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Company’s new facility was described as ‘substantially oversubscribed’ and structured as a club deal as it adds contingent liquidity loan for $3bn
Hire comes from Ares
Company last issued Schuldscheine in 2019
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Tianqi Lithium Corp’s rising debt burden since its acquisition of a stake in a Chilean mining company two years ago is causing trouble. The Chinese borrower is seeking covenant waivers and a tenor extension on part of a $3.5bn loan, raising concerns among bankers about the performance of other commodity credits amid the Covid-19 pandemic. Pan Yue reports. -
Credit Suisse took a $294m hit from marking leveraged finance underwriting exposure to market in the first quarter, its results on Thursday showed, as March’s volatility and jump in credit spreads took their toll.
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Banks providing reserve-based lending facilities to oil exploration companies are looking to sell these loans, usually held and refinanced as ultra-secure relationship products, at bargain basement prices.
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Italian-American car company Fiat Chrysler has drawn down on its €6.25bn revolving credit facility to shore up its finances during the Covid-19 pandemic, though the company has left a new bridge loan untouched.
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A divergence is forming between loans bankers and bond market investors over how to treat oil borrowers after the historic crude price falls, with the fixed income investor market seemingly taking a more bullish approach on the industry.
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Shenzhen Zhaoheng Hydropower Group has obtained a maturity extension for a $128m loan sealed in 2017, after difficult market conditions put pressure on its refinancing abilities.
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