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Swiss commodities firm has deleveraged thanks to elevated free cash flow
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
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This week, Elysium Healthcare successfully refinanced the loan that backed its leveraged buyout by BC Partners, getting a bigger size and better pricing three months after the original deal was met with a lukewarm reception from investors. -
UK transport operator FirstGroup has raised dollar funding in the US private placement market in a bid to refinance sterling bonds expiring in September. According to one agent, the transaction was twice subscribed despite 15 other borrowers also being in the market.
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Carmaker Fiat Chrysler Automobiles has amended its existing €6.25bn revolving credit facility to stretch out the maturity to 2023, but loans bankers are concerned about the low volumes of business to look forward to.
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Agricultural commodities trader ED&F Man has signed three revolving credit facilities totaling $1.128bn, bringing the UK company’s committed funds to more than $2.4bn at a time when the company’s sugar and grains businesses have taken a hammering.
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UK drug maker GlaxoSmithKline agreed to buy Novartis’ 36.5% stake in the pair's consumer healthcare joint venture just days after backing out of an acquisition for a similar Pfizer unit. But analysts disagree whether GSK’s ratings are being stretched to breaking point despite the new trade being far smaller.
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The Asian green loan market is finally starting to take shape, with a handful of borrowers approaching banks for fundraising. It’s still early days but there are huge opportunities for growth. Rashmi Kumar reports.
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