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Bankers say deals are still being launched and believe international rivalry can be negotiated
Banks accept some deals will bypass them — others they can intermediate
Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty
New twist in Hollywood acquisition as Netflix adds $5bn revolver and $20bn of term loans
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Wincanton, the UK logistics company, has added a £40m short term tranche to an existing revolving credit facility, as the coronavirus pandemic has slashed parts of the company’s revenue streams by 70%. -
The UK’s Young & Co’s Brewery, a pub chain, has signed £70m of new loan facilities and has become the latest in a quickly growing list of companies to lean heavily on the Bank of England’s Covid Corporate Financing Facility.
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Network Homes is looking for US private placements, according to several market sources. The London housing association is the first of its type to return to the market after a string of prospective PPs were suspended during the initial peak of the pandemic crisis. Sources expect these postponed deals to return shortly.
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The coronavirus pandemic, in terms of the financial markets has had its winners as well as its losers. The loan market, after years of decline as borrowers sought better terms in bond markets, has shown its worth in times of trouble by being able to offer liquidity lifelines to companies left in dire need of the stuff when other markets could not provide it.
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Steel maker ArcelorMittal has raised over $2bn through a sale of new shares and mandatory convertible bonds after posting a $1bn loss in the first quarter because of the Covid-19 global pandemic, which has caused demand for steel to plunge.
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Kingfisher, the UK home improvement retailer, has signed short term crisis loans in sterling and euro that will sit alongside the company’s already drawn revolving credit facilities, bringing its access to liquidity up to £2bn.
