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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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Specialty chemical manufacturer Platform and Irish telecom firm Eir both launched major refinancings this week, looking to tap into a market where nearly everything on offer is being tightened from initial guidance. -
Ufinet has tightened price guidance on a €124m dividend recapitalisation term loan, while increasing the offering to €135m, as Ammeraal Beltech’s €85m dividend recap also tightened from initial guidance this week.
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A number of Asian borrowers are choosing to prepay their syndicated loans for various reasons, including a bearish outlook on growth. Their actions are compounding the woes of loan syndications bankers, who are already battling low deal activity, writes Shruti Chaturvedi.
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Froneri, the joint venture vehicle between R&R Ice Cream and Nestlé, has added an Australian dollar tranche to its €800m equivalent term loan ‘B’ as banks have reportedly took much of the deal, while Israeli plastics manufacturer Keter removed the US dollar tranche to its own €690m buyout loan.
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New York-listed aircraft leasing company Aircastle has sent invitations for a $75m unsecured financing through a single mandated lead arranger and bookrunner.
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Syndicated loans are becoming a focal point of firms looking to demonstrate the power of blockchain, or distributed ledger technology, with different initiatives ramping up and competing to solve the problem of lengthy settlement times in the private debt market.
