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Friday, 20 July 2018

Claire Ruckin' s stories

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  • Sanofi logo

    Lenders make a beeline for €1bn-plus Zentiva financing

    Top News | 20 April 2018

    Goldman Sachs, JP Morgan and Morgan Stanley are in line to lead a financing in excess of €1bn to back private equity firm Advent International’s acquisition of European generic drugs company Zentiva, as other banks vie to win a spot on the aggressive deal, undeterred by its high leverage.

  • Flora

    Squeaky bum time for lev loan market

    Top News | 13 April 2018

    The European leveraged loan market’s €26bn deal pipeline is making bankers increasingly nervous amid weaker conditions in the global markets as the falling secondary loan price of Flora Food Group’s buyout debt points to tricky conditions ahead.

  • Techem's sale reaches final round

    Loans | 13 April 2018

    Macquarie has picked three suitors for a final bidding round for the sale of German metering group Techem, which may be valued at around €4bn (US$4.9bn).

  • Volume down 25% but pipeline builds

    Loans | 06 April 2018

    First-quarter syndicated lending in Europe, the Middle East and Africa fell 25% year-on-year to US$200bn from US$267bn, reflecting a fall in M&A activity and refinancing compared with the beginning of last year.

  • Banks pitch aggressive terms on refinancings

    Loans | 06 April 2018

    Bankers are pitching recapitalisation and refinancings to sponsors in a bid to maximise leverage, lower pricing and attain aggressive documentation for portfolio companies while a window of opportunity remains as longer-term visibility in Europe’s leveraged loan market starts to dwindle.

  • Flora

    Bankers pitch aggressive refinancings as uncertainty looms

    Ticker | 04 April 2018

    Bankers are pitching recapitalisation and refinancings to sponsors in a bid to maximise leverage, lower pricing and attain aggressive documentation for portfolio companies while a window of opportunity remains as longer term visibility in Europe’s leveraged loan market starts to dwindle.

  • AkzoNobel's logo is seen in Amsterdam

    Jumbo deal for Akzo Nobel unit LBO

    Top News | 29 March 2018

    Banks have lined up as much as €7.3bn-equivalent of debt to back the buyout of Akzo Nobel’s chemicals business, the latest jumbo cross-border leveraged financing to hit the loan and bond markets.

  • ECB lending guidelines 'toothless'

    Loans | 29 March 2018

    Several large leveraged buyouts have exceeded the six times leverage limit outlined by the European Central Bank’s guidance on leveraged lending, leading loan bankers to question just how effective the rules are.

  • A can of Akzo Nobe's Crown paint

    Banks line up €7.3bn debt for Akzo Nobel chem unit buyout - LPC

    Ticker | 27 March 2018

    Banks have lined up to €7.3bn-equivalent of debt financing to back the buyout of Akzo Nobel’s specialty chemicals business, banking sources said.

  • Banks, funds compete for second-lien

    Loans | 23 March 2018

    Banks and funds are competing for second-lien leveraged loans as they battle for higher-yielding assets to bolster their returns.

  • Coty launches jumbo refinancing

    Loans | 23 March 2018

    Beauty products maker Coty has launched a debt refinancing to increase its euro borrowings and add bonds to its all-loan capital structure.

  • Coty

    Coty launches US$8bn-equiv jumbo refi

    Ticker | 19 March 2018

    Beauty products maker Coty has launched an US$8bn-equivalent debt refinancing to increase its euro borrowings and add bonds to its all-loan capital structure.

  • The Macquarie bank tower in Central Sydney

    Techem buyout to prompt €2.8bn financing

    Top News | 16 March 2018

    A sale of German metering group Techem is underway and bankers are looking at options for a financing of up to €2.8bn to back the acquisition.

  • Unilever spreads far and wide

    Loans | 09 March 2018

    Flora Food Group, Unilever’s spreads business, has allocated a €4.7bn-equivalent leveraged loan buyout financing after attracting around 80 major investors into the jumbo cross-border deal.

  • SoftBank Group and ARM Holdings logos

    SoftBank mulls US$5bn loans via ARM

    Top News | 09 March 2018

    Japan’s SoftBank Group is considering raising around US$5bn of loans though its UK-based tech firm ARM Holdings.

  • 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.

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