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Scrabble expected to sign deals before summer
UBS promotes bankers to replace leveraged finance specialist
Tightening trend in private credit pricing has reversed since April 2, but reliability is funds' trump card
The asset manager sees higher demand than ever as direct lending proves solid during a crisis
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Barclays has launched an €840m loan that forms the initial buy-out debt funding the takeover of UK supermarket chain Asda by the Issa brothers and TDR Capital. The bulk of the £3.5bn debt stack will follow in bond formats, with £2.25bn of senior secured and £500m of unsecured notes on offer.
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Indonesia’s Adaro Energy has sent out a request for proposals for a $400m loan to meet its refinancing needs. -
The extraordinary price action in GameStop, AMC Entertainment and others' shares last week is surely leading nervous CFOs all over the world to get an at-the-money rights issue signed off, in case they win the attention of Reddit's WallStreetBets crowd and can raise equity at giddy multiples. But this is like hoping for a winning lottery ticket. For firms in the most Covid-addled sectors, a private approach will be their best shot at financing a turnaround.
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Cairn Capital, the alternative credit asset management firm in which Mediobanca has a majority stake, has agreed a deal to buy and merge with Bybrook Capital.
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Leveraged loan repricings are underway, taking a cue from Europe’s CLO market, where a wave of refi and reset activity has broken out with senior tranches now back to pre-pandemic levels.
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Singapore’s ride hailing start-up Grab Holding has further increased the size of its term loan B to $2bn following solid traction in the US market.
