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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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Ukraine’s ViOil has returned to the market for an $80m loan, with the cooking oil company managing to stretch the tenor of its bank debt from one to three years. -
The Bosnia and Herzegovina sovereign has signed a €180m loan to build sections of a motorway, seen as a key infrastructure project in bringing the country towards EU markets.
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The Blackstone-led consortium of investors buying out Thomson Reuters’ Financial & Risk business is understood to be looking to decrease the amount of financing it needs from the euro market for the deal’s $13.5bn debt funding package, with demand appearing better for dollar bonds, according to investors.
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German snack food company Intersnack has launched a €150m-equivalent Schuldschein with euro and sterling tranches — evidence, market players said, of the flexibility of the instrument.
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France’s Nexity has signed a €2.3bn corporate credit facility, with the real estate developer refinancing early and ramping up the size of its bank line to finance its growth strategy.
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Borrowers are unloading a still increasing number of new deals in the leveraged debt primary markets in September, hoping to find sufficient demand. But investor appetite, while supportive, is showing a selective taste this week.
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