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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 switch from Libor to other spread benchmarks has finally arrived in the loan markets, with at least one UK treasurer saying that they will no longer be issuing debt linked to the scandal hit pricing standard. Michael Turner reports. -
A weak term that was built into the bonds backing Blackstone’s leveraged buyout of Refinitiv last week has also been included in a $1.625bn high yield bond being marketed this week for KKR’s buyout of Envision Healthcare.
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Loan Ranger has dusted off his stetson because something happened at the Loan Market Association’s annual syndicated loan conference that he had never seen before in all his many years covering the loan market: public exercise that wasn’t dancing in Harry’s Bar at 2am after a drinks event.
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The UK’s Helical has signed a £150m deal from UK banks, bringing the property developer’s revolving credit lines into one facility.
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Energy and commodities trader Mercuria is back in the loan market for its annual fundraising, seeking a $1.1bn multi-tranche borrowing.
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Indian electricity utility firm Tata Power has mandated five banks to lead a $245m borrowing, ending a two year hiatus from the offshore loan market.
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