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Despite coming in the teeth of the global credit dislocation, Permira’s ¥185bn buyout of Japan’s Arysta LifeScience has closed to a blowout response. Conservatively structured, well priced and with a strong credit story, success proves that the Asian market is open to the right name. Prakash Chakravarti and Atanas Dinov report.
Restructuring professionals are gearing up for a sharp uptick in defaults, bankruptcies and reorganisations. The signs, they say, are all around but for the past few years the expectation that defaults would spike has proved premature as banks flush with capital quickly offered fresh debt and syndicated out the risk. Not this time, writes Philip Scipio.
Goldman Sachs and Carlyle have once again stolen the limelight in the European structured finance market. In a week that saw unprecedented loan market weakness, the two are marketing a CLO backed by good credits sourced at bargain prices – potentially thanks to forced sales. William Thornhill reports.
• Commerzbank, BNP Paribas and RBS have launched general syndication of the €700m of debt backing EQT‘s secondary buyout of SAG, a German powerplant builder and operator. Banks are invited to join on tickets of €25m for a 90bp fee and €15m for a 75bp fee. Senior debt is split between a €50m term loan […]
As the leveraged loan space has matured it has shifted back and forth between being an issuer’s and an investor’s market. Today, however, neither group is happy. Thanks to the state of the secondary market, it is nearly impossible for arrangers to syndicate new deals without losing money, and low price levels have forced many money managers to sell their loan portfolios. Neither side sees a solution to their problems in the near term. Donal O’Donovan and Timothy Sifert report.
• Sponsors Montagu and Global Infrastructure Partners (GIP) have mandated Barclays, Credit Suisse, HBOS, HSBC and RBS to underwrite a recommended £1.7bn public to private bid for waste services group Biffa. Under the terms of the deal, bid consortium WasteAcquisitionco will pay 350p in cash per share for Biffa, valuing the equity at £1.231bn and […]
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