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Platform to have two strategies — high yield and investment grade
Tranches in dollars and yen attract 12 banks
Leverage from Warner Bros purchase could make return to investment grade a mission impossible
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After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early. Four market sources said this was the largest corporate early repayment of US PPs of all time. Some fear a growing disconnect between institutional investors and companies over financial covenants, and attempts to amend them. -
Agile Group Holdings, a Chinese property company, is planning to launch a HK$3.242bn ($418m) refinancing loan into general syndication in early July.
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Chinese property developer Country Garden is in the process of finalising the bookrunner group for a $1.5bn loan, with bankers already confident the deal will see strong interest from lenders.
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DFS Deutsche Flugsicherung, the German air traffic controller, launched a Schuldschein deal on Monday, on the hunt for at least €250m.
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Morgan Stanley has hired Alessandro Mazza as a managing director in its leveraged finance business in Europe.
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The UK’s new insolvency law came into force on Friday, and lawyers have been spending the weekend picking through its 250 pages to understand the implications. While some have welcomed it, others pointed out that in its haste to push it through Parliament, the government has introduced several changes that skew the balance between various kinds of lenders which hitherto had been treated equally.
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