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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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Bankers are confident that companies up and down the ratings scale can lean on their lending groups during market volatility. But borrowers in the most stretched groups are not waiting to find out, with some clients already drawing their lines, adding backup loans, and trying to negotiate waivers on debt limits. Silas Brown, Jon Hay and Owen Sanderson report. -
Loans bankers are expecting their relationship clients to start leaning more heavily on their banks, but an arcane and little used clause found in many lending contracts means that banks might be able to demand early repayment or stop further lending.
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Thai conglomerate Charoen Pokphand Group’s $10.6bn purchase of Tesco’s Asia business has been hailed as a “landmark” deal that will liven up the region’s loan market. Bankers are now openly debating how they can get in on a financing that will tap both international and domestic liquidity. Pan Yue reports.
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The coronavirus will depress mergers and acquisitions activity, hurt advisory revenues and change the emphasis of deal-making in 2020, writes David Rothnie.
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Credit Suisse Asset Management priced the first deal since Monday’s market collapse through Citi on Wednesday — raising hopes that the large number of open warehouses will escape being stuck on bank balance sheets and find their capital markets exits.
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Non-Standard Finance (NSF) has announced a six-year £200m securitization facility with Ares Management Corporation providing credit funds.
