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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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Gala Bingo, the retail bingo division of Gala Coral, has been bought by Caledonia Investments for £241m, using a £155m senior debt facility and a £98m cash payment.
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Camelia Robu and Paramvir Sethi, two senior leveraged finance bankers previously with Deutsche Bank, will take on new roles in December at HSBC’s leveraged and acquisition finance unit in London.
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Hybrid capital bankers who have insisted for the last few years that the rating agencies’ criteria were now stable and settled will be eating their words today. Standard & Poor’s has stripped the equity credit from 29 corporate hybrids, though it claims this is not a criteria change.
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China Cinda Asset Management has sent out a request for proposals for a loan of around $5bn to back its bid for the acquisition of Nanyang Commercial Bank, according to sources.
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The syndication timeline for a $145m loan backing the Blackstone Group’s acquisition of some Indian assets has been pushed back.
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The European leveraged loan market has experienced a subdued October, with issuance not yet even up to August's level.