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The Prague-based defence and technology firm attracted 18 institutions into a deal which compressed margins by 150bp
Sleeping SLLs clause enters template as compressed margins make borrowers reluctant to deal with verification costs
First Abu Dhabi joins the syndicate for the short term loan all but equalling the size of a previous revolving facility
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Barclays has appointed two new chairs of its leveraged finance and sponsors business, with Chris Turner relocating to New York to become chairman of global leveraged finance. -
Pressure is mounting on private sector investors to join official institutions in granting debt relief to emerging market borrowers. An important point will be whether private investors agree to waive cross-default clauses for sovereign borrowers.
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Local lockdowns in the UK in response to spikes in coronavirus cases have some loans bankers looking at their loan portfolios with rising concern that a widespread second wave could lead to a credit crunch for certain borrowers.
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Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking.
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Royal Vopak, the Dutch oil and gas storage company, is marketing senior and subordinated private placements, according to market sources.
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Weir Group, the UK engineering company, has signed bank lines totalling $1.19bn, but amid coronavirus-related market volatility, banks required a higher margin than on the deal being refinanced.
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