Fresh EU and US sanctions have frozen Russian companies out of the international syndicated loan market, senior loan bankers said.
US medical device maker Medtronic is raising a US$16.3bn senior unsecured bridge loan to finance its US$42.9bn acquisition of Dublin-based Covidien. The deal has been underwritten by sole initial bookrunner Bank of America Merrill Lynch, making it one of the bank’s biggest loan underwriting commitments ever.
Switzerland-based multinational chemical company Ineos launched an opportunistic US$4.1bn loan repricing in the US last week to take advantage of strong financial results and investors’ robust demand for loans. The loan repricing will boost Ineos’s financial flexibility and is also part of a wider refinancing that also includes