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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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UK petrol station operator EG Group has announced a third debt-financed acquisition, heaping further pressure on its credit metrics, which rating agencies have already warned are under strain. -
US chipmaker Qualcomm has improved its offer for NXP Semiconductors by 16%, leaving Broadcom “evaluating its options” over its $121bn hostile bid for Qualcomm and putting the possibility of a record-breaking syndicated financing on shaky ground.
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Indian Railway Finance Corp has approached offshore lenders for a financing of up to $250m-equivalent in Japanese yen. But the company may struggle to generate demand from maturity-shy Japanese lenders, said a banker familiar with the deal.
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The Asian loan market has had to battle a tough few years, with record volumes in 2014 tailed by four straight annual declines. But loans bankers in the region have a feeling their time may have come.
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Leonardo, the Italian defence company, has agreed a €1.8bn five year revolver 25bp cheaper than the facility it is replacing, making it the latest crossover borrower to negotiate better terms for itself in a refinancing.
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Details have emerged of Broadcom’s record-breaking $100bn financing package for its acquisition of chipmaker Qualcomm. It is paying 100bp over Libor for the biggest two tranches.
