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India

Claire Ruckin

UK's Micro Focus relaunches smaller, pricier refi loan

26 May 2020

LONDON (LPC) - UK software company Micro Focus International has relaunched an US$835m-equivalent dual-currency term loan to refinance debt, having been forced to postpone the transaction in March due to adverse market conditions.

UK's Micro Focus relaunches smaller, pricier refi loan

26 May 2020

LONDON, May 26 (LPC) - UK software company Micro Focus International has relaunched an US$835m-equivalent dual-currency term loan to refinance debt, having been forced to postpone the transaction in March due to adverse market conditions.

European leveraged loan market reopens for LBOs

22 May 2020

LONDON, May 22 (LPC) - French mortgage broker Financiere CEP's €775m buyout loan has been launched into syndication, with the European leveraged loan market making the first steps since March to reopen for acquisition-related deals.

Banks get creative for Liberty-Telefonica tie-up

07 May 2020

LONDON, May 7 (LPC) - JP Morgan and Citigroup have underwritten a £4bn unfunded credit facility to back the US$38bn merger of the British businesses of Liberty Global and Telefonica, creating an innovative financing plan designed to overcome the challenges that come with bringing such a large deal to market during the Covid-19 pandemic.

Banks line up for GTT infra unit sale

07 May 2020

LONDON, May 7 (LPC) - Bankers are looking at arranging debt financings of up to €1bn to back a sale of US cloud networking company GTT’s infrastructure division as a window of opportunity for a handful of M&A situations emerges.

Borrowers relinquish freedom for covenant holiday

30 Apr 2020

LONDON, April 30 (LPC) - Several borrowers in Europe’s leveraged loan market are asking banks for covenant holidays to prevent creditors from calling in the debt or seizing control of the assets, and lenders are working out what to ask for in return.

Banks shun direct lenders’ offer to buy lev loans

24 Apr 2020

LONDON, April 24 (LPC) - Banks that underwrote large European leveraged loans prior to the market closing last month have rebuffed offers from direct lenders to buy portions of the financings and alleviate bank risk, preferring to hold the paper as the private money is too expensive.

Safran secures €3bn of additional liquidity

24 Apr 2020

LONDON, April 23 (LPC) - French aviation, space and defence technology firm Safran has raised a €3bn term loan from 12 banks in the wake of the coronavirus pandemic.

Opportunistic trades dominate Europe's secondary loan market

22 Apr 2020

LONDON, April 22 (LPC) - Europe’s secondary loan market has seen prices rebound from an eleven-year low after hedge funds and par buyers profited from an oversell, while some opportunistic portfolio sales also hit the screens.

Borrowers tap alternative lenders for bespoke loans

17 Apr 2020

LONDON, April 17 (LPC) - Leveraged borrowers are having to consider highly bespoke, shorter-dated, more expensive privately placed deals to fulfil their short-term liquidity needs from the likes of direct lenders, hedge funds and even sponsors, as banks put a stop to underwriting due to the Covid-19 pandemic.

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