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Monday, 26 February 2018

Claire Ruckin' s stories

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  • Banks market jumbo Unilever deal

    Loans | 16 February 2018

    Banks are set to launch a €4.6bn-equivalent leveraged loan that backs US private equity firm KKR’s acquisition of Unilever’s margarine and spreads business, which is expected to be renamed the Flora Food Group.

  • Kroger

    EG lines up US$2.5bn for Kroger buy

    Top News | 16 February 2018

    Banks have lined up approximately US$2.5bn-equivalent of leveraged loans to back UK petrol station operator EG Group’s acquisition of US grocery chain Kroger’s convenience store unit.

  • Thomson Reuters Chief Executive Jim Smith speaks about the deal with Blackstone Group in Toronto

    Subscribe to IFR (and other TR products) to win your place on US$15bn Blackstone deal

    Top News | 16 February 2018

    More banks are poised to join the US$15bn financing backing US private equity firm Blackstone Group’s acquisition of a majority stake in Thomson Reuters’s Financial and Risk unit. The financing is made up of US$14bn of bonds and loans, and a separate US$1bn payment-in-kind note.

  • Steinhoff logo

    Lenders sell Steinhoff exposure

    Top News | 09 February 2018

    Banks are dumping their exposure to troubled South African retailer Steinhoff, with Natixis being the latest bank to sell out completely, and hedge funds are proving to be willing buyers of the paper.

  • Bouquets made of vegetables, strawberries and flowers

    Banks take a loss on Flamingo loan

    Top News | 09 February 2018

    Banks have taken a loss on a €310m leveraged loan financing backing UK flower and vegetable supplier Flamingo’s merger with Afriflora after making changes to the deal in order to attract enough investor support.

  • Loans drop after stock sell-off

    Loans | 09 February 2018

    Europe’s top 40 leveraged loan composite dropped almost a quarter of a point in response to the brutal global sell-off in stocks, before recovering over the course of the week.

  • Thomson Reuters Chief Executive Jim Smith speaks about the deal with Blackstone Group in Toronto

    Banks line up US$14bn debt for TR buy

    Top News | 02 February 2018

    Banks are lining up a jumbo leveraged financing of around US$14bn to back US private equity firm Blackstone Group’s acquisition of a 55% stake in the financial and risk business of Thomson Reuters.

  • Shareholders accrue €2bn of dividends from 3i's Action

    Loans | 02 February 2018

    Dutch discount retailer Action is set to pay €760m to shareholders, the fifth dividend to be dished out under private equity firm 3i’s ownership.

  • Banks sacrifice fees on Flamingo

    Loans | 02 February 2018

    Banks have given up some fees on a €310m leveraged loan financing backing UK flower and vegetable supplier Flamingo’s merger with rose producer Afriflora.

  • Prezzo holds talks with lenders as loans drop

    Loans | 26 January 2018

    British restaurant chain Prezzo is in talks with its lenders after the price of its leveraged loans dropped in Europe’s secondary loan market, as the UK casual dining sector comes under pressure.

  • Banks line up €7bn for Akzo Nobel unit

    Loans | 26 January 2018

    Five banks have lined up approximately €7bn-equivalent of debt financing that will be offered to buyers in a potential sale of Akzo Nobel’s chemicals business.

  • Froneri refi hits pricing low

    Loans | 26 January 2018

    UK ice cream and frozen food business Froneri has flexed pricing lower on a €1.8bn-equivalent loan refinancing, bulldozing through perceived pricing limits for split-rated credits.

  • KKR logo

    Thirteen banks bag debt mandate for Unilever spreads buy - LPC

    Ticker | 25 January 2018

    Thirteen banks have been mandated on a €5.65bn-equivalent debt financing backing US private equity firm KKR’s €6.83bn acquisition of Unilever’s margarine and spreads business, banking sources said.

  • Market starts with a bang

    Loans | 19 January 2018

    Europe’s leveraged loan market has started with a bang with over €10bn of loans in syndication, prompting one of the busiest Januarys since the financial crisis in terms of new issue volume.

  • Alcentra launches latest BWIC

    Loans | 12 January 2018

    Bids are due on a €127m portfolio of loans from Alcentra put up for sale in Europe’s secondary loan market.

  • Banks prep €5.65bn Unilever spreads financing

    Loans | 12 January 2018

    US private equity firm KKR’s €6.83bn acquisition of Unilever’s margarine and spreads business will be backed with €5.65bn-equivalent of debt financing.

  • EMEA lending falls to US$894bn

    Loans | 05 January 2018

    Syndicated lending in Europe, the Middle East and Africa in 2017 dropped 2% to US$894bn from the 2016 total, as a result of subdued refinancing activity in the first half and patchy acquisition financing throughout the year.

  • Unilever

    Banks jostle for €5.3bn Unilever play

    Top News | 15 December 2017

    Banks have lined up around €5.3bn-equivalent of leveraged loans and high-yield bonds to back a potential acquisition of Unilever’s margarine and spreads business.

  • EMEA Loan House: Goldman Sachs

    All Special Reports | 15 December 2017

    Leveraged loans took the limelight in 2017, and banks increased their focus on speculative-grade clients to maximise returns. For its relatively new enthusiasm for lending, backed up by a large balance sheet and an appetite for risk, Goldman Sachs is IFR’s EMEA Loan House of the Year.

  • EMEA Leveraged Loan: Xella's €1.625bn LBO loan

    All Special Reports | 15 December 2017

    The €1.625bn loan for Germany-based building materials maker Xella was the first sizeable LBO out of the blocks in 2017 and set the tone for the leveraged loan market for the rest of the year.

  • 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.

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