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First refinancing since Fitch upgrade in December has been well received
Hyperscaler and data centre debt mountain will keep growing, even if technical stampede eases
As funds swell, pressure to deploy rises and managers can stray from their expertise
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Indonesian television broadcaster MNC Sky Vision has cut its latest fundraising to $170m — the second time it has reduced the deal size. The loan, which had been in general syndication since late June, attracted three commitments from retail lenders.
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Asset manager Pemberton has closed a €1.2bn European mid market debt fund, as the direct lending market becomes more appealing for larger deals, according to a Deloitte report.
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Finnish packaging firm Powerflute has extended the deadline on its €400m leveraged buyout by Madison Dearborn to this Friday, as has BMI Healthcare for its £285m refinancing.
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State-owned Abu Dhabi banks ADCB and NBAD have taken a very different approach to the loan market, with one bank paying up to bring in new lenders and the other demanding tight relationship pricing.
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Syndication for the refinancing of $1.235bn of loans for commodity trader Gunvor has closed, with lenders making “significantly oversubscribed” commitments, while competitor Trafigura faces a €2bn maturity this month.
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This is a rather tumultuous week for the United States. Thankfully, the European loan market is insulated from world events - a serene pool of readily available capital, though one where people have some rather strong views.
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