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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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Singapore’s Park Hotel Group has sealed its maiden green loan, raising S$237m ($169m) from United Overseas Bank. -
Chinese travel services provider Trip.com Group has picked Standard Chartered as the mandated lead arranger and bookrunner for a $1.2bn refinancing deal.
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Swissport, the airport services company owned by HNA Group of China, successfully shaved 25bp off the cost of its term loan B in its recent repricing, in spite of a backdrop of increased fears about the coronavirus and its impact on the aviation industry. However, the deal was less of a slam dunk than other recent refinancings.
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Dutch equipment rental company Boels has launched a €1.61bn term loan B to finance the acquisition of Cramo, a Finnish rival. It is a rare chance for lenders to access a leveraged deal with maintenance covenants, a concession sponsors will no longer give but which some companies can still tolerate — though the huge headroom in this case means they are a minimal restriction.
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After a furious start to the year, leveraged finance bankers are now worrying about what’s next for new money leveraged buyouts, with few corporate carve-outs on the horizon and a plethora of political pain points to keep sponsors on the sidelines. Owen Sanderson reports.
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London-listed tech firm Micro Focus is refinancing and extending its term loan 'B' and revolver, with a $1.435bn-equivalent deal across dollars and euros. The company has had a grim year — reflected in the targeted loan margins — with a series of revenue warnings, a sliding share price and subsequent exit from the FTSE100, a failed sale of part of the business, and the departure of its long-serving executive chairman.
