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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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Carsten Woehrn will lead JP Morgan’s financial sponsors group for M&A in Europe, the Middle East and Africa. -
Zhenro Properties Group has wrapped up its debut offshore borrowing at $120m-equivalent with commitments from five lenders.
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Refinitiv’s 2018 high yield bond was slammed for having the weakest ever investor protections. Now another Blackstone consortium is about to use that deal as a template in the £5.9bn public-to-private buyout of theme park giant Merlin. The financing package also features protection against short-selling debt activists — an activity associated with Blackstone unit GSO Capital. Karoliina Liimatainen reports.
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The largest second lien tranche since the financial crisis, a Sfr1.3bn-equivalent deal, was placed to just five accounts, GlobalCapital understands, supporting EQT, Luxina and PSP’s $10bn buyout of Nestlé Skin Health. The big second lien tickets illustrate the depth of demand for the product, which has been buoyed by the cash raised for direct lending opportunities — and supports the deal through senior syndication.
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Société Générale’s revamp of its investment bank, first announced in April, will refocus the bank’s financing efforts around sponsor-driven business, as corporate clients are not steering enough fees towards the bank to pay for its balance sheet commitments.
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Pension insurance company Ilmarinen, one of the largest investors in Finland with €47.4bn under management, is welcoming the nascent trend of sustainable loans, as it scans the market for instruments that create benefits for its whole portfolio.
