United Kingdom

Claire Ruckin

Banks forced to rethink Cobham loan selldown

08 Nov 2019

LONDON, Nov 8 (LPC) - Bankers are reconsidering the selldown strategy of a £2.517bn financing backing a £4bn buyout of UK defence and aerospace group Cobham after the British government further delayed the acquisition.

Lenders ponder Walgreens' record buyout

08 Nov 2019

LONDON, Nov 8 (LPC) - Banks are approaching private equity firms on possible financings backing a potential US$80bn sale of Walgreens Boots Alliance to private equity firms that would be the largest buyout ever. But with US$50bn of debt and around US$30bn of equity required, bankers are questioning whether a deal is even possible.

CVC takes dividend from €269m Breitling loan

07 Nov 2019

LONDON, Nov 7 (LPC) - Swiss luxury watchmaker Breitling has raised a €269m leveraged loan, to repay €100m of more expensive swiss franc-denominated debt, repay borrowings under a revolving credit facility and facilitate an approximate €130m dividend to shareholder CVC, banking sources said.

Park Square to sell largest BWIC since financial crisis

04 Nov 2019

LONDON, Nov 4 (LPC) - A €416m-equivalent loan and bond portfolio from Park Square has hit the secondary market and is set to stir a lot of attention as the largest auction of this type to take place since the financial crisis, banking sources said.

Merlin loan pushes new boundaries

15 Oct 2019

LONDON, Oct 15 (LPC) - Investors are criticising documentation on a £2.193bn-equivalent loan backing the buyout of UK theme park and attraction operator Merlin Entertainments for including some of the most aggressive terms seen in the market to date.

Loan pricing set to tighten in repricing wave

14 Oct 2019

LONDON, Oct 14 (LPC) - Pricing in Europe’s leveraged loan market is set to grind tighter in the last quarter of 2019 as bankers opportunistically pitch repricings to borrowers in a bid to keep busy towards year-end and the pipeline of new deals dries up.

Galileo loan to gift Providence third payout in two years

14 Oct 2019

LONDON, Oct 14 (LPC) - European higher education platform Galileo Global Education has launched a €700m loan that will fund a small acquisition, refinance existing debt and pay a €70m dividend to shareholders, banking sources said.

Investors pay to play in Europe's overheated loan market

08 Oct 2019

LONDON, Oct 8 (LPC) - Two leveraged loans have priced over par in an unusual move for the European market, as strong appetite for paper and low deal flow demands investors pay up to lend on hotly contested deals.

ION Corporates inks final terms on US$1.75bn dual-currency loan

03 Oct 2019

LONDON, Oct 3 (LPC) - Irish software firm ION Corporates finalised the terms of a dual-currency, US$1.75bn-equivalent term loan financing via Credit Suisse, bringing an end to a saga that saw the original deal brought via house bank UBS pulled in May having met opposition from loan investors.

New €250m add-on loan for IFS to pay out dividend

03 Oct 2019

LONDON, Oct 3 (LPC) - EQT is set to take a €180m dividend from its Swedish enterprise software firm IFS as part of a wider €250m add-on term loan that will also repay drawings under a revolver credit facility and fund a merger and acquisition, banking sources said.

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