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Monday, 11 December 2017

Michelle Sierra' s stories

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  • Bank lending undeterred by scrapped mergers

    Loans | 24 February 2017

    Banks losing fees from a string of mega-mergers scuttled by US antitrust rulings are still eager to extend loans to investment-grade companies seeking big tie-ups, in the hope they will ultimately profit by winning business down the road.

  • US Loan House: Barclays

    US Loan House: Barclays

    All Special Reports | 16 December 2016

    Barclays started to build its US leveraged franchise in 2006 by hand-picking staff from competitors and a decade later is a powerhouse in leveraged and investment-grade financing. For cementing a leading position among US banking titans, Barclays is IFR’s US Loan House of the Year.

  • US Loan: Molson Coors Brewing’s US$12.3bn acquisition loan

    All Special Reports | 16 December 2016

    In November 2015, Molson Coors Brewing announced that it had entered into a definitive agreement with Anheuser-Busch InBev to purchase SABMiller’s 58% stake in Miller Coors, the joint venture formed in the US by SABMiller and Molson Coors in 2008.

  • Corporate Issuer: Dell

    All Special Reports | 16 December 2016

    Junk-rated Dell sold a US$20bn investment-grade M&A bond. It was the fourth-largest corporate bond ever – but just one piece of a highly creative US$38bn fundraising effort that is IFR’s Corporate Issuer of the Year.

  • Americas Loan House: Barclays

    Americas Loan House: Barclays

    All Special Reports | 16 December 2016

    Barclays started to build its US leveraged franchise in 2006 by hand-picking staff from competitors and a decade later is a powerhouse in leveraged and investment-grade financing. For cementing a leading position among US banking titans, Barclays is IFR’s Americas Loan House of the Year.

  • North America Loan: Molson Coors Brewing’s US$12.3bn acquisition loan

    All Special Reports | 16 December 2016

    In November 2015, Molson Coors Brewing announced that it had entered into a definitive agreement with Anheuser-Busch InBev to purchase SABMiller’s 58% stake in Miller Coors, the joint venture formed in the US by SABMiller and Molson Coors in 2008.

  • Americas Financing Package: Dell's US$38bn M&A financing

    All Special Reports | 16 December 2016

    Junk-rated Dell sold a US$20bn investment-grade M&A bond. It was the fourth-largest corporate bond ever – but just one piece of a highly creative US$38bn fundraising effort that is IFR’s US Financing Package of the Year.

  • Broadcom logo

    Broadcom lines up US$6.5bn for Brocade buy

    Top News | 11 November 2016

    Six banks will be providing a US$6.5bn financing backing chipmaker Broadcom’s acquisition of Brocade, a maker of networking switches, software and storage products.

  • AT&T logo

    AT&T’s US$40bn loan lifts market

    Top News | 28 October 2016

    AT&T’s plan to buy Time Warner for US$85.4bn in the biggest global acquisition of the year will bring the second-largest bridge loan for a US company to a market hungry for M&A loans.

  • Tins of Abbott Laboratories milk powder

    Abbott rouses slumbering market

    Top News | 29 April 2016

    Abbott Laboratories has provided the sluggish investment-grade loan market with a timely boost, having agreed a US$17.2bn bridge loan to back its US$25bn acquisition of medical device-maker St Jude Medical.

  • Noble Group logo

    Noble seeks jumbo secured loan

    Loans | 11 March 2016

    Embattled commodity trader Noble Group has turned to the US loan market for a US$2.5bn one-year borrowing-base revolving credit facility to refinance debt due later this year.

  • ​Dell banks near pro rata loan target

    Loans | 26 February 2016

    Banks are close to shedding a large portion of their US$10bn loan exposure to computer giant Dell, having lined up investors for more than US$7bn of the debt, two senior bankers said.

  • Dell logo

    Dell’s US$10bn loans for EMC buy stall

    Top News | 12 February 2016

    The commitment deadline on US$10bn of pro rata loans in a US$45bn financing package backing computer giant Dell’s purchase of data storage products maker

  • Dell laptop

    Dell's US$10bn loans test market

    Top News | 05 February 2016

    The first US$10bn chunk of pro rata loans in a US$45bn financing package backing computer giant Dell’s purchase of data storage products maker EMC Corp is testing banks’ appetite for funded US dollar assets before tapping the institutional loan and high-yield bond markets.

  • Charter's term loan the largest since 2007

    Charter takes flight

    Loans | 12 June 2015

    Banks leading a US$30bn loan financing to back Charter Communications’ US$56bn acquisition of Time Warner Cable and US$10.4bn purchase of Bright House Networks are selling some of the debt before syndicating a jumbo US$13bn Term Loan B.

  • Charter Communications logo

    Charter lines up US$30bn

    Loans | 05 June 2015

    Charter Communications has lined up US$30.5bn of debt commitments to back its US$56bn acquisition of Time Warner Cable and its US$10.4bn purchase of Bright House Networks.

  • Logo of Teva Pharmaceutical Industries

    Lenders eye Teva’s Mylan bid

    Loans | 15 May 2015

    Loan bankers are looking at Teva Pharmaceutical’s US$40bn unsolicited bid for generic drugmaker Mylan in the hope that a sizeable M&A loan financing will emerge.

  • Charter

    Bankers clamour for giant Charter deal

    Top News | 15 May 2015

    Banks are lining up a debt package of at least US$25bn for cable company Charter Communications, hoping the company will resume its pursuit of Time Warner Cable.

  • P&M: Mizuho expected to hire 200 RBS employees to bolster US franchise

    Ticker | 02 April 2015

    Mizuho is expected to hire around 200 RBS capital markets emp

  • Heinz and Kraft

    Kraft-Heinz mega deal given thumbs up

    Top News | 27 March 2015

    Markets cheered the US$46bn merger between US food giants Kraft Foods and HJ Heinz last week, breathing a sigh of relief that the d

  • Fortescue

    Fortescue may switch loan to bonds

    Top News | 13 March 2015

    Australian iron ore producer Fortescue Resources could move a proposed US$2.5bn leveraged term loan to the high-yield bond market after loan investors pushed back on the deal due to slumping iron ore prices.

  • NXP Semiconductors logo

    AbbVie and NXP boost M&A volumes

    Loans | 13 March 2015

    The loan market received another boost last week as drugmaker AbbVie and semiconductor company NXP boosted US M&A volume to US$152.7bn so far this year, including completed and deals in the pipeline.

  • ONE Gas logo

    ONE Gas lenders reject request to cut borrowing cost

    Loans | 13 March 2015

    ONE Gas, the natural gas distribution arm of diversified US energy company ONEOK Partners, withdrew a request to cut pricing on an existing US$700m revolver after failing to gather sufficient support from lenders as banks take a harder line on lending in a tougher regulatory environment.

  • Valeant Pharmaceuticals head offices

    UPDATE: Valeant says committed to financing for Salix

    Capital City | 11 March 2015

    (Adds statement from Valeant)

  • Healthcare keeps M&A ticking

    Loans | 06 March 2015

    Boston Scientific and Cardinal Health have piled onto the healthcare M&A debt bandwagon, joining Acta

  • Boston Scientific

    Cardinal, Boston Scientific jump on M&A debt bandwagon

    Capital City | 02 March 2015

    (IFR/TRLPC) - Boston Scientific and Cardinal Health piled onto the healthcare M&A debt bandwagon on Monday, joining Actavis with their own new financing trades to help fund acquisitions.

  • Pets

    Retailers test wary US lev market

    Top News | 30 January 2015

    Two jumbo M&A loans totalling US$12bn in the challenging retail sector are giving a volatile and cautious US leveraged loan market its first test of the year as increased government scrutiny makes it more difficult to syndicate riskier deals.

  • Kinder Morgan Tank Farm

    Kinder Morgan taps for Hiland buy

    Loans | 23 January 2015

    Energy and infrastructure company Kinder Morgan has agreed a US$2.025bn bridge loan provided by UBS to back its acquisition of Hiland Partners in a transaction that takes advantage of slumping oil prices to create a leading midstream platform in North Dakota’s and Montana’s Bakken shale

  • PetSmart sets 2014 record

    Loans | 19 December 2014

    Citigroup, Nomura, Jefferies, Barclays and Deutsche Bank have committed to provide US$6.95bn of debt to finance the US$8.7bn purchase of US retailer PetSmart, the largest LBO of 2014.

  • Petsmart store

    PetSmart lines up US$6.95bn of debt to back buyout

    Capital City | 16 December 2014

    (Reuters) - Citigroup, Nomura, Jefferies, Barclays and Deutsche Bank have committed to provide US$6.95bn of debt to finance the US$8.7bn purchase of PetSmart Inc, the largest leveraged buyout of 2014. The pet store announced Sunday that it had agreed to be purchased by a private equity consortium led by BC Partners.

  • Petsmart store

    Banks shy away from PetSmart financing

    Loans | 12 December 2014

    Several banks have backed away from providing debt financing to private equity groups looking to buy pet retailer PetSmart on concerns the deal will not pass muster with US regulators, which are cracking down on risky deals.

  • Driven by events

    Loan House: Citigroup

    All Special Reports | 12 December 2014

    For a truly global focus far beyond its North American roots, including an enviable international network that left the bank well-positioned for the long-awaited return of cross-border M&A, Citigroup is IFR’s Loan House of the Year.

  • Seeking Alpha

    Americas Loan House: Morgan Stanley

    All Special Reports | 12 December 2014

    In the year that M&A finally returned, it is perhaps not surprising that an M&A specialist stood out, but to do so under intense regulatory scrutiny was even more impressive. For providing bespoke financings, M&A expertise and consistently generating returns for investors, Morgan Stanley is IFR’s Americas Loan House of the Year.

  • North America Loan: Tyson Foods’ US$8.2bn acquisition loan

    All Special Reports | 12 December 2014

    Tyson Foods emerged victorious in an intense battle to acquire Hillshire Brands, and its triumph over rival bidder Pilgrim’s Pride owed a lot to the influence of its acquisition financing.

  • Going the whole hog

    Americas Financing Package, US Loan and US Structured Equity Issue: Tyson Foods' US$9.2bn acquisition financing

    All Special Reports | 12 December 2014

    Tyson Foods pulled out all the stops in its pursuit of Hillshire Brands, eventually carrying the day with a US$8.55bn offer, but the battle was a genuine food fight. The series of transactions that made the acquisition possible become IFR’s Americas Financing Package, US Loan and US Structured Equity Issue of the Year.

  • Seeking Alpha

    US Loan House: Morgan Stanley

    All Special Reports | 12 December 2014

    In the year that M&A finally returned, it is perhaps not surprising that an M&A specialist stood out, but to do so under intense regulatory scrutiny was even more impressive. For providing bespoke financings, M&A expertise and consistently generating returns for investors, Morgan Stanley is IFR’s US Loan House of the Year.

  • Petsmart store

    All eyes on PetSmart's buyout financing

    Top News | 05 December 2014

    Bankers are watching an auction for pet supply retailer PetSmart like hawks after a heated meeting with regulators about the implementation of leveraged lending guidelines raised questions about whether the deal will be derailed by an absence of financing.

  • Petsmart store

    All eyes on PetSmart's buyout financing as regulators circle

    Capital City | 04 December 2014

    Bankers are watching an auction for pet supply retailer PetSmart like hawks after a heated meeting with regulators about the implementation of leveraged lending guidelines raised questions about whether the deal will be derailed by an absence of financing.

  • A Fat Face store

    Lenders feel the pinch

    Loans | 31 October 2014

    Recent market volatility has created casualties among a raft of riskier US and European leveraged loans that were trapped in a market correction as investors demanded higher returns.

  • Obama

    Regulators tighten grip on US lenders

    Top News | 10 October 2014

    Regulators have started to audit the loan books of Wall Street banks on a monthly basis in a major push to curb aggressive underwriting. The move will allow authorities to dole out punishments quickly if they deem that guidelines have been contravened.

  • Becton Dickinson logo

    Becton nets US$9.1bn bridge for CareFusion buy

    Loans | 10 October 2014

    Medical equipment supplier Becton Dickinson & Co’s acquisition of medical device manufacturer CareFusion will be financed with a US$9.1bn bridge loan.

  • Wall Street sign

    US regulators tighten grip on Wall Street lending – sources

    Capital City | 09 October 2014

    US regulators have started to audit loan books of Wall Street banks on a monthly basis in a major push to curb aggressive underwriting.

  • The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan

    GM pays higher pricing after dropping security

    Loans | 03 October 2014

    Banks lending to General Motors, the world’s largest automaker by unit sales, will receive higher pricing on the company’s US$12.5bn refinancing loan after a Standard & Poor’s upgrade to investment-grade status allowed the company to remove security on the deal.

  • Gross

    Gross exit: confusion, then opportunity

    Top News | 03 October 2014

    As bond traders began what they thought would be a quiet Friday on September 26, a simple headline crossed their screens: “William H Gross joins Janus Capital”.

  • Credit Suisse

    Lenders cowed by Fed rebuke

    Top News | 26 September 2014

    The Federal Reserve’s rebuke to Credit Suisse for failing to adhere to US leveraged lending guidelines is having an industry-wide effect as banks bow to regulatory pressures and pull back from underwriting highly leveraged loans.

  • Time Warner Cable

    Charter weighs up financing options

    Loans | 15 August 2014

    Charter Communications Inc could return to the leveraged loan market as soon as September and may also try to tap the high-yield bond market to raise the remaining US$3.9bn it needs to buy

  • Time Warner Cable

    Charter weighs up options on Time Warner Cable financing

    Capital City | 13 August 2014

    Charter Communications is expected to revisit the leveraged loan market as soon as September, and may also try to sell a high-yield bond, to raise the remaining US$3.9bn it needs to buy Time Warner cable assets.

  • Albertsons

    Albertsons ups yield as loans trade off

    Top News | 08 August 2014

    US supermarket and drugstore conglomerate Albertsons is facing higher borrowing costs as loan pricing moves out amid global volatility, much like many other companies tapping the US leveraged loan market. 

  • Reynolds American's Camel cigarettes are stacked on a shelf inside a tobacco store in New York

    Reynolds secures bridge for Lorillard buy

    Loans | 18 July 2014

    Citigroup and JP Morgan have provided a bridge loan of up to US$9bn to US tobacco holding company Reynolds American to finance its US$27.4bn cash and stock acquisition of Lorillard.

  • A woman talks on her phone as she walks past T-mobile and Sprint wireless stores in New York

    Sprint readies US$40bn-plus deal

    Top News | 20 June 2014

    Sprint Corp has lined up eight banks to finance its proposed acquisition of T-Mobile US, edging closer to a deal that will merge the third-biggest and fourth-biggest US mobile operators.

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