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The Nordic market continues to generate new LBO deals, with a uniquely strong flow of mandates in November compared with other European regions. So far, three deals have mandated, in what one arranger has described as “part coincidence, part a function of liquidity in the region, which means a strong bid for LBO debt from […]
With the ongoing difficulties in the Western European buyout market showing no sign of an upturn, bankers are increasingly looking to the emerging markets of Eastern Europe and especially Russia to provide much needed new business. Last week VTB Bank Europe’s acquisition & leveraged finance team announced it had funded RussAgroProm’s buyout of the baby […]
One Austria launches restructured debt • Morgan Stanley, SG and RBS as MLAs have launched syndication of the €1.325bn loan backing the buyout of One Austria. The deal has been restructured to reflect post market crunch conditions. The restructuring has shifted facilities from the senior to the junior pieces, increased the number of financial covenants […]
Loan syndication, difficult since July, has again become extremely difficult in the European market. The gap down in secondary prices is both a product and a symptom of a general risk aversion among investors. With more than 30 pre-crunch legacy deals and new era deals in the market, sources now say the remainder of the […]
Impairment writedowns are uneven and unreliable, according to a poll of European leverage bankers, with some calling for a single system to clarify the impact of hung deals across banks. The poll says impairments will not see exits from the sector, but may focus some banks away from arranging and back to lending. Donal O’Donovan assesses the results.
Despite the fall in the level of primary deal flow, the European leverage loan market remains plagued by delays in the transfer of paper. Existing practices, which cannot clear the backlogs, inhibit innovation and highlight the desperate need for a more efficient market infrastructure. Donal O'Donovan writes.
Last week saw the launch of the US$970m (€662m) debt package supporting Dubai International Capital‘s acquisition of Almatis and the €900m facility backing Oakhill’s acquisition of Firth Rixson. In contrast to transactions arranged prior to the summer’s credit crunch, both deals were agreed in the second half of the year and include features designed to […]
Notwithstanding the parlous state of the leverage market, bookrunner Goldman Sachs closed the €650m senior secured loan repack facility for Kabel Deutschland (KDG), including a retail syndication, in just three days. Despite accusations that the bank had placed the debt with its own funds, the deal was widely syndicated, showing that the market is open […]
Russia is defying the general market slowdown, with the country’s first LBO loan in syndication and two further deals set to follow. TPG is understood to be close to a US$800m deal to buy News International’s Russian headquartered billboards group News Outdoors. The business has operations in 13 countries, mainly in Central and Eastern Europe […]
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