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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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Mercuria Energy has wound up its latest multi-tranche loan at an increased size of $1.1bn. The shorter one year portion proved popular among lenders, but a three year tranche ended up being scaled back. -
Birla Carbon, part of India’s Aditya Birla Group, has opened its $925m refinancing into general syndication via five mandated lead arrangers and bookrunners.
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Fiat’s Indian arm has approached lenders for a $250m loan to fund projects in the country. The deal is one of the few offshore fresh money borrowings from India this year.
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The leveraged finance market suffered an unpleasant shock this week, when $5.6bn of loans and bonds for the Carlyle Group’s acquisition of Veritas Software had to be pulled. Bankers were left blaming market sentiment, an aggressive structure — and each other, write Max Bower and Victor Jimenez.
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Avago Technologies, the US semiconductor components maker, has increased the €500m tranche of its term loan ‘B’ to €900m on strong demand, in another sign of the European leveraged loan market’s competitiveness.
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