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Leveraged loans in stressed sectors like software carry refinancing risk
Ferrero International markets €300m deal
Six tranche loan attracts record demand
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MetLife, the US insurance company, has made an unusual investment as part of its impact investment portfolio, which has about $200m of assets. It is providing a revolving credit facility to an impact investment fund, to enable it to cope more easily with redemptions.
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Building materials company Knauf has signed a €4bn-equivalent underwritten debt package to go towards its purchase of US peer USG Corp, as lenders continue to reap the rewards of Germany’s booming M&A market.
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The Netherland’s AVR has signed a €100m sustainable credit facility, with the waste to energy company pushing out maturities to up to seven years.
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Private equity firm Antin Infrastructure Partners has signed €673m of debt facilities to back its acquisition of French energy infrastructure and services company Idex.
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Two emerging market borrowers have been forced to postpone planned deals this week, with investors demanding better yields to risk their cash in the volatile market.
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Despite the mounting number of risks on the horizon, the European leveraged finance market has ploughed on at a steady pace. While some investors say that is proof of healthy sophistication, others believe it is time for a big push back.
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