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New facility smaller than the original but 20% larger than the launch amount
In Europe loans are the key to opening ancillary business while in the Middle East relationships should cap premiums
Market stress so far confined to consumer credit and SMEs across region
Tighter margin loan a 'sign of things to come' for infrastructure lending
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Carmaker Fiat Chrysler Automobiles has amended its existing €6.25bn revolving credit facility to stretch out the maturity to 2023, but loans bankers are concerned about the low volumes of business to look forward to. -
Agricultural commodities trader ED&F Man has signed three revolving credit facilities totaling $1.128bn, bringing the UK company’s committed funds to more than $2.4bn at a time when the company’s sugar and grains businesses have taken a hammering.
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UK drug maker GlaxoSmithKline agreed to buy Novartis’ 36.5% stake in the pair's consumer healthcare joint venture just days after backing out of an acquisition for a similar Pfizer unit. But analysts disagree whether GSK’s ratings are being stretched to breaking point despite the new trade being far smaller.
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BoCom International, the Hong Kong unit of China’s Bank of Communications, has launched a new HK$4bn ($509m) loan into general syndication, just weeks after its Macau unit opened a $500m club-style deal.
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JD Sports, the UK athletic wear company, has agreed a new revolving credit facility underwritten by existing relationship banks Barclays and HSBC to finance its approximately $558m acquisition of the US’s Finish Line.
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Michelin, the French tire maker, has had a £1.2bn ($1.96bn) bridge loan underwritten and arranged by Morgan Stanley to finance its purchase of UK industrial belting manufacturer Fenner.
