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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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Bank lenders are trying to reach an agreement with scandal-rocked Wirecard to renew as much as €2bn of loans, after the beleaguered German payments company breached its terms on Friday when it failed to produce audited financial results. According to several sources familiar with the situation every lender needs to sign off on the new deal, otherwise Wirecard may have to pay the entire loan back. -
Banks sitting on the €8bn of bridge loans to finance Advent and Cinven’s takeover of ThyssenKrupp Elevator (TKE) have finally launched the first part of the deal into public syndication, with the announcement on Monday of a €3.05bn euro and dollar term loan 'B'.
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After weeks of slim pickings in high yield and leveraged loan capital markets, Monday brought a flood of new issue announcements, with MasMovil’s take-private loan, a multi-currency loan from cruise company Carnival, AMS’s bridge for the takeover of Osram, an add-on for IFCO, and a high yield debut in the morning. But that was all hors d'oeuvres to the main course: the long-awaited ThyssenKrupp Elevator bridge in the afternoon.
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Gunvor, the Swiss commodity trader, has signed a €450m sustainability-linked facility, pushing its environmental, social and governance-linked bank lines signed this year up to almost €1.1bn-equivalent.
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French aerospace and defence company Safran has closed a large US private placement, according to market sources, of €566m-equivalent in euros and dollars.
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Chinese company Genertec Universal Medical Group has launched a $600m dual-currency loan into syndication.
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