Edition:
United Kingdom

Michelle Sierra

Clock ticking down on WeWork’s US$6bn loan after IPO delayed

19 Sep 2019

NEW YORK, Sept 19 (LPC) - WeWork has to complete a troubled US$3bn initial public offering (IPO) before the end of the year to maintain access to a crucial US$6bn loan, after delaying the filing this week amid mounting concerns about the company’s valuation.

More banks join LSE bridge loan for Refinitiv buy

17 Sep 2019

NEW YORK (LPC) - The full list of lenders to the multibillion dollar bridge loan backing the London Stock Exchange Group’s acquisition of data company Refinitiv has been revealed after banks received their allocations.

WeWork loan modified to reduce lender risk ahead of IPO

13 Sep 2019

NEW YORK, Sept 13 (LPC) - The US$6bn of senior secured credit facilities for WeWork that are contingent on the office sharing startup pushing through an increasingly difficult equity raise have been changed to reduce lenders’ risk ahead of its imminent initial public offering (IPO), sources close to the matter told Refinitiv LPC.

RPT-WeWork obtains commitments for US$6bn IPO-linked debt

06 Aug 2019

NEW YORK, Aug 5 (LPC) - Workspace provider WeWork has obtained commitments from at least 10 banks for US$6bn in credit facilities that remain contingent on the company's ability to push through with its planned initial public offering, sources told LPC.

WeWork obtains commitments for US$6bn IPO-linked debt

05 Aug 2019

NEW YORK, Aug 5 (LPC) - Workspace provider WeWork has obtained commitments from at least 10 banks for US$6bn in credit facilities that remain contingent on the company's ability to push through with its planned initial public offering, sources told LPC.

Market-based pricing disappearing on blue-chip US loans

18 Jul 2019

NEW YORK, July 18 (LPC) - Market-based pricing is disappearing in US investment grade lending as Credit Default Swaps (CDS) become a less relevant measurement of risk, and lenders feel less need to buy protection against the loans as top companies continue to perform in a stable economy.

CORRECTED-US loan market ready to feast on AbbVie's jumbo US$38bn bridge loan

27 Jun 2019

NEW YORK, June 27 (LPC) - A US$38bn bridge loan backing US biopharmaceutical company AbbVie’s US$63bn bid for Botox-maker Allergan, and the additional bank business the merger will generate, is expected to be welcomed with open arms by a robust US loan market starved of new lending opportunities.

CORRECTED-Sealed Air US$475m loan challenges bank appetite

25 Jun 2019

NEW YORK, June 25 (LPC) - Packaging company Sealed Air is wrapping up a US$475m term loan A (TLA) that has challenged banks' return models and pushed the limits on their appetite for funded assets.

MoneyGram’s loan faces performance, money laundering concerns

07 Jun 2019

NEW YORK, June 7 (LPC) - Money transfer company MoneyGram International Inc is struggling to finalize a US$663m loan as its financial performance wilts under fierce competition following a US$125m US government fine last November for poor money-laundering controls, sources said.

América Móvil prepares for loan market return, seeks at least US$2.5bn

20 May 2019

NEW YORK, May 20 (LPC) - Mexico’s América Móvil is scouting lenders to refinance at least US$2.5bn in revolving credit facilities maturing this August, according to three banking sources, preparing a comeback to the Latin American bank market, where it has not issued debt since 2016.

World News

'Everyone was in the loop' about Ukraine pressure campaign

A U.S. diplomat said on Wednesday that "everyone was in the loop" about a Trump administration effort to get Ukraine to carry out investigations that might ultimately benefit U.S. President Donald Trump, including Vice President Mike Pence and Secretary of State Mike Pompeo.