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Belgian car leasing company taps four banks and three investment firms
Deal refinances €1.5bn transaction from 2022 while providing new money and is sustainability-linked
Volumes and deals similar to last year, when the market grew by 13% year-on-year to an annual record
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Sivantos, a German hearing aid company owned by EQT Parters, is calling €275m of 8% 2023 notes at 102, and drawing on its acquisition debt, issued in July last year, after the European Commission cleared its merger with Denmark’s Widex. Like other companies hit by the deteriorating market conditions last year, it ended up substituting second lien debt for bonds. -
Germany’s ElringKlinger has signed a €350m loan. The automotive supply company has swapped bilateral lines for syndicated lending as it looks to shore up its capital structure amid widespread upheaval in Europe’s vehicle industry.
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A number of top tier South African banks are expected to hit the loan market in the coming months, and bankers are welcoming what are some of the most attractive credits on the continent. But the country faces a number of dilemmas, which threaten to thump its credit ratings, writes Mariam Meskin.
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China Forestry Group has returned to the offshore market, raising its second international loan through a Singaporean subsidiary.
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Blackstone and Hellman & Friedman’s bid for German listings and classified ad group Scout24 is likely to disappoint the leveraged finance market in Europe, which is keen to see some jumbo event-driven supply. The firms are targeting a takeover of the group, but not as a full take-private structure — and with a large equity cheque cutting the likely debt volume on offer, as well as the leverage and price.
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Jacob Holdings’ acquisition financing for emerging markets schools group Cognita has been wrapped up, with the planned unsecured high yield issue marketed in November stripped out and replaced with a €225m second lien loan.
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