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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
Tightening trend in private credit pricing has reversed since April 2, but reliability is funds' trump card
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Fashion retailer H&M has signed a €980m revolving credit facility to sit alongside its existing main bank line, as the Swedish company becomes the latest to turn to the bank market to bolster its finances during the coronavirus pandemic. -
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has brought in 21 banks for its debut borrowing in the loan market.
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Centerview Partners has appointed ex-Lazard rainmaker Matthieu Pigasse as head of its new French operation, as the boutique advisory firm expands in continental Europe with a 15-strong team.
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Some fear a sorry fate for European private debt funds, as small and medium-sized businesses across the continent struggle to stay afloat amid the devastation caused by Covid-19. Symon Drake-Brockman, founder and managing partner of Pemberton Capital Advisers, one such private debt fund, spoke to GlobalCapital’s Silas Brown about the pandemic and the prospects for private credit in its wake.
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The coronavirus lockdown in the UK is hurting cashflows to pub company securitizations, potentially putting firms in the firing line for bondholders, who have strong asset security rights in the highly leveraged vehicles. Meanwhile, banks are still sat on the £1.45bn acquisition debt to fund Stonegate’s takeover of Ei Group, which technically ranks behind one of the largest pubco securitizations, Unique.
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Outrage has erupted among US progressives at efforts from the private equity industry to ensure their portfolio companies get a piece of government support for corporates. The buyout barons don’t do much to endear themselves to the public, but sponsor funds are just another legal vehicle for owning equity — and there’s no point punishing a company for its owners.
