United Kingdom

Prudence Ho

Direct lenders turn on firepower amid Covid jitters

02 Jul 2020

LONDON, July 2 (LPC) - Direct lenders are turning on their firepower to provide financing for European companies, taking advantage of market jitters caused by Covid-19 in the leveraged finance market.

Liquidity charge lifts EMEA syndicated loans

01 Jul 2020

LONDON, July 1 (LPC) - Syndicated lending in Europe, the Middle East and Africa of US$471bn for the first six months of the year was just 4% down on the previous year as corporates worked quickly to raise billions of dollars of short-term liquidity and weather the immediate Covid-19 storm, Refinitiv LPC data shows.

Loan investors raise concerns over Ebitdac

24 Jun 2020

LONDON (LPC) - Investors are concerned that adjustments to earnings made during the Covid-19 pandemic are becoming too aggressive as borrowers keep earnings artificially high to avoid covenant defaults and delay the onset of restructurings.

Logoplaste first to test investor appetite for ESG-linked loan

16 Jun 2020

LONDON, June 16 (LPC) - Carlyle-backed plastic packaging firm Logoplaste has amended a €570m leveraged loan financing, becoming the first environmental, social and governance-linked loan to test Europe’s institutional investor base.

Investors demand restrictive non-call features on loans

05 Jun 2020

LONDON, June 5 (LPC) - Leveraged loan investors are locking borrowers into expensive loans for a longer period of time, adopting more restrictive measures from the bond market to try and get comfortable lending again as the market reopens for business.

Direct lenders raise billions in ops funds amid market turmoil

22 May 2020

LONDON (LPC) - A number of European direct lenders are opportunistically raising billions in high return funds to deploy to borrowers in much need of liquidity, taking advantage of the volatility caused by Covid-19.

Bankers pitch refis ahead of 2Q results

15 May 2020

LONDON, May 15 (LPC) - Banks are pitching refinancings to a large number of leveraged loan borrowers hoping to take advantage of a limited window before second quarter trading results emerge, rendering some deals at that point too expensive or unviable due to the negative impacts of Covid-19.

REFILE-Europe’s leveraged loan market reopens for business, at a price

07 May 2020

LONDON, May 7 (LPC) - Europe’s leveraged loan market reopened for business last week for the first time since March as European lab operator Synlab and US data analytics firm Nielsen launched deals to reshuffle their capital structures and replace bonds with loans, but are paying up to do so.

Banks boost lending to mid-market companies

01 May 2020

LONDON, May 1 (LPC) - Banks are responding to regulators’ calls for them to ramp up lending to hard-hit European middle-market businesses struggling with the downturn caused by the Covid-19 outbreak.

Loose loan documentation to be put to the test

24 Apr 2020

LONDON, April 24 (LPC) - Exceptionally aggressive documentation gained by sponsors on portfolio companies over the past few years is finally set to be put to the test as borrowers seek to bolster liquidity in the wake of the Covid-19 pandemic.

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