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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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Loans desks are going to fall woefully short of budget expectations this year, in part because management puts so much faith in M&A bolstering volumes. This is folly.
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Steinhoff’s multi-billion euro equivalent debt restructuring saga took another step forward this week, with the company receiving High Court approval to press on with a scheme of arrangement related to its US subsidiary Mattress Firm.
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In a further sign that the European leveraged loan market is approaching the end of the year on a hot note, trading software provider OpenLink is looking to reduce the spread on the leveraged buyout loans it sold in March.
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Mizuho has put in place a replacement for Farris Mellor, director of loan sales, EMEA syndications, who left the bank in August. The hire squashes fears that the bank may have been looking to use Mellor’s departure as an opportunity to reduce the team headcount.
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Chinese agribusiness company New Hope Group has fully exercised a $50m greenshoe option on its loan to raise $150m, attracting three participants during syndication.
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Taiwan’s Mei Ta Industries has closed a €245m loan, attracting five participants during syndication.
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