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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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WH Group has turned to banks for about $1.25bn to fund a share buy-back, as the world’s largest pork company takes advantage of attractive market conditions to raise a new loan. Unlike its acquisition fundraising eight years ago, which received plenty of criticism and pushback from lenders, the market’s response this time around is different — despite some initial confusion, writes Pan Yue. -
Two of the largest private placement investors have beaten the broader market to a deal with Biffa, the UK waste management company, after many investors expected the transaction to be widely marketed. More frequently, larger investors are going direct to borrowers with bilateral and club deals, undercutting the syndicated market.
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Moody’s has torn up one of the shibboleths of the Schuldschein market — that its borrowers are worthy of investment grade ratings. On Wednesday, the rating agency said a number of borrowers from the car parts sector were overleveraged and not profitable enough. Investors appear to share these worries, but the Schuldschein market offers them little protection and there is no reliable secondary market for them to sell into.
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Sipartech, the French fibre optic infrastructure company, has signed a €180m syndicated loan that will pave the way for the company to invest “massively” over the next three years.
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Lenders have shown that they are incapable of maintaining the integrity of sustainability-linked loans by signing a £1.1bn ‘sustainability-linked’ facility without having agreed key performance indicators.
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Dräxlmaier, the German car parts maker, has launched a sustainability-linked Schuldschein. Deals from the car industry have been few and far between in the market of late. Investors have cooled on the sector, as there have been some high profile problems with specific credits at the same time as the industry undergoes big changes.
