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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
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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MédiPôle Partenaires, the French private hospital group, has abandoned plans for an IPO after sponsor Bridgepoint decided to sell it to its competitor Elsan, owned by CVC, instead. -
The leveraged finance market has been met this week by a raft of mergers and acquisitions, with four deals announced and several major leveraged buyouts poised for action. Considerable ground needs to be made up, however, if new paper is to offset the glut of repricings that have choked the market in recent months.
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French media technology firm Technicolor added yet another refinancing to the levloan market on Wednesday, with bank meetings scheduled on Friday for a €250m seven year term loan ‘B’.
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Novelis is to refinance debt raised in the US with an Asia loan, becoming the second company in India’s Aditya Birla Group to replace its term loan B with Asian liquidity. With plenty of cost savings on offer, bankers expect more companies to take a similar approach to fundraising, writes Shruti Chaturvedi.
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Papua New Guinea is set to make its offshore syndicated loan debut with a $200m five year facility. Arranger Credit Suisse is holding discussions to expand the top group, according to a source.
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MRH, the largest independent petrol retailer in the UK, and Swiss telecoms firm UPC had bank meetings on Thursday for loan refinancings, while new money deals have also joined the market.
