jan 2017
  • Douglas shops for refi in January sales

    Douglas, the German retailer, launched a refinancing of a €1.37bn seven year term loan ‘B’ on Tuesday, as the firm comes out of soft call protection from its last repricing in mid-2016.

    • 17 Jan 2017
  • HSBC appoints global head of sponsors account coverage

    HSBC has hired a new global head of account coverage within its financial sponsors group, following its reorganisation of the division last year.

    • 17 Jan 2017
  • Wait is over: Kenya mandates for international loan

    Kenya has mandated four banks to arrange internationally syndicated loans of as much as $800m, ending a restless wait for competing lenders.

    • 17 Jan 2017
  • China Energy Reserve fires up $400m debut

    China Energy Reserve and Chemicals Group is making its debut in the offshore loan market with a deal of up to $400m launched by a single mandated lead arranger and bookrunner on Tuesday.

    • 17 Jan 2017
  • Lifestyle HK greenfield financing seen at HK$9bn

    Sogo department stores operator Lifestyle International is eyeing HK$9bn ($1.16bn) loan to finance a project coming up on a plot of land the company acquired last year. Discussions for the loan have been ongoing since November.

    • 17 Jan 2017
  • Cairn India in talks with banks for $1bn refinancing

    Cairn India is speaking to banks for a loan that will refinance borrowings that are due to mature over the next few years, bankers said this week. The company is looking to borrow through a Scotland incorporated subsidiary.

    • 17 Jan 2017
  • Sibanye seeks fast commitments for Stillwater loan

    Sibanye Gold, the South African gold producer, has set a date for bank commitments as it targets a quick turnaround on a loan backing its acquisition of US palladium miner Stillwater.

    • 16 Jan 2017
  • Micro Focus to offer $1bn in euro levloans

    Micro Focus, a UK software firm, is poised to offer up $1bn-equivalent in euros to the European leveraged loan market as it looks to close its reverse merger with Hewlett Packard’s software business.

    • 16 Jan 2017
  • Novomatic goes all-in with five year revolver

    Novomatic, the Austria headquartered gambling company, is syndicating a five year revolving credit facility this month as it looks to combine its credit facilities in a single line.

    • 16 Jan 2017
  • ICBC targets EMEA loans impact with London hire

    Industrial and Commercial Bank of China has bolstered its loan syndication and sales effort in London with a hire as the bank looks to establish a stronger foothold in the Europe, Middle East and Africa market.

    • 16 Jan 2017
  • ZhengTong Auto zooms to bigger $409m financing

    The latest syndicated loan for ZhengTong Auto Services, a luxury auto dealership, has wrapped up at $409m, racing past the launch size of $300m as Chinese lenders came in with big commitments.

    • 16 Jan 2017
  • Zhongce unit rolls in for $300m syndication

    Zhongce Rubber Group is seeking liquidity in the international syndicated loan market for a $300m deal.

    • 16 Jan 2017
  • By the dozen: 12 banks join Amvig HK$1.6bn loan

    Cigarette package printer Amvig Holdings, which launched a HK$1.6bn ($206m) equivalent dual currency refinancing in December, has allocated the borrowing after 12 banks joined lead ANZ to form the syndicate.

    • 13 Jan 2017
  • Intas acquisition loan nets $350m with one week to go

    A dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland has attracted subscriptions totalling $350m, with banks given another week to commit.

    • 13 Jan 2017
  • UK's Barratt adds two years to revolver

    Barratt Developments, the UK home builder, has lengthened the tenor of a revolving credit facility by two years.

    • 12 Jan 2017
  • Carlyle makes raft of senior promotions

    The Carlyle Group promoted 62 staff to senior positions on Wednesday — 13 of them to partner, 17 to managing director and 32 to principal.

    • 12 Jan 2017
  • German solar company raises €30m certified green loan

    MEP Werke, a German rooftop solar panel company, launched the first tranche of a green debt issuance programme on Tuesday, taking a €30m green loan from Delta Lloyd Asset Management.

    • 12 Jan 2017
  • Lev investors must up deal term vigilance

    In the leveraged loan market, where pricing has plummeted, it was inevitable that issuers would push their luck with the terms of their deals. Investors must push back.

    • 12 Jan 2017
  • The covs are off: investors reeling from lev terms

    Aggressive leveraged loan borrowers are pushing investors to breaking point. Sponsors have milked buyers’ desperation for yield with ever looser covenants to the extent that one investor said, this week, that the situation was worse than at any point since the financial crisis.

    • 12 Jan 2017
  • Oman takes EM focus as banks flock to budget gap opportunity

    The Gulf Cooperation Council (GCC) region looks set to provide a hotbed of loans market activity in the first half of 2017, with bankers sizing up a strong pipeline out of Oman as the sultanate looks to address a budget deficit.

    • 12 Jan 2017
  • Russia rejuvenated as loans line up

    A giddiness is entering the Russian loan market over the speed at which deals are lining up, with bankers looking for a bold reopening even as the country’s political relations with the US come under the growing glare of public scrutiny. Dan Alderson reports.

    • 12 Jan 2017
  • Legal & General takes ex-M&G investor for PPs

    Calum Macphail has joined Legal & General Investment Management as its head of corporate private credit, three months after leaving M&G Investments.

    • 12 Jan 2017
  • UK's Barratt adds two years to revolver

    Barratt Developments, the UK home builder, has lengthened the tenor of a revolving credit facility by two years.

    • 12 Jan 2017
  • KKR opens European repricings amid hot US market

    Two KKR backed firms have brought the first European leveraged loan market repricings of the year, picking up on a trend that is already in full swing in the US this year.

    • 12 Jan 2017
  • Pricing details out for Trans Retail Indo $575m loan

    Details on pricing have emerged on CT Corp company Trans Retail Indonesia’s $575m five year loan, which is expected to be pre-funded by seven lenders shortly.

    • 12 Jan 2017
  • Chinese banks eager to bite into McDonald’s financing

    M&A in Asia has started on a strong note this year, with the first big financing — for McDonald’s China’s $2.08bn acquisition by Citic and Carlyle — under way. While details of the syndicated loan are limited at this stage, the transaction has already gathered plenty of attention from bankers, writes Shruti Chaturvedi.

    • 12 Jan 2017
  • Slovenske Elektrarne plugs €220m refi

    Holding Slovenske Elektrarne (HSE), the Slovenian state-owned power generation company, has agreed a €220m loan to refinance debt and extend its maturity profile.

    • 12 Jan 2017
  • Banks poised for $1bn Kenyan loan mandate

    Loan bankers have been waiting on tenterhooks for Kenya to reveal a mandate for deals totalling as much as $1bn, with the country’s government having originally been set to make the announcement this week.

    • 11 Jan 2017
  • Back on track: Russian Railways eyes loan market opener

    Loan bankers’ enthusiasm to undertake more Russian business this year looks set to translate into deals soon, with Russian Railways in talks about a new money club loan.

    • 11 Jan 2017
  • EY tops global PE biz with Herb

    Ernst & Young has appointed a head of global private equity to replace Jeffrey Bunder, who has moved to a US private equity firm.

    • 11 Jan 2017
  • Corporate primary market snowed in rush to beat rate hikes

    European corporate bond issues are coming thick and fast. Participants who predicted this week would be busy have been proved right, with 12 deals pushed into the euro, sterling and Eurodollar markets so far.

    • 11 Jan 2017
  • Lenders revealed for China Universal Rmb2.03bn deal

    The names of banks that subscribed to China Universal Leasing's Rmb2.03bn ($293m) fundraising is out. The company signed the loan on January 6 and the first draw down is expected to happen as early as Friday.

    • 11 Jan 2017
  • SBI hunts for $600m with seven at the top

    A group of seven lenders opened a $600m loan for State Bank of India to retail participation this week, with three tickets up for grabs.

    • 11 Jan 2017
  • BNI $750m dual trancher enters general syndication

    Bank Negara Indonesia has hit the market for a $750m borrowing via nine mandated lead arrangers and bookrunners, launching its biggest international syndicated loan.

    • 11 Jan 2017
  • Ignorance on climate is still rife

    Everyone in debt capital markets has heard of green bonds, and most in the financial world accept that sustainability and greenness are Good Things. But for all the grand commitments and PR initiatives, understanding of the issues is still as hazy as a Beijing smog.

    • 10 Jan 2017
  • German solar company raises €30m certified green loan

    MEP Werke, a German rooftop solar panel company, launched the first tranche of a green debt issuance programme on Tuesday, taking a €30m green loan from Delta Lloyd Asset Management.

    • 10 Jan 2017
  • Levloans stutter off new year startline

    Primary activity in the European leveraged loans market is off to a stuttering start this year, with only a few small deals launched and larger borrowers either yet to appear or set to forego the market.

    • 10 Jan 2017
  • Oman Oil and Bank Muscat head sultanate loan wave

    Oman Oil and Bank Muscat are set to kick off a rash of loans in the sultanate in the coming months, with a number of state owned entities in discussion with lenders as the government looks to address a budget deficit.

    • 10 Jan 2017
  • PIA touches down, Reliance Big wraps up $75m deal

    Pakistan International Airlines (PIA) has tied up funds totalling $130m via a syndicated loan facility.

    • 10 Jan 2017
  • Trans Retail firms up new loan, to prepay 2014 facility

    CT Corp company Trans Retail, which had been in discussions with banks for a fresh financing since late last year, is on the verge of signing the deal.

    • 10 Jan 2017
  • Bosses keep 44% of Tikehau as it lists via tender offer to Salvepar minorities

    Tikehau Capital, the asset manager, is seeking a listing on Euronext Paris via a tender offer for the shares and convertible bonds of its listed subsidiary Salvepar.

    • 09 Jan 2017
  • Dubai Airports loan prepares to land

    Dubai is close to picking banks for a $3bn loan to fund its airport expansion, according to loan officials, while flydubai is also in talks with banks. But discussion of a deal to back the emirate’s metro development plans are said to have “gone quiet” as the state seeks to avoid deal congestion.

    • 09 Jan 2017
  • Gumier bears toward Société Générale for Italian job

    Société Générale has hired a senior banker from Bank of America Merrill Lynch to become its head of global banking, investor solutions, coverage and investment banking in Italy.

    • 09 Jan 2017