Leveraged/non-investment Grade

  • Investcorp raises Mount Row fund to scoop up bargain loans

    Investcorp raises Mount Row fund to scoop up bargain loans

    Investcorp said on Tuesday it had raised a new €318m loan fund to acquire "high performing loans at discounted levels" from large cap issuers in the European market. The fund will be leveraged and aim for returns in the mid teens.

  • Covid-19 can’t excuse corporate mismanagement

    Covid-19 can’t excuse corporate mismanagement

    For a failing business, the coronavirus has offered the perfect excuse. With so many well-managed companies forced to close their doors during lockdowns, record unemployment across several countries and a severe global recession on the cards, who can blame a management team or its backers when a corporate is on the edge of collapse?

  • KKR, Cinven, Providence launch first post-crisis take-private

    KKR, Cinven, Providence launch first post-crisis take-private

    KKR, Cinven and Providence Private Equity have launched the first post-Covid take-private LBO attempt, targeting Spanish telecommunications company MasMovil with a €3bn takeover offer at €22.50 a share, giving the company an enterprise value of around €5bn. Barclays, BNP Paribas and Morgan Stanley have underwritten the financing for the buyout.

  • Green convertibles arrive with Neoen blowout

    Green convertibles arrive with Neoen blowout

    Neoen, the French solar and wind energy producer, has issued the first green convertible bond in Europe — and investors’ eager reception of the deal suggests these instruments could be as popular in the equity-linked market as they have become in the straight bond market.

  • Cineworld raises new cash and gains covenant waiver

    Cineworld raises new cash and gains covenant waiver

    Cineworld announced on Thursday that it had raised on extra $110m of liquidity by extending its revolve. Its lenders also agreed to waive the covenant test for the end of June. The company also plans to tap government lending schemes in the UK and US.

  • Swissport seeks bondholder backing for priming debt deal

    Swissport seeks bondholder backing for priming debt deal

    Swissport, the baggage handling and air cargo group, is asking bondholders to allow it to add €380m of super-senior debt above its existing senior secured bonds and loans, secured by the same collateral but with a priority claim.

Leveraged/non-investment grade loans news archive