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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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The UK’s Low & Bonar has signed a new €165m five year revolving credit facility, refinancing early a same sized revolver that was due to mature in July next year.
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UK child goods retailer Mothercare revealed a wide scale restructuring and refinancing plan on Thursday, in which it will take up to £113.5m of funding from debt and new equity.
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Chinese automobile financing retail transaction platform Yixin Group is tapping the loan market for a $150m borrowing, six months after listing through a HK$6.8bn ($867.2m) IPO in Hong Kong.
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Turkey’s Isbank has signed a $1.48bn-equivalent syndicated loan in line with the existing pricing benchmark for its compatriot peers, again showing that rating downgrades have little effect on loan borrowing rates for the country’s banking sector.
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Morocco has landed a €200m loan from the African Development Bank that will go towards the country’s agriculture industry, a sector that Standard & Poor’s recently said was part of the reason the sovereign’s credit rating remains “constrained”.
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Hermes has launched a European direct lending fund, as the investment manager looks to carve out part of a market that has recently reached record highs by volume.
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