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Monday, 11 December 2017

Claire Ruckin' s stories

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  • A farmer removes dried plants from his parched paddy field on the outskirts of Ahmedabad, India.

    Banks reject aggressive buyout loans

    Top News | 08 December 2017

    Bank lenders to European leveraged loans are increasingly rejecting deals due to aggressive pricing and documentation, but are being quickly replaced by institutional investors targeting higher-yielding term loan B paper.

  • Euro notes

    Investors very sure about Verisure

    Top News | 17 November 2017

    Investors piled into the €1.835bn leveraged loan and high-yield bond financing for Swedish alarms company Verisure last week, despite an aggressive structure that left many describing the deal as “top of the market” issuance.

  • Details emerge on Paysafe’s jumbo buyout loan

    Ticker | 15 November 2017

    Pricing and structure has emerged on a US$2.59bn covenant-lite leveraged loan financing backing the buyout of UK payment processing company Paysafe, banking sources said.

  • Banks launch €2.36bn sell down of Nets buyout loan

    Ticker | 13 November 2017

    Banks have launched syndication of a €2.36bn-equivalent leveraged loan financing backing US private equity firm Hellman & Friedman’s DKr33.1bn (US$5.3bn) take-private of payments firm Nets , banking sources said.

  • Euro notes

    Verisure set for jumbo dividend

    Top News | 10 November 2017

    Swedish alarms company Verisure is providing another demonstration of just how hot leveraged finance has become as it prepares a €1.05bn dividend payment to its shareholders after bondholders agreed to suspend protections on an outstanding bond.

  • Stonepeak’s euNetworks buy backed with €300m leveraged loan

    Ticker | 08 November 2017

    US private equity firm Stonepeak Infrastructure Partners’ acquisition of a majority stake in UK-headquartered internet service provider euNetworks will be backed with a €300m leveraged loan, banking sources said.

  • Banks prepare €405m loans for Citic’s Axilone buy

    Ticker | 07 November 2017

    Banks have lined up €405m of leveraged loans to back alternative investment manager Citic Capital’s buyout of French packaging company Axilone, banking sources said.

  • Jefferies logo

    MOVES-Ramesh set to join Jefferies

    Ticker | 23 October 2017

    Bala Ramesh is set to join Jefferies’ syndicate team, banking sources said.

  • Market set for €7.6bn of LBO loans

    Loans | 20 October 2017

    Another wave of event-driven financings is set to hit Europe’s leveraged loan market in November, promising at least €7.6bn-equivalent of new issuance for cash-rich investors before the end of the year.

  •  European Central Bank (ECB) headquarters

    ECB to meet banks to clarify leveraged rules

    Top News | 13 October 2017

    The ECB has scheduled a round of meetings with banks to explain its guidance on leveraged transactions which is due to be implemented on November 16.

  • A worker puts the final touch to a train near a replica of Big Ben made with lemons and oranges

    Banks pitch €3bn deal for PAI’s Refresco bid

    Top News | 06 October 2017

    Bankers are pitching debt financings of around €3bn-equivalent to back French private equity firm PAI Partners’ take-private offer for Dutch juice-bottling company Refresco.

  • EMEA lending falls 9%

    Loans | 06 October 2017

    Syndicated lending in Europe, the Middle East and Africa fell 9% to US$610bn in the first three quarters of 2017 compared with the same period last year.

  • Europe's lev market shows strength

    Loans | 29 September 2017

    Over €5bn cleared Europe’s leveraged loan market via five jumbo deals in September and a further €5bn is set to launch from three more loans, illustrating the market’s capacity to digest a number of sizeable transactions at the same time.

  • Six banks fined

    CPA LBO skirts leveraged lending rules

    Top News | 29 September 2017

    Buyout firm Leonard Green & Partners has picked lenders that are not subject to regulatory guidelines to lead a US$1.7bn debt financing backing its acquisition of UK intellectual property services provider CPA Global.

  • Nets approaches 101 on take-private announcement

    Ticker | 26 September 2017

    Nets’ bond has traded down to approach a bid price of 101 on Monday’s news that US private equity firm Hellman & Friedman is preparing an offer to take it private in what could be one of the largest European private equity takeovers in recent years.

  • Big funds lose bite

    Loans | 15 September 2017

    Europe’s largest CLO managers are losing their influence over Europe’s leveraged loan market as more diverse streams of money flows into the space.

  • MOVES-Lacault joins Bank of Ireland

    Ticker | 11 September 2017

    Bank of Ireland has bolstered its leveraged syndicated finance team with the hire of Etienne Lacault.

  • Almost €6bn of leveraged loans hit market

    Loans | 08 September 2017

    Nearly €6bn of loans launched to Europe’s leveraged loan market last week, including the €2.35bn jumbo deal backing the buyout by private equity groups Bain Capital and Cinven of German generic drugmaker Stada.

  • Logo of cable and telecommunications company Altice

    Banks pitch for massive Altice deal

    Top News | 08 September 2017

    Bankers are working on debt financings of around US$70bn that would back a potential offer by Netherlands-based telecom conglomerate Altice NV and its US cable unit for US cable operator Charter Communications.

  • Altice

    Bankers work on US$70bn debt for Altice Charter tie-up: TRLPC

    Ticker | 07 September 2017

    Bankers are working on debt financings of around US$70bn backing a potential offer by Netherlands-based telecom conglomerate Altice NV and its US cable unit for US cable operator Charter Communications Inc, banking sources said on Wednesday.

  • Size matters with big LBOs in focus

    Loans | 01 September 2017

    With almost €10bn of leveraged loans set to launch in Europe’s leveraged loan market in September, bankers are wary that some of the smaller, low-profile deals may find it difficult to capture investor attention.

  • Lenders await Sept deal flurry

    Loans | 18 August 2017

    Around €8.5bn of loans are set to launch for syndication in Europe’s leveraged loan market in September as lenders get ready to hit the ground running following the summer break.

  • Holland & Barrett scrapes over the line

    Loans | 11 August 2017

    UK-headquartered healthfood and supplements chain Holland & Barrett was forced to make significant changes to a £900m-equivalent buyout loan in order to attract enough support prior to closing, as retail credits struggled to win investor favour.

  • Avast Software

    Investors pay to join Avast add-on

    Top News | 04 August 2017

    Loan investors have agreed to pay over par to take part in a €117m-equivalent acquisition add-on loan for Prague-based security software company Avast Software, in another sign of an overheated market.

  • VWR's US$7.75bn loan on hold for post-summer sale

    Loans | 04 August 2017

    Banks have decided to wait until September to syndicate a jumbo US$7.75bn-equivalent buyout financing backing US life sciences company Avantor’s take-private of lab supplies company VWR Corp.

  • An employee holds the largest D colour internally flawless diamond for auction offered by Sotheby's

    Thom Europe loses its sparkle

    Top News | 28 July 2017

    French jewellery retailer Thom Europe became the latest casualty of investor pushback in the European leveraged loan market last week when it was forced to make a series of changes, including scrapping a €140m dividend, to help its refinancing clear a congested market.

  • Top of the market to you?!

    Loans | 28 July 2017

    Lenders are calling the top of the market after an intense assault on pricing, terms and conditions in Europe’s leveraged loan market in the past 12 months has forced them to accept the most aggressive terms seen since the financial crisis.

  • US$7.75bn debt for Avantor's VWR buy prepped

    Loans | 28 July 2017

    Banks are gearing up to launch syndication of a jumbo US$7.75bn-equivalent debt financing backing US life sciences company Avantor’s take-private of lab supplies company VWR Corp and are sounding out a select group of European loan investors.

  • Private equity firms call the shots with portable loans

    Loans | 21 July 2017

    Four “portable” leveraged loans have hit the European leveraged loan market in recent weeks as private equity firms put pressure on banks to allow loans to stay in place when companies are sold, reducing the need for new financings.

  • Euro and US dollar notes

    Banks prep jumbo financing for VWR buy

    Top News | 21 July 2017

    Banks are gearing up to launch a jumbo US$7.75bn-equivalent debt financing backing US life sciences company Avantor’s take-private of lab supplies company VWR Corp. Avantor, which is owned by New Mountain Capital, said that it would buy VWR Corp for about US$4.38bn on May 5.

  • MOVES-BBVA hires Ewing for head of sales role

    Ticker | 19 July 2017

    BBVA has appointed a new head of EMEA and Asia loan sales with the hire of Simon Ewing.

  • Banks prep US$7.75bn debt for Avantor's VWR buy

    Ticker | 18 July 2017

    Banks are gearing up to launch a jumbo US$7.75bn-equivalent debt financing backing US life sciences company Avantor’s take-private of lab supplies company VWR Corp, banking sources said.

  • Stada Arzneimittel

    Stada banks consider €3bn debt launch

    Top News | 14 July 2017

    Banks are considering launching syndication of a jumbo €3bn buyout financing for Stada even before knowing the outcome of the takeover offer, after the German generic drugmaker backed a revised bid last week from buyout groups Bain Capital and Cinven.

  • Secondary market on the up

    Loans | 14 July 2017

    Average bids in Europe’s secondary loan market closed the second quarter at 100.69 on June 30, 41bp higher than the 100.28 on March 31 at the end of the first quarter, as investors’ demand for paper continued to outweigh supply.

  • Banks ready £800m Holland & Barrett summer sale

    Loans | 07 July 2017

    Banks have lined up around £800m-equivalent of term loans to back UK-headquartered health food and supplements chain Holland & Barrett’s buyout by Russian billionaire Mikhail Fridman’s L1 Retail.

  • Investors cherry-pick best deals

    Loans | 07 July 2017

    Risk is being priced into Europe’s leveraged loan market for the first time this year after a pick-up in deal flow is leading investors to begin cherry-picking the best deals, leaving the less popular ones to struggle over the finishing line.

  • EMEA loans hit by EM slump

    Loans | 30 June 2017

    First-half syndicated lending in Europe, the Middle East and Africa of US$434bn was down 6% compared with the first six months of 2016, as lending to borrowers in the region’s emerging markets hit an eight-year low.

  • Stada Arzneimittel

    Banks cross fingers for Stada revival

    Top News | 30 June 2017

    Bain and Cinven have yet to ask the underwriting banks to stand down on a €3.175bn jumbo buyout financing for Stada as they gear up to make a new offer for the German drugmaker.

  • Kloeckner returns to market with cross-border deal

    Loans | 16 June 2017

    Shareholders to German packaging company Kloeckner Pentaplast are set for a €426m dividend payout as part of a €2bn cross-border loan and bond deal that will also refinance existing debt and back its merger with UK peer Linpac.

  • Game of loans

    Buyout deals swamp loan investors

    Top News | 16 June 2017

    Four highly anticipated leveraged buyout deals hit Europe’s leveraged loan market last week, much to the relief of investors who have grown weary of a raft of refinancing and repricing transactions, but questions have been raised about whether the market can process all of the new deals at the same time.

  • Sponsors shun banks by pre-placing second liens

    Loans | 09 June 2017

    Private equity firms are increasingly shunning banks to pre-place second-lien loans directly with cash-rich funds, which is reducing banks’ returns as they lose out on the most profitable part of an underwriting fee.

  • A Noble Group sign is pictured at a meet-the-investors event in Singapore.

    Banks cut exposure to Noble

    Loans | 09 June 2017

    Banks have sold about US$300m of a US$1.1bn revolving credit loan for Noble Group to funds, in a bid to limit their losses as the company appears to be gearing up for a contentious restructuring, banking sources said.

  • Oberthur Technologies

    Sponsors intensify assault on loan investors

    Top News | 02 June 2017

    European leveraged loan borrowers are imposing tougher restrictions on which investors can hold debt in portfolio companies in a bid to strengthen their control over assets.

  • Lenders lament pricing slump

    Loans | 26 May 2017

    Recently repriced loans for French glass bottle maker Verallia and Swedish home alarms company Verisure have surprised Europe’s leveraged loan bankers after trading above par in the secondary market.

  • Banks consider highly leveraged loans before ECB rules begin

    Loans | 26 May 2017

    A number of European banks are taking advantage of a window of opportunity to act on highly leveraged deals before the leveraged lending guidelines published by the ECB come into force in six months’ time.

  • Nord Anglia sounds out investors on LBO financing

    Ticker | 23 May 2017

    Investors are being consulted on a US$2.2bn-equivalent debt financing backing the acquisition of publicly listed Hong Kong-based international schools operator Nord Anglia Education NORD.N, banking sources said.

  • ECB publishes final lending guidelines

    Ticker | 22 May 2017

    The ECB has published its final guidelines to rein in risky lending practices among banks, mirroring rules already introduced in the US in 2013.

  • European Central Bank (ECB) headquarters

    ECB publishes final lending guidelines

    Top News | 19 May 2017

    The ECB has published its final guidelines to rein in risky lending practices among banks, mirroring rules already introduced in the US in 2013.

  • Verallia cuts pricing for a third time

    Loans | 19 May 2017

    French glass bottle maker Verallia is repricing its €1.375bn debt for a third time, taking advantage of strong liquidity and favourable conditions in Europe’s leveraged loan market.

  • Mehta joins Aberdeen to set up loan platform

    People & Markets | 12 May 2017

    Paul Mehta is to join Aberdeen Asset Management to head up and build its new loan platform.

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