Syndicated Loans - All Articles


  • Phoenix Group to buy ReAssure for £3.2bn

    Phoenix Group Holdings, the UK life insurer, has stuck a deal to acquire ReAssure, the UK closed book life insurance division of Swiss Re, for £3.2bn in cash and shares.

    • 06 Dec 2019
  • Thaco closes debut borrowing with 10 banks

    Vietnamese car manufacturer Truong Hai Auto Corp has closed its debut offshore borrowing, increasing the size of the loan to $210m.

    • 06 Dec 2019
  • Taxonomy deal agreed in principle: Greens jubilant

    The European Union has reached preliminary political agreement on the law that will introduce its Taxonomy of Sustainable Economic Activities. The news was hailed as a triumph by green finance specialists, though there is still a risk of battles to come.

    • 05 Dec 2019
  • Houlihan’s European expansion rolls on

    Houlihan Lokey’s European corporate finance land grab has made its fifth acquisition since 2014, writes David Rothnie, at a time when the fluctuations of the credit cycle may be about to lead to more restructurings.

    • 05 Dec 2019
  • Libor shift dogs loan market future

    The syndicated loan market’s shift from Libor to risk-free rates came under further scrutiny on Wednesday when law firm Dentons released a report highlighting big parts of the changeover that remain unresolved.

    • 05 Dec 2019
  • US PP market: hold firm on covenants

    Certain US private placement (PP) investors are beginning to fear a turn in the famously prudent market, towards a world with looser financial covenants. Let us hope this remains a fear and does not become reality.

    • 05 Dec 2019
  • People moves in brief

    Giancarlo heads to private sector — Barclays structurer goes to buy side — Danske reorganises DCM

    • 05 Dec 2019
  • Intu the mire as distressed buyers circle UK property co

    GlobalCapital understands distressed debt buyers are seeking advice on how to target debt issued by intu Properties, especially its 2022 convertible bonds, now trading below 70, as the shopping centre company reels from the wave of restructurings and rent reductions by some of UK’s largest retailers.

    • 05 Dec 2019
  • Many ‘still in dark’ over Schuldschein secondaries

    As a nascent feature of the Schuldschein market, secondary trading still hasn’t developed market norms and many remain unclear about the process.

    • 05 Dec 2019
  • Germany’s ESG loan wave rising as Lanxess signs

    Chemical company Lanxess has signed a €1bn sustainability-linked loan, as lenders expect next year to see huge growth in other German companies using the format.

    • 05 Dec 2019
  • VW doubles revolver to €10bn

    Germany’s Volkswagen has signed a €10bn revolving credit facility, with the automobile company taking advantage of a significant oversubscription to double the size of its existing revolver.

    • 05 Dec 2019
  • Gewobag’s negative floor gamble pays off in Schuldschein market

    Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero in November and the transaction has closed at €650m, according to a source close to the deal. The success of this deal will encourage arrangers to bring more companies to market with negative floors in 2020.

    • 05 Dec 2019
  • Asian loans bankers nervous amid lull

    Loans bankers are having a tough time at the moment, forced to reflect on a difficult year and struggling for new deals as bonus season looms. They are spending the last few weeks of December tweaking pitches — but most admit they have little confidence about a boom in 2020. Pan Yue reports.

    • 05 Dec 2019
  • BRI Finance debuts with $100m three year loan

    BRI Multifinance Indonesia (BRI Finance) is tapping the offshore loan market for an up to $100m borrowing.

    • 05 Dec 2019
  • US PP investors fear lighter covenants await in 2020

    US private placement investors, who have long held firm on covenant structures, have started to notice early signs that their ranks may be breaking, and that 2020 may be a year when weaker covenant packages become more commonplace. But arrangers have resolutely dismissed this claim.

    • 04 Dec 2019
  • Commercial banks lead highly levered LGC financing

    Commercial banks are in the driving seat for the highly levered financing of Cinven and Astorg’s purchase of testing business LGC Group. Regulatory issues are said to have kept some US banks away from the deal, but others question whether a large revolver commitment had more of an impact.

    • 04 Dec 2019
  • Loans' Libor problems rumble on

    The syndicated loan market’s shift from Libor to risk-free rates has come under further scrutiny. Law firm Dentons released a report on Wednesday that highlights significant parts of the changeover that remain unresolved.

    • 04 Dec 2019
  • Two climate lenses show different results

    Company managements are becoming more alert to climate change and developing policies on it, new research on the transport sector shows. But the range is huge, and having a board that recognises the climate problem does not necessarily mean the company is decarbonising fast enough.

    • 04 Dec 2019
  • Alba shaves down margin in refi

    Aluminium Bahrain (Alba) has refinanced an existing $1.5bn loan with tighter margins. The deal is one of just a few raised in Bahrain this year, which has seen the number of syndicated loan deals drop almost 50%.

    • 03 Dec 2019
  • Gym Group beefs up sterling revolver

    The UK’s The Gym Group has refinanced its sterling revolving credit facility with a bigger deal, as the company launches a new, smaller gym format.

    • 03 Dec 2019
  • Takeaway.com snipes at Prosus in Just Eat battle

    The takeover fight for online food delivery company Just Eat took a vitriolic turn this week, with merger frontrunner Takeaway.com accusing debt-backed hostile bidder Prosus of “scaremongering”.

    • 03 Dec 2019
  • Obituary: David Pepper, 1968-2019 — Loan market mourns the ‘King of Turkey’

    Polite, sincere, with a swift wit, David Pepper had a huge presence in Europe's syndicated loan market.

    • 03 Dec 2019
  • Debt-hungry Metalloinvest taps syndicated market again

    Russian steel maker Metalloinvest has raised its third syndicated loan of the year, according to bankers. The deal has a fixed rate.

    • 03 Dec 2019
  • Adani's debut USPP pushed into 2020

    Several sources in the US private placement market have told GlobalCapital that Indian power grid company Adani Transmission’s inaugural US private placement has not been placed, and the arrangers will return to the project in the first quarter of 2020.

    • 02 Dec 2019
  • Loans banker moves from Imi to Commerzbank

    One of Banca Imi's vice presidents of loan syndications in London has joined Commerzbank's international loan origination team in Paris.

    • 02 Dec 2019
  • BBVA tweaks sustainability framework to permit more clients

    BBVA has expanded its framework for the social, green and sustainable facilities it provides to include companies and sectors that do not have projects directly connected to the UN’s Sustainable Development Goals.

    • 02 Dec 2019
  • SMBC Aviation flies in for $600m loan

    SMBC Aviation Capital has returned to the offshore loan market for an unsecured $600m dual-tranche deal.

    • 02 Dec 2019