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Deal liberates capital and tempts investors to take new frontier market risk
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Cineworld, Europe's second largest cinema operator, has increased the size of its revolving credit facility by £25m to fund its acquisition of five UK cinema sites. -
Burgan Bank Turkey has signed a $150m one year loan which does not include a margin flex if the bank is downgraded. The signing comes as the country’s larger banks face increasing calls to write in such clauses in case of rating changes.
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China Universal Leasing is seeking Rmb1bn ($150.5m) onshore, with two mandated lead arrangers and bookrunners distributing the deal on a best efforts basis.
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ONGC Videsh is seeking a loan of $800m to support its acquisition of an incremental stake in a Russian oil company.
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UK retail sales in July increased 1.9% year on year, according to a report from British Retail Consortium and KPMG. But with loan pricing barely budging, there is unlikely to be much deal flow, especially refinancings, from UK retailers this year, according to two bankers.
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Akbank will widen the margin on its loan by 25bp if the bank is downgraded, a condition the bank’s relationship lenders called for after Turkey’s attempted coup on July 15. But two lenders said the step-up should be bigger.
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