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Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
Pharmaceuticals and energy transition also ripe sectors for M&A
The US bank has emerged from its restructuring to record impressive market share gains following a reboot of its financial sponsor and leveraged finance businesses
Firm has added to its London team with seventh partner hire this year
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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. -
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.
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Global syndicated lending fell back in 2019 to a level similar to that in 2013-2016, in dollar terms, after two years of higher borrowing including a near-record total in 2018. The volume was the sixth highest ever, and higher than that in any year before 2006.
