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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
More robust growth expected in 2026
German promissory notes come into their own in times of stress
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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.
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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. -
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.
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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.
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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.
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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”.
