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LBO financing includes $5.75bn term loan to be priced early next week
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
William Liu joins from K&L Gates
Buyers line up €11bn of debt and equity financing
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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. -
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.
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Damien Loynes has been appointed head of syndicate for Europe, the Middle East and Africa at Crédit Agricole.
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Vietnamese conglomerate Vingroup Joint Stock Co and its automobile subsidiary VinFast have exercised part of a greenshoe option on their joint borrowing, boosting the loan size to $525m.
