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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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The chances of a profound transformation of financial markets to equip them to fight climate change rose this week, when the European Parliament adopted a bold set of policies that would require investors, banks and companies to take into account their impacts on the environment and society. Bonuses would be linked to sustainability targets. -
A combination of high demand, asymmetric advice and aggressive borrowers is crushing protection terms for leveraged loan investors in Europe, according to fund managers, analysts and lawyers. But the level of demand means that more cov-lite deals emerged this week.
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Loans bankers are preparing to file figures that are up to 30% below budget this year, with some lenders saying the shortfall of deals is already having an impact on staffing at some banks. Michael Turner reports.
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Ireland’s Dalata Hotel Group has signed a €525m-equivalent loan facility, with new banks joining the acquisitive borrower’s lending group.
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Utility company Snam has converted an existing €3.2bn revolving credit facility into a sustainable deal, joining the growing chorus of southern European firms switching their bank lines for environmental, social and governance-friendly financing alternatives.
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Ireland’s Applegreen has signed €300m of loans to finance its acquisition of more than half of motorway service operator Welcome Break, topping off a fund raising round that also saw a share placement.
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