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Funding follows National Wealth Fund investment
British-German publisher is a first-time Schuldschein issuer
Lenders believe year ahead may not be as robust unless event-driven M&A takes place
London-based hire will also work on financing for infra sector sponsors
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GSO Capital Partners, the credit unit of private equity firm Blackstone, has raised roughly $4.5bn for its second European direct lending fund, according to an SEC filing. But as the coronavirus pandemic wrecks corporate balance sheets, several sources are concerned with how European companies will fare. -
Dunelm, the UK homewares company, has drawn down entirely its £165m revolving credit facility, as it became the latest European firm to lean on its banking group amid the sharp economic downturn from the Covid-19 pandemic.
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BBC Commercial Holdings, a commercial subsidiary of the BBC that produces and sells content to other broadcasters across the world, has decided to delay a £170m debt refinancing in the US private placement market, according to market sources, as bankers struggle to cope with price discovery.
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Cuts made to senior staff in the debt markets are coming home to roost now that the effects of the Covid-19 pandemic are coming to bear on loans and private placements. Old hands that navigated the previous crises are in short supply as borrowers and investors look to implement deal amendments to cope with a coming recession.
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Institutional investors in the US private placement market are preparing for a round of covenant waivers, as companies brace for the economic impact of the coronavirus pandemic. Bankers in turn are shelving primary issuance plans and turning their attention to winning amendment mandates.
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The UK's FirstGroup, a transport company, has signed a £250m bridge loan to cover an April 2021 bond maturity, as more banks say they are getting requests from clients for fresh funding lines alongside existing facilities.
