Leveraged/non-investment Grade - All Articles

  • Apex closes $50m loan for Thai business

    Taiwan’s printed circuit board manufacturer Apex International has closed a $50m loan for its Thai business.

    • 27 Nov 2020
  • MUFG seeks model change in quest for growth

    MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.

    • 26 Nov 2020
  • Loans market defiant as Moody’s frets over faltering economic recovery globally

    Moody’s has issued a stark warning on the precarious position of corporates if there is another mass outbreak of Covid-19 that slows economic recovery. But senior lenders say the syndicated loan market is once again ready to provide liquidity at short notice.

    • 26 Nov 2020
  • GC Loan Awards poll closes today!

    GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2020 will close today. If you haven't yet voted, we would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to loan markets in 2020. We remind you that an institution cannot win a category it hasn't voted on.

    • 25 Nov 2020
  • Allocations are out for Indofood’s acquisition loan

    The allocation of Indonesian instant noodle maker Indofood CBP Sukses Makmur’s $2.05bn-equivalent acquisition loan has been finalised, after the lead banks closed the syndication earlier this month.

    • 25 Nov 2020
  • HKBN closes HK$5.5bn loan

    Hong Kong Broadbank Network has increased a loan to HK$5.5bn ($709m) after attracting 20 participants during syndication.

    • 24 Nov 2020
  • Cineworld offers sweetener for new emergency cash

    Cineworld has stapled warrants for 9.9% of the company to its latest tranche of emergency funding, a $450m lifeline that comes with an undisclosed but eyewatering interest rate. The new cash has unlocked a further round of covenant waivers from its revolver banks, and should give the company a chance to keep trading until coronavirus vaccines bring back a semblance of normality to the economy.

    • 23 Nov 2020
  • Taiwan’s GIS returns to loans with longer tenor

    Touch screen manufacturer General Interface Solutions, an affiliate of Foxconn Technology Group, is seeking a $300m loan to refinance a deal set to mature next year.

    • 23 Nov 2020
  • China Biologic secures $1.1bn loan for privatisation

    Two Chinese banks have agreed to arrange a $1.1bn loan to support China Biologic Products Holdings’ delisting from the Nasdaq stock exchange.

    • 23 Nov 2020
  • Goldman changes UK IB and ECM leadership

    Goldman Sachs has appointed new heads of its UK investment banking and EMEA equity capital markets businesses.

    • 20 Nov 2020
  • EQT gets second multi-billion euro ESG line

    Sweden’s EQT, the private equity company, has followed up on its summer signing of the biggest ever ESG-linked subscription facility with a second deal of the same maximum size. Lenders say this is further proof that ESG is becoming more important to private equity.

    • 20 Nov 2020
  • Gaw, Schroder to mandate two for Cityplaza One loan

    A consortium led by Gaw Capital Partners and Schroder Pamfleet is set to mandate United Overseas Bank and Standard Chartered for a loan to support its acquisition of Cityplaza One, according to two sources close to the situation.

    • 20 Nov 2020
  • Masan gets $200m loan for subsidiary

    Vietnam’s Masan Group Corp has signed a $200m loan with four banks to support a capital injection into a subsidiary.

    • 20 Nov 2020
  • Rolls-Royce lands cash call after flight risk

    UK aerospace company Rolls-Royce managed a smooth landing for its mid-pandemic equity raise despite turbulence within its inner circle of advisers. It was a triumph for strong management, writes David Rothnie.

    • 19 Nov 2020
  • Drax and Octopus give sterling loans green sheen

    The sterling syndicated loan market hosted two environmentally friendly trades this week, with UK power generation company Drax and renewables fund Octopus Renewables Infrastructure signing facilities.

    • 19 Nov 2020
  • New bid to solve bank carbon footprint enigma

    An accounting standard was launched on Wednesday that could prove a major step forward in how banks and investors calculate their contributions to climate change, and their progress towards net zero emissions.

    • 19 Nov 2020
  • 'US direct lending saturated,' says Pemberton

    Symon Drake-Brockman, the founder and managing partner of European direct lender Pemberton Asset Management, thinks that the US direct lending market has matured to such an extent that further growth is tricky, whereas Europe still has fruitful opportunities ahead.

    • 18 Nov 2020
  • Private credit’s big moment is still to come

    When the Covid-19 crisis hit in the spring, it looked like a golden opportunity for private credit funds. But the window shut as quickly as it opened, preventing the hungry funds from deploying much of their dry powder. But their moment may have finally arrived.

    • 18 Nov 2020
  • Blackstone seeks banks for Piramal Glass buyout loan

    Blackstone is working on the financing for a potential acquisition of India’s Piramal Glass. Although the deal is still in its early stages, international banks are facing competition from cheap onshore liquidity. Pan Yue reports.

    • 18 Nov 2020
  • Banker who took UBS to court is hired by litigation funder

    Ben Smyth, the whistleblower and former debt capital markets banker who took UBS to court, has been hired as an investment officer by the litigation funder Therium Capital.

    • 17 Nov 2020
  • Gategroup serves up debt restructuring as Covid-19 continues to batter air travel

    Gategroup, the Swiss airline hospitality company, has negotiated with lenders to extend the maturity on its syndicated loan facilities as part of a major debt restructuring for the Covid-battered firm.

    • 17 Nov 2020
  • Hedgies targeting SSD hampered by new laws

    Hedge funds have started to take a keen interest in the Schuldschein market, but restructuring laws in Germany set to come into effect in January will stop them before they truly get started.

    • 16 Nov 2020
  • Pakistan raises $370m loan

    Pakistan’s Ministry of Finance and Revenue has raised a $370m syndicated loan from a group of 10 banks.

    • 16 Nov 2020
  • Tianqi Lithium warns of potential default

    Chinese company Tianqi Lithium Corp has warned of a possible default on an acquisition loan amid a liquidity crunch, as it struggles to make a repayment by the end of November.

    • 16 Nov 2020
  • Cifi makes quick loan return

    Shanghai and Hong Kong-headquartered property developer Cifi Holdings (Group) has made a quick return to the loan market. It is seeking $300m-equivalent.

    • 16 Nov 2020
  • By losing Brexit finance battle, UK may have won war

    The UK this week abandoned hope of winning a mutual deal on financial regulation equivalence with the EU, and did what many had expected: unilaterally granted European firms access to the UK’s market without gaining matching rights for UK firms. But although this looked like surrender, lawyers believe the UK might have the upper hand.

    • 12 Nov 2020
  • Jefferies' European IB engine starts to purr

    Jefferies has enjoyed a record year in European investment banking, powered by equity capital markets, writes David Rothnie.

    • 12 Nov 2020
  • Debut, infrequent borrowers struggle to hit loan targets despite buoyant liquidity

    A handful of borrowers have been forced to close smaller loans than expected recently amid waning interest from lenders. While bankers insist there is still plenty of liquidity, debut credits and infrequent borrowers are feeling the pinch in the pandemic. Pan Yue reports.

    • 12 Nov 2020
  • Pubco Marston’s looks for fresh waivers

    UK pub chain and brewer Marston’s asked some of its noteholders for fresh covenant waivers on Wednesday, as a measure to help mitigate the impact of a second lockdown.

    • 11 Nov 2020
  • AllianceBernstein moves into European real estate direct lending

    AllianceBernstein has launched a €1.2bn European real estate debt fund alongside Lacarne Capital, in the hope of exploiting a moment where the sector’s traditional sources of funding may be less forthcoming.

    • 11 Nov 2020
  • FKS raises $255m loan from eight banks

    Singapore-based FKS Food & Agriculture has closed a $255m-equivalent dual currency deal with eight lenders.

    • 11 Nov 2020
  • ARA, Chelsfield raise green loan for Singapore property

    ARA Asset Management and property company Chelsfield have raised a S$385.8m ($286m) green loan to finance the acquisition and renovation of 5One Central, a commercial building in Singapore.

    • 11 Nov 2020
  • Corporate disclosure shouldn’t be outsourced to stock markets

    UK chancellor Rishi Sunak’s announcement that large UK companies, whether listed or private, would need to make climate-related disclosures, was a step towards an important principle — that corporate transparency is a public good, and should be driven by governments, not listing authorities.

    • 10 Nov 2020
  • Emcure seeks loan for overseas business

    India’s Emcure Pharmaceuticals has returned to the loan market after four years, seeking a small amount of $34m.

    • 10 Nov 2020
  • SSD arrangers withdraw from market

    A number of investment banks have withdrawn from arranging deals in the Schuldschein market, according to data sets seen by GlobalCapital, as international supply shrinks and institutional focus moves elsewhere.

    • 09 Nov 2020
  • Alvarez & Marsal builds up private debt advisory with Deloitte hire

    Professional services firm Alvarez & Marsal has hired a senior figure from Deloitte to help grow its debt advisory business in European private credit.

    • 09 Nov 2020
  • Trainline warns it could breach loan covenant

    Trainline, the UK train ticket booking company, has warned that there is a risk of a covenant breach on its £350m revolving credit facility, despite lenders already agreeing not to test the covenant until August 2021.

    • 06 Nov 2020
  • JB Chemicals closes acquisition loan with 12 banks

    India’s JB Chemicals & Pharmaceuticals has wrapped up a $206m loan to support KKR’s acquisition of a majority stake in the company.

    • 06 Nov 2020
  • Muyuan closes debut loan at smaller size of $140m

    Chinese pork producer Muyuan Foods saw lukewarm appetite among banks for its debut syndicated loan, which was closed at a smaller size of $140m.

    • 06 Nov 2020
  • BP appoints MS FIG banker as treasurer

    BP, the UK oil company, has appointed Niamh Staunton, a former Morgan Stanley banker, as its group treasurer, GlobalCapital understands.

    • 05 Nov 2020
  • Styrolution takeout slated for next year

    Ineos Styrolution’s financing for its $5bn purchase of BP’s aromatics and acetyls businesses is likely to hit the market in January, according to company management, with existing term loans refinanced but bonds potentially remaining outstanding.

    • 05 Nov 2020
  • JP Morgan levfin boss becomes Germany head

    JP Morgan has made Stefan Povaly, co-head of EMEA leveraged finance origination, country head for Germany, part of a raft of senior changes in the country following the promotion of Dorothee Blessing to co-head of EMEA investment banking earlier this year.

    • 04 Nov 2020
  • Müller corners €250m of PP funding

    German dairy group Müller has sold €250m of US private placements across five, seven and 10 years maturities.

    • 04 Nov 2020
  • Aero supplier Meggitt takes $300m in US private placements

    Aerospace and defence supplier Meggitt has sold $300m US private placements at three and five years, according to market sources, with leverage step ups to further protect investors.

    • 04 Nov 2020
  • Correction: Zhaoheng misses payment on 2017 loan

    Zhaoheng Hydropower (Hong Kong) has missed a payment on a 2017 dollar loan. It had extended the maturity on that deal earlier this year.

    • 04 Nov 2020
  • Quadgas makes grand return to PPs

    Quadgas, a gas asset and infrastructure investment consortium that sits above UK utility Cadent Gas, has sold $600m-equivalent of US private placements, in the first UK utility deal for more than six months.

    • 03 Nov 2020
  • Pre-election window closes too early for Ion

    Ion Analytics has postponed a $1.85bn leveraged loan financing the combination of Dealogic and Acuris, blaming "market volatility ahead of today’s US presidential election". With final commitments due on Monday, closing the issue was always going to be tight, but liquidity dried up too early for the company to clear out its costly private debt.

    • 03 Nov 2020
  • Indofood wraps up syndication for $2bn acquisition loan

    Indonesian instant noodle maker Indofood CBP Sukses Makmur has closed syndication of its $2.05bn-equivalent acquisition loan. The allocations are expected to be out in the next few weeks.

    • 03 Nov 2020
  • Puma launches ESG-linked SSD

    Puma, the sportswear maker, launched Schuldscheine on Monday tied to its sustainability performance.

    • 02 Nov 2020
  • Lazard rehires Whittaker in restructuring group

    Lazard said it was rehiring Sam Whittaker as a managing director in its restructuring group, after Whittaker spent the last five years at boutique rival PJT Partners.

    • 02 Nov 2020
  • Brussels Airport clears runway for private placement issue

    Brussels Airport is looking to sell US private placements, according to market sources. It is the first European airport to try its luck in the market since the coronavirus reached Europe.

    • 02 Nov 2020
  • Credit Suisse hires MD pair in EMEA levfin biz

    Credit Suisse has hired two new managing directors in its EMEA leveraged finance origination business, one from a client company.

    • 02 Nov 2020
  • Oceanwide returns for $291m loan

    China Oceanwide Holdings has returned for a $291m loan that is backed by a letter of credit.

    • 02 Nov 2020
  • Wistron returns with tightly priced loan

    Taiwan’s technology service company Wistron Corp has returned to the loan market for a $300m facility.

    • 02 Nov 2020