Syndicated Loans - All Articles

  • Allied Universal launches loans for G4S buyout

    US security firm Allied Universal has launched term loan Bs in euros and dollars, the first leg of the financing for its acquisition of UK rival G4S.

    • 21 Apr 2021
  • Taxonomy ducks gas and caves on bioenergy

    The detailed rules for the EU Taxonomy of Sustainable Economic Activities look set to come into force, as the European Commission published them on Wednesday, after weeks of intense lobbying and negotiation that had raised the prospect of them being delayed again. Gas will not enter the Taxonomy for now and will be dealt with in separate legislation, but nuclear power could enter the Taxonomy later this year, alarming greens.

    • 21 Apr 2021
  • DIC Asset sells €250m of ESG-linked Schuldscheine

    DIC Asset, the German commercial real estate company, has sold €250m worth of Schuldscheine. The debt’s margins are tied to the sustainability of its property portfolio.

    • 21 Apr 2021
  • Train lessor Akiem sells green private placements

    French train lessor Akiem has issued €290m of green US private placements, joining the likes of LondonMetric, Montea and King's College in drawing the market further into green and sustainable finance.

    • 21 Apr 2021
  • Coats adds ESG to bank debt as KPIs remain in focus

    Coats, the UK industrial thread producer, has signed a $360m loan, adding environmental, social and governance metrics to its bank debt for the first time.

    • 21 Apr 2021
  • ChemChina raises bilateral loans for 2018 deal refi

    China National Chemical Corp (ChemChina) is planning to raise multiple bilateral loans to refinance a deal maturing in two weeks, shunning syndication in favour of one-on-one agreements with banks amid a group-wide restructuring.

    • 21 Apr 2021
  • Metalloinvest secures credit line amid ongoing Russia volatility

    Russian steelmaker Metalloinvest has secured a $350m credit line from international lenders. Metalloinvest is the second Russian corporate to tap international lenders since fresh sanctions were announced against Russia by the United States.

    • 20 Apr 2021
  • Virgin Active restructuring to set high street precedent

    UK gym chain Virgin Active’s restructuring could set a precedent for restructurings of UK retailers. Dozens of retailers have used ‘CVA’ processes to cut their debt burdens, which typically hits their landlords hard but leaves other creditors unscathed. Virgin Active is instead using the new UK ‘super scheme’ restructuring law introduced last year to try to bind landlords and other creditors alike into accepting writedowns.

    • 20 Apr 2021
  • Sovcomflot defies Russia sanction risk to come to market

    Sovcomflot, the majority state-owned Russian shipping company, defied some market participants' expectations on Tuesday by coming to market to raise dollar debt just days after a fresh wave of US sanctions on Russia.

    • 20 Apr 2021
  • European loan demand comes in well below expectations for Q1

    European loan bankers were wildly optimistic for their hopes for deal flow in the first quarter, after a new survey from the European Central Bank shows that loan demand was 40% less than expected.

    • 20 Apr 2021
  • ESR bags $400m loan

    Hong Kong-listed ESR Cayman, a logistics real estate company, has raised a $400m dual-tranche borrowing.

    • 20 Apr 2021
  • Ping An goes wide for $500m borrowing

    Ping An International Financial Leasing, a wholly-owned subsidiary of China’s Ping An Group, is casting a wide net for its $500m loan comeback, in a bid to diversify its financing sources — and its banking relationships.

    • 20 Apr 2021
  • JP Morgan provides €3.5bn for controversial football Super League

    JP Morgan has emerged as the lender to a new Super League in European football. The US bank is committing to provide at least €3.5bn in debt for infrastructure projects, in the biggest shake-up of the world’s most popular sport in a generation. While highly controversial and not short of criticism, the new league will make its founding clubs more attractive investments.

    • 19 Apr 2021
  • Clarion switches to Sonia for sustainability loan

    Clarion Housing, the UK housing association, has signed a £100m sustainability-linked loan, with the borrower using Sonia as the pricing benchmark for the first time.

    • 19 Apr 2021
  • PTPN signs loan extension

    Indonesia palm oil company Perkebunan Nusantara III (PTPN) has signed an extension agreement for a $390.6m loan after almost a year-long discussion with banks.

    • 19 Apr 2021
  • Nordic Infra gets €200m green loan

    Nordic Infrastructure, a Swiss industrial holding company, has signed a €200m green loan, with the company planning on using part of the proceeds on its acquisitive portfolio company Solör Bioenergy.

    • 16 Apr 2021
  • Prasac trims pricing on loan return

    Cambodia’s Prasac Microfinance Institution has returned to the loan market for $200m, narrowing pricing by 35bp compared to its last transaction in 2020.

    • 16 Apr 2021
  • Mind ID seeks $1.5bn in general syndication

    Mining Industry Indonesia (Mind ID) is testing lenders’ appetite for a $1.5bn dual-tranche loan that has been launched into syndication through a group of eight banks.

    • 16 Apr 2021
  • PP heavyweight resigns at Santander

    Santander’s head of private placements has resigned from the bank.

    • 15 Apr 2021
  • PP investors weigh up governance as UK schools face crisis

    Institutional investors are weighing up governance at elite UK private schools after a series of serious sexual assault allegations emerged from the sector. As certain private schools look for new deals to add to the £500m they have already raised, investors are focusing on how schools have handled the ensuing crisis.

    • 15 Apr 2021
  • EU eyes separate gas law, leaves harmful bioenergy in Taxonomy

    The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned. This would appear to involve leaving gas out of the sustainable category of the Taxonomy, as environmentalists have demanded, and making a "separate legislative proposal" to deal with gas and nuclear power.

    • 15 Apr 2021
  • CBRT rate hold calms markets but woes far from over

    The Central Bank of the Republic of Turkey on Thursday held its key interest rate at 19% despite fears that new governor and low interest rate champion Şahap Kavcıoğlu would cut rates. But despite the policy move, investor anxieties remain.

    • 15 Apr 2021
  • Cimpress preps cleanup of costly Apollo crisis debt

    Cimpress has launched a cross-border term loan ‘B’, aiming to raise more first lien debt at tight levels to allow it to clean up its costly 12% second lien facility raised from Apollo last April.

    • 15 Apr 2021
  • Total Produce signs $1.44bn of debt for Dole merger

    Total Produce, the Irish fresh produce company, has signed $1.44bn of loans to finance its transatlantic merger with US fruit and vegetable producer Dole Food Company.

    • 15 Apr 2021
  • Ukraine central bank chief Shevchenko on independence, IMF cash and PrivatBank

    Ukraine is once more at the forefront of emerging market investors' worries as military tensions with Russia escalate. Amid the uncertainty, Ukraine is fighting another uphill battle to access IMF funding in order to recover its economy as soon as possible. The governor of the National Bank of Ukraine, Kyrylo Shevchenko, spoke to GlobalCapital about the challenges the country is facing and the importance of central bank independence.

    • 15 Apr 2021
  • African borrowers trickle into syndicated loan market

    Amid a broader downturn in emerging market syndicated loans, several African issuers — including sovereigns — are seeking debt facilities from international lenders.

    • 15 Apr 2021
  • Wilmar launches $1bn loan

    Singapore’s agribusiness company Wilmar International has returned to the loan market for a borrowing of up to $1bn.

    • 15 Apr 2021
  • Surrey Univ follows King’s into US PPs

    The University of Surrey has issued a US private placement, according to market sources, less than a month after King’s College, London returned to the market. Institutional investors are regaining confidence in the UK’s higher education sector, after a year in which revenues shrank and student intake became uncertain.

    • 14 Apr 2021
  • Lloyds picks resources banker to lead ESG team

    Lloyds Bank has appointed a senior banker to lead a new 16 strong team structuring environmental, social and governance products and services for companies in the UK, and plans to hire further staff externally.

    • 14 Apr 2021
  • Belgian Reit Montea sells green US private placements

    Montea, the real estate investment trust in Belgium, has sold €235m of green US private placements. The deal is the latest in a succession green trades to hit the market.

    • 14 Apr 2021
  • Finastra and Hubx team to bring digitalisation to loan market

    Finastra and Hubx, two UK fintechs, have partnered to create a new syndicated loan tool that the companies claim completely digitises the bookrunning process, as the loan market makes its slow trudge away from manual processes.

    • 14 Apr 2021
  • Taiwan’s Chailease, Jih Sun make loan return

    Chailease International Leasing Co, a Vietnam-based subsidiary of Taiwan’s Chailease Finance, is gearing up to launch an up to $100m loan.

    • 14 Apr 2021
  • Freeport mines loan comeback

    Freeport Indonesia, a copper mining company, is in talks with banks for a new $750m loan for capital expenditure, after being forced to cancel a larger facility last year owing to the Covid-19 pandemic.

    • 14 Apr 2021
  • PIC appoints Macquarie to manage PP investments in US

    UK specialist insurer Pension Insurance Corporation has appointed Macquarie to manage money on its behalf, focusing on private placements from US borrowers.

    • 13 Apr 2021
  • UniCredit beats Landesbanks to top spot in Schuldschein market

    UniCredit swept away the Landesbanks in the Schuldschein market last quarter to claim pole position so far this year, with an arranging market share of nearly 20%.

    • 13 Apr 2021
  • Global loan trade bodies publish Social Loan Principles as sector grows

    The three global loan associations have launched the Social Loan Principles (SLP), as the ESG finance market expands beyond its environmental roots.

    • 13 Apr 2021
  • Sovcomflot seeks dollars as Russia-Ukraine tensions mount

    Sovcomflot, the shipping company majority-owned by the Russian state, is planning to enter the debt capital markets. But the dollar bond mandate comes at a tricky time as military escalation between Russia and Ukraine has caused investor confidence of assets on both sides to fall.

    • 13 Apr 2021
  • Euronav docks sustainability-linked loan as ship finance steers towards ESG

    Euronav, the Belgian tanker company, has signed a sustainability-linked revolving credit facility, as the shipping industry comes under increasing scrutiny over its carbon output.

    • 13 Apr 2021
  • Lufthansa raises money in quirky Schuldschein club deal

    Lufthansa has issued a quirky Schuldschein this week, according to market sources, in that it was bought by the eight banks that arranged it, rather than being sold to investors.

    • 13 Apr 2021
  • Sogo’s Future Development pays up for refi

    An affiliate of department store Sogo Hong Kong has returned to the loan market for a HK$8bn ($1bn) deal to refinance a borrowing from 2016.

    • 13 Apr 2021
  • Veteran banker Shah exits Credit Suisse

    Riddhi Shah, head of Asia Pacific financing group (AFG) trading at Credit Suisse, has resigned after more than two decades with the Swiss bank.

    • 13 Apr 2021
  • ‘Cascade of deals’ floods into levfin primary market

    With holidays and earning out of the way and markets wide open, four new high yield bonds and two big term loans hit the market on Monday, constituting more than $11bn of internationally-targeted supply in total, with more than €4.5bn of euros in the mix.

    • 12 Apr 2021
  • Aramco the latest oil co to bring pipeline deal

    Saudi Aramco has raised cash from an investor consortium by leasing a section of its pipelines, following a similar deal from Abu Dhabi National Oil Company (Adnoc) last year. Other Middle East oil companies may follow suit amid concerns over the future of the oil prices.

    • 12 Apr 2021
  • Dandara finds home for green revolver

    Dandara Living, a UK residential property developer, has signed a £60m green revolving credit facility, as real estate companies continue to be some of the heaviest users of the debt markets this year.

    • 12 Apr 2021
  • Pricing widens on Akbank ESG loan though new lenders join

    Turkish lender Akbank has managed to roll over a syndicated loan, which also marks its debut piece of ESG financing. However, pricing widened beyond expectations owing to heightened volatility in both domestic and international markets.

    • 12 Apr 2021
  • Wendel links loan to female leadership

    Wendel, the French private equity firm, has amended a €750m revolving credit facility to add ESG elements, including one for higher female representation in leadership positions, as more investment houses make social equality a focus.

    • 09 Apr 2021
  • SF's Kerry loan oversubscribed by sub-underwriters

    Chinese delivery company SF Express Co’s loan to support its acquisition of Kerry Logistics Network has received strong support from banks in senior syndication.

    • 09 Apr 2021
  • Golden Eagle checks out with $601m from 15 banks

    Chinese department store operator Golden Eagle Retail Group has closed a $601m-equivalent refinancing loan with 15 lenders.

    • 09 Apr 2021
  • M&A surge cannot slake debt markets’ thirst for deals

    Debt markets are awaiting a wave of mergers and acquisition financings in the second quarter and later this year, as the boom in deals sparked by confidence that the economy is recovering from the coronavirus gathers steam. But the eagerness to lend will create tension between loan and bond markets, and deals are likely to get more challenging later in the year, write Mike Turner and Jon Hay.

    • 08 Apr 2021
  • SDRs: better late than never

    The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.

    • 08 Apr 2021
  • Comeback kid Röhm lines up par refi

    Röhm, the renamed Evonik Specialty Chemicals, is back in the market looking to refinance its 2026 €997m term loan 'B' near par, following a surprisingly strong performance through 2020.

    • 08 Apr 2021
  • TI Fluid adds unsecured HY layer

    TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.

    • 08 Apr 2021
  • BNP Paribas bankers in Spain leave for boutique firm

    A group of BNP Paribas bankers in Spain have jumped ship to join boutique firm Beka Finance, according to market sources. One person familiar with the situation said that the French bank will refill these roles in due course.

    • 08 Apr 2021
  • HSBC brings back Horsburgh for UK role

    HSBC is relocating the regional head of its leveraged and acquisition finance (LAF) business from Hong Kong to London to help implement its UK strategy.

    • 08 Apr 2021
  • BlackRock signs ESG ‘milestone’ loan tied to employee equality

    BlackRock has signed a $4.4bn revolving credit agreement linked to gender and racial diversity metrics, becoming one of the most prominent companies globally to use key performance indicators focused on staff equality in its main bank line.

    • 08 Apr 2021
  • Greater China loan momentum builds as low pricing, liquidity boost interest

    Greater China issuers are eagerly turning to the international loan market again for funding, encouraged by low pricing and flush liquidity to refinance debt early and raise new money. But there are still many roadblocks, with banks cautious about predicting a quick recovery to pre-Covid levels. Pan Yue reports.

    • 08 Apr 2021
  • Retailer TEDi launches Schuldschein

    German retailer TEDi has launched a Schuldschein, in the first deal to hit the market since the Easter break.

    • 07 Apr 2021
  • ICBC’s financial institutions head moves on

    Iqbal Nasim, head of financial institutions at ICBC (London), will leave the bank in the middle of April to set up a desk at a smaller Asian lender.

    • 07 Apr 2021
  • ELFA, LMA to publish ESG guidance on lev loans

    The European Leveraged Finance Association and the Loan Market Association are teaming up to produce guidance for incorporating ESG criteria into leveraged loan terms, with a timeline to publish standards by the end of April. The aim is to provide the infrastructure for the leveraged loan market to adopt ESG standards more widely.

    • 07 Apr 2021
  • Trump exit unleashes Financial Stability Board to act on climate

    The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.

    • 07 Apr 2021
  • Drax purchase gets regulatory nod as lenders expect busy Q2 M&A

    Drax, the UK power generation company, has had the final approvals waived through for its £226m-equivalent debt-funded acquisition of Canada’s Pinnacle Renewable Energy, as debt bankers say the M&A pipeline is strong for the second quarter.

    • 07 Apr 2021
  • HKBN makes quick return for HK$5bn loan

    Hong Kong Broadband Network has returned to the loan market for a HK$5bn ($643m) deal for refinancing.

    • 07 Apr 2021
  • Recurring revenue lending must protect its brand

    When hot new debt products are on the march, someone will always push the boundaries beyond what is tolerable. In the case of recurring revenue loans, that would be a mistake.

    • 06 Apr 2021
  • NatWest Markets promotes Plan in corporate debt

    NatWest Markets has made another change to its debt financing management structure, with a new role for Roland Plan.

    • 06 Apr 2021
  • Alvarez & Marsal beefs up Mid East advisory team

    Professional services firm Alvarez & Marsal has hired a seasoned advisor to bolster its Middle East advisory team, as it seeks to be an integral part of the region's diversification transformation.

    • 06 Apr 2021
  • Credit Suisse’s heads of IB and risk fall on swords after Archegos implosion

    Credit Suisse has begun an overhaul of its leadership following the collapse of Archegos Capital, as well as losses from the bank’s ties to Greensill Capital. The Swiss lender has cut dividend payments by two thirds, and slashed bonuses for senior executives.

    • 06 Apr 2021
  • 3i Infrastructure uses bank debt to fund German entry

    3i Infrastructure, the UK investment trust, is leaning on bank debt facilities to finance a planned €182m acquisition for a majority stake in German broadband provider DNS:Net.

    • 06 Apr 2021
  • Fossil IPOs have been shockers, green equities only scratch the surface

    The equity markets have ploughed nine times more capital into fossil fuels than green energy in the past decade, and lost $120bn as a result. The tide is turning, but the amounts going into clean power are still pitifully small compared with the needs, according to research by Carbon Tracker this week.

    • 01 Apr 2021
  • Danish Agro closes Schuldschein

    The Danish cooperative farming company has sold €125m of Schuldschein, the largest placement in its three visits to the market.

    • 01 Apr 2021
  • JDE Peet’s and Rewe Group tie loans to sustainability KPIs

    JDE Peet’s, the Dutch coffee and tea company, and German retail and travel cooperative Rewe Group became the latest European borrowers to move their bank lines to be priced off sustainability-linked metrics, linking the margin on a combined €3.25bn of debt to ESG KPIs.

    • 01 Apr 2021
  • Utmost Group lines up debt for £483m Quilter acquisition

    Utmost Group, a UK life assurance group, has made a roughly £483m cash offer to buy high net worth investment platform provider Quilter International, with four banks lined up to provide debt for the deal.

    • 01 Apr 2021
  • Guinness Partnership picks Sonia as Libor exit speeds up

    The Guinness Partnership, a UK affordable housing company, has signed a £150m revolving credit facility linked to Sonia from day one, as loan market participants say momentum is growing to leave Libor behind before the end of year deadline.

    • 01 Apr 2021