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Agreement includes accordion facility
Flooring company's bespoke 'super senior funding' was done away from the syndicated loan market
Scrabble expected to sign deals before summer
UBS promotes bankers to replace leveraged finance specialist
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Without a vaccine for the coronavirus, it is clear that reopening offices is a serious risk for capital markets businesses. What firms need are strict distancing measures, facial masks and hand sanitiser — but also, crucially, access to frequent testing for the virus and the antibody.But that is a path fraught with difficulty. -
Some financial sponsors are said to be trying to purchase loans from their competitors’ portfolio companies, as an opportunistic way to benefit from the coronavirus-driven disruption. But the European loan market’s restrictive transfer provisions make this a legal high-wire act.
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Loans bankers are puzzled by a probe by the UK's Financial Conduct Authority into whether banks attached improper conditions to loans to companies during the coronavirus crisis. They are concerned the FCA could edge into criticism of the system of bank-client relationships that underpin modern corporate finance, and some believe this is already having an influence on how companies think about mandates.
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Richie Revill, formerly at Barclays, has joined the boutique Asian investment bank SC Lowy as head of markets for Europe.
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The Treasury announced on Tuesday an extension to the Coronavirus Large Business Interruption Loan Scheme (CLBILS). From May 26 certain businesses can apply for loans up to £200m under CLBILS but there are restrictions on dividend payouts and management pay rises.
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Singapore hard disk drive company MMI International has sent out extension requests to lenders on a $580m loan, as it struggles to make the outstanding payment on time.
