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GC Asia
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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.
02 Jun 2020 -
UniCredit appoints new head of non-IG syndicate
UniCredit has appointed a new head of non-investment grade syndicate, after Carlo Fontana was promoted to global head of syndicate in March.
02 Jun 2020 -
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?
02 Jun 2020 -
Zhongyu Gas returns for $300m refi
China’s Zhongyu Gas Holdings has launched a $300m refinancing loan into general syndication.
02 Jun 2020 -
Lao MoF returns for $50m loan
The Ministry of Finance of the Lao PDR has returned to the loan market for a new financing of $50m.
02 Jun 2020 -
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.
01 Jun 2020 -
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.
28 May 2020 -
European sectors hit hard by virus reliant on state lending
Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from state-owned Instituto de Crédito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.
28 May 2020 -
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.
28 May 2020 -
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.
28 May 2020
