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The deal maintains 2023's overall size but increases the RCF with one lender dropping out of syndicate
German corporate loan flow evaporates in third quarter thanks to lack of urgency and borrowers' desire for better terms
In the super-competitive race to fund the artificial intelligence boom, Morgan Stanley has led its rivals by innovating. Some of the structures could be heading to Europe
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ChemChina is in the early bird stage of syndication for its KraussMaffei acquisition loan and is targeting relationship banks, according to a banker familiar with the deal. Commitments are due around the end of the month.
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Armacell, the German foam insulation manufacturer, has launched a€660m debt acquisition package to back its buyout by Blackstone and Kirkbi from Charterhouse Capital Partners.
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Société Générale has appointed a new head of EMEA loan syndicate, after promoting the former head to a senior job in risk management across the corporate and investment bank.
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January so far has been dire for corporate new issuance in Europe. Even the most cautious of market participants could not have envisaged deal flow being this bad. By January 20, there had been eight corporate investment grade and high yield issues in euros, sterling and Swiss francs, totalling €6.4bn. By the same point last year, the figure was €21.8bn.
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A lender has invoked an export performance bank guarantee (EPBG) that backed a $475m borrowing for India’s Alok Industries, leading to a repayment of the amount to all the banks that participated in the deal.
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Tata Steel's $1.5bn refinancing has been launched into general syndication after a senior phase that began in early December.
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