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Thursday, 21 June 2018

Jonathan Schwarzberg' s stories

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  • Issuers walk as lenders resist aggressive refis

    Loans | 23 June 2017

    Virgin Media and plastic packaging company Berry Global have withdrawn their attempts to refinance loans to spreads in the 200bp-250bp over Libor range amid signs of resistance among leveraged lenders.

  • Hope springs eternal for LBO activity

    Loans | 23 June 2017

    US bankers say the summer may be busier than usual for sponsor-driven mergers and acquisitions, which would be good news for loan investors clamouring for leveraged buyouts to provide opportunities to put money to work.

  • Veritas comes full circle with repricing

    Loans | 16 June 2017

    Nearly a year to the day after banks finally sold the loans backing Veritas Software’s buyout at a discount of 85 cents on the dollar, the issuer has lowered the interest rate on the debt with a repricing exercise.

  • Institutional market lures middle market borrowers

    Loans | 09 June 2017

    Middle market lenders are losing higher-yielding assets to the institutional loan market as companies such as US Anesthesia Partners, attracted by the lower spreads, opt to tap the broadly syndicated market, leaving private credit managers to reinvest repayment proceeds at lower yields.

  • Love-hate reception for lev loans

    Loans | 19 May 2017

    Companies with strong earnings and good trading records, including telecoms provider CenturyLink and food company Post Holdings, are tapping the US leveraged loan market at ever-tighter spreads as investor demand remains strong for floating-rate assets.

  • Panera Bread

    Hearty demand for Panera financing

    Top News | 12 May 2017

    A US$3bn loan backing the US$7.2bn takeover of bakery chain Panera Bread by JAB Holding has already benefited from strong demand from lenders with a big appetite for the deal.

  • Companies boost financial firepower with add-on loans

    Loans | 12 May 2017

    Four US companies, including consumer goods company Spectrum Brands, launched add-on loans last week to boost the size of existing facilities, as lenders compete to offer additional debt to familiar names amid a lack of supply in 2017 so far.

  • Second-lien loans become first choice

    Loans | 05 May 2017

    Strong investor demand is allowing US private equity firms to use increasingly large second-lien loans to maximize the amount of debt and leverage that they can raise to finance buyouts such as financial software provider Misys.

  • Lenders welcome M&A surge

    Loans | 28 April 2017

    US companies have lined up at least US$42.5bn of loans to back a flurry of US mergers in sectors ranging from healthcare to food and software in the second quarter, as companies try to grow by acquisition.

  • Highly leveraged US loans still in demand

    Loans | 13 April 2017

    Traditional banks and alternative lenders are still underwriting highly leveraged US loans, despite regulatory scrutiny, as red-hot investor demand shows no sign of abating and new buyout loans remain scarce.