Claire Ruckin

Bankers consider in excess of €10bn debt for potential sales

Jul 10 2020

LONDON, July 10 (LPC) - At least €10bn of leveraged buyout financing is in the pipeline as European event-driven activity builds, with sellers preparing to launch new sale processes or dusting off deals that were put on hold when the Covid-19 pandemic hit the markets.

Investors pile into €10.3bn financing for TKE buyout

Jul 02 2020

LONDON, July 2 (LPC) - A €10.3bn loan and bond financing backing the buyout of ThyssenKrupp Elevator raised over €20bn in investor orders, enabling arrangers to optimise the capital structure, tighten pricing and stay within the flex to make full fees, allaying any fears over selling such a large deal during the Covid-19 pandemic.

Carnival seeks first leveraged loan to shore up liquidity

Jun 25 2020

LONDON (LPC) - US cruise line operator Carnival is looking to raise its first leveraged loan as it seeks alternative forms of liquidity to shore up its business, which has been sunk by the coronavirus pandemic.

Lenders' relief at Cineworld's alternate ending

Jun 19 2020

LONDON, June 19 (LPC) - Lenders are breathing a sigh of relief at Cineworld’s aborted takeover of Canada’s Cineplex as US$2.277bn of loans are effectively cancelled, letting them off the hook for losses that would have been booked had the deal closed.

Lenders get creative on debt to tie up M&A

Jun 19 2020

LONDON, June 19 (LPC) - Banks and borrowers are being forced to get creative on debt financings, putting in place sub-optimal structures in a bid to complete M&A transactions.

Banks prep launch of €10bn debt backing Thyssenkrupp unit buy

Jun 12 2020

LONDON, June 12 (LPC) - Banks are preparing to launch a highly-anticipated €10bn dual-currency loan and bond financing to back a buyout of Thyssenkrupp’s elevators division, pre-sounding investor appetite to optimise the structure and play the markets off each other to achieve best execution.

Banks pile into Liberty-Telefonica loan

Jun 11 2020

LONDON, June 11 (LPC) - Over 30 banks have piled into a £4bn loan to back a US$38bn merger of the British businesses of Liberty Global and Telefonica after the borrowers tapped their large banking relationships to secure the deal within a ten-day period.

Coty assembles record club loan after banks deny underwrite

Jun 11 2020

LONDON, June 11 (LPC) - KKR's acquisition of a majority stake in US-based cosmetics maker Coty’s hair and nail care business is being backed with a US$1.3bn club loan, the largest in Europe’s leveraged debt market since the financial crisis, after banks were unwilling to underwrite a financing amid the coronavirus pandemic.

Banks prep €2.2bn debt as eBay classified unit sale proceeds

Jun 04 2020

LONDON, June 4 (LPC) - Bankers are preparing debt financings of around €2.2bn to back a potential sale of eBay’s classified-ads business as a number of parties make it through to the second round of bidding, banking sources said.

REFILE-UPDATE 1-Banks take hit to derisk on Boels' €1.6bn acquisition loan

Jun 03 2020

LONDON, June 2 (LPC) - The five banks that underwrote a €1.61bn acquisition loan for Dutch equipment rental firm Boels are set to lose money as they seek to sell it cheap and reduce risk, banking sources said.

World News