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Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
Leveraged loans in stressed sectors like software carry refinancing risk
Ferrero International markets €300m deal
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Scottish Mortgage Investment Trust has raised £170m in long-dated US private placement notes.
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Green financing has taken root in the syndicated loan market, with structures that reward a borrower with cheaper margins if it manages to hit sustainability targets. These should be applauded: they could have a far greater environmental impact than the use of proceeds technique used for green bonds.
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The UK’s Pantheon International (PIP) has signed a £175m-equivalent four year revolving credit facility, as the investment trust continues a cash generative phase in which it is seeking to fund new investments from internal cash resources.
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France’s Elior has amended and extended most of its syndicated bank debt in dollars and euros, as leverage at the catering company creeps up.
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French food distributor Alphaprim has raised a small amount of Euro private placement (Euro PP) debt.
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The Central Bank of Russia (CBR) is planning new rules from the start of July that will ramp up the risk weighting on foreign currency loans, which analysts expect to lead to restraint in non-ruble lending in the country at a time when international banks are steering clear.
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