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Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
Head of capital markets and advisory leaves
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GlobalCapital has compiled a short list of companies known to have drawn their revolvers or arranged new loans since the coronavirus crisis engulfed markets. -
Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins.
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UK manufacturer Dyson is looking for at least £250m of debt, according to several market sources, in a private placement set to close in the middle of the pandemic that has largely shut public markets in Europe and the US.
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CapVest has cancelled the planned sale of Curium Pharma, as market conditions wrecked the investment appetite of the three final round bidders and banks cut financing commitments. It was one of the larger M&A financings slated for syndication in the second quarter, but with the Crossover index now trading over 650bp, compared with close to 200bp when first round bids were due, the three sponsors in the final round would have struggled to get a deal away.
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Cambodia’s Prasac Microfinance Institution has returned to the loan market for a $75m deal amid an ownership change.
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Intesa Sanpaolo will provide Italian companies with €5bn worth of new one to 1.5 year loans, and offer an additional €10bn of debt to customers through existing credit lines, to help steer the nation's economy through the Coronavirus crisis.
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