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Marco Ferrari joins Stockholm office from Nordea
One major bank has underwritten three infra deals in the last week
Agreement includes accordion facility
Flooring company's bespoke 'super senior funding' was done away from the syndicated loan market
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New leveraged loan supply has started strong, despite geopolitical jitters leading to softness in the public markets, and it’s not just play-it-safe refi issues. Cision is marketing dual-currency acquisition debt for Platinum Equity’s takeover of the public relations technology firm, while Global University Systems is prepping a deal of nearly €1bn to fund a dividend. Also in the loan market are Ortho-Clinical Diagnostics and Refinitiv’s euro repricing, while Stena and Ashland have mandated potential bond deals. -
Premier Oil has become the first company to announce a major ECM transaction in 2020, a £385m ($500m) capital increase to repay debt and finance the acquisition of two UK North Sea oilfields from BP.
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HSBC Germany has hired Heiko Mittelhamm as head of M&A for Germany and Austria.
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Refinitiv is repricing its €2.33bn term loan 'B', after Bank of America held a lender call on Tuesday to approve the deal. The financial data company is set to be purchased by the London Stock Exchange Group later this year, but is looking to cut the costs of the debt it took on for its 2018 takeover by Blackstone, GIC and CPPIB. A repricing of its $6.5bn term loan before Christmas shaved 50bp off the margin.
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Swedish shipping and real estate conglomerate Stena AB is looking to refinance its existing term loan ‘B’, with a combination of loans and bonds in dollars and euros, depending on which pockets of demand prove the most fruitful. It meets investors in the US this week and in Stockholm, Oslo and London next week, with JP Morgan arranging the effort.
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Indonesian automobile company CSM Corporatama, also known as Indorent, has wrapped up its syndicated loan at a bigger size of $175m.
