Akzo Nobel loans break for trading
Posted on Thursday September 20, 2018
The US$6.44bn in term loans backing Carlyle Group and Singaporean wealth fund GIC’s acquisition of Akzo Nobel’s chemicals business allocated and broke for trading on Thursday. The US$4.34bn seven-year term loan B broke at 100.375-100.75 on Thursday, while the US$2.1bn-equivalent euro-denominated facility broke at 100.5-101. Pricing on the US$4.34bn term loan B was finalized at 325bp plus Libor, tightened from earlier guidance of 350bp-375bp range and 400bp-425bp range at launch.
Envision’s $5.05 billion loan marks jumbo buyout trio
Posted on Thursday September 20, 2018
The $5.05 billion (3.81 billion pounds) term loan for Envision Healthcare is the third massive leveraged loan to hit the market since September and also looks set to benefit from huge institutional demand which has already seen multibillion buyout loans for Thomson Reuters’ F&R business, Refinitiv, and Akzo Nobel’s Specialty Chemicals business successfully placed. Envision’s loan will bring the total of jumbo loans syndicated since early September to US$20.7bn, in addition to the US$9.25bn loan for Refinitiv and Akzo Nobel’s US$6.44bn loan. Although the commitment deadline for Envision’s loan is October 1, the deal is already fully subscribed and is expected to tighten in line with the two previous jumbo deals, bankers said.
AkzoNobel leading in decorative paints and woodcare in Spain with the acquisition of Xylazel S.A.
Posted on Thursday September 20, 2018
AKZOY) has acquired Xylazel S.A. (Xylazel), a 100% subsidiary of Pharma Mar S.A. (PHM). With this acquisition AkzoNobel strengthens its business and becomes a leader in the decorative paints market in Spain. The transaction marks the 45-year anniversary of AkzoNobel on the Spanish market.
Biggest Buyout Financings Steamroll Over Investor Safeguards
Posted on Wednesday September 12, 2018
The year’s biggest buyout financing, backing the $20 billion acquisition of Thomson Reuters Corp.’s spinoff, Refinitiv, is challenging some hard-won investor protections. The deals are bucking a trend of investor pushback in Europe this year. In recent months power has shifted back in favor of high-yield investors, particularly in Europe, where at least 11 deals have either been delayed or withdrawn so far this year, and swathes of transactions that priced were heavily amended.
