Alasdair's Feed
Apr 10, 2014

Saga refinances 1.4 billion pounds debt prior to possible listing

LONDON (Reuters) – Acromas-owned Saga, the over-50s consumer and financial services business, is undertaking a 1.4 billion pound ($2.34 billion) refinancing to get its debt in better shape to pave the way for a possible listing, banking sources said.

Acromas is owned by private equity firms Charterhouse, CVC and Permira and was formed in 2007 though the 6.2 billion pound merger of the AA and Saga. Last year, Acromas split Saga and the AA with the possible intention to sell the AA and float Saga.

Apr 10, 2014

Saga refinances 1.4 bln stg debt prior to possible listing

LONDON, April 10 (Reuters) – Acromas-owned Saga, the
over-50s consumer and financial services business, is
undertaking a 1.4 billion pound ($2.34 billion) refinancing to
get its debt in better shape to pave the way for a possible
listing, banking sources said.

Acromas is owned by private equity firms Charterhouse, CVC
and Permira and was formed in 2007 though the 6.2 billion pound
merger of the AA and Saga. Last year, Acromas split Saga and the
AA with the possible intention to sell the AA and float Saga.

Apr 3, 2014

Glencore Xstrata to cut loan costs with $15 bln refinancing-sources

LONDON, April 3 (Reuters) – Diversified natural resource
company Glencore Xstrata has launched senior
syndication of a $15 billion credit facility to replace the
$17.34 billion of loans agreed in June last year and cut the
cost of its financing, banking sources said.

The new financing, which is being coordinated by BNP
Paribas, Citigroup, ING Bank and UniCredit, has launched to
existing relationship banks, ahead of a general phase of
syndication, the sources said.

Mar 31, 2014

EMEA syndicated loan volume hits 10-year low of $140 bln-data

LONDON, March 31 (Reuters) – Syndicated lending in Europe,
the Middle East and Africa (EMEA) fell to $140.2 billion in the
first quarter, the lowest first quarter volume since $128.7
billion in 2004, and 41 percent down on first quarter 2013,
Thomson Reuters LPC data shows.

Low deal flow has seen terms and conditions for borrowers
continue to improve as banks bid aggressively to win rare
mandates but with bond markets and equity markets open for
business, borrowers have an increased range of funding
alternatives to choose from.

Feb 25, 2014

Peugeot launches 2.7 bln euro loan refinancing

LONDON, Feb 25 (Reuters) – PSA Peugeot Citroen has
launched syndication of a 2.7 billion euro ($3.71 billion)
syndicated credit facility, the lead banks announced on Tuesday.

The financing, which launched on Monday, replaces an
existing 2.4 billion euro credit line that matures in 2014 and
2015 and will enable PSA to increase its financial flexibility
and extend the maturity of its financial resources.

Jan 10, 2014

Sanofi reprices and extends 7 bln euro credit line

LONDON, Jan 10 (Reuters) – French drugmaker Sanofi
has cut pricing and extended the maturity of an existing 7
billion euro ($9.51 billion)syndicated credit line, the company
said in an email on Friday.

AA/A1 rated Sanofi has joined other highly-rated European
companies such as French utility EDF and German
consumer goods maker Henkel to take advantage of
competitive loan market conditions to amend and extend existing
credit facilities to lower pricing and lock in liquidity over a
longer period of time.

Dec 31, 2013

EMEA lending of $930 bln up 32 percent in 2013

LONDON, Dec 31 (Reuters) – Syndicated lending in Europe, the
Middle East and Africa (EMEA) rose 32 percent to $930 billion in
2013 from $703 billion in 2012 as borrowers took advantage of
improved market conditions to secure better terms on loans.

“The market has been demonstrably healthy in 2013 and there
is a lot of confidence for 2014. Volumes are up but there is a
lot more capacity in the market, with excess demand and not
enough supply. The markets can cope with more M&A and absorb
more volume in 2014. The market itself is in robust shape,” said
a loan syndicate head, who declined to be named.

Nov 25, 2013

Early refinacing wave raises concerns over 2014 activity

LONDON, Nov 25 (Reuters) – The explosion of cut-price
refinancing across Europe as top companies exploit near ideal
borrowing conditions in a liquid loan market to refinance
existing loans early is raising fears that the loan market could
be cannibalising next year’s business.

Bankers are enjoying a busy end to the year but concern is
rising over how much business will be left to do in 2014. This
could leave the loan market even more reliant on unpredictable
new-money M&A deals, which were few and far between in 2013.

Nov 15, 2013

Shell seeks $6 bln loan refinancing

LONDON, Nov 15 (Reuters) – Royal Dutch Shell is
seeking a $6 billion credit facility to refinance an existing
undrawn $5.1 billion facility that is due to mature in 2015,
banking sources said on Friday.

The self-arranged club deal is being coordinated by Barclays
and will be used for liquidity back-up for Shell’s commercial
paper programme.

Oct 30, 2013

EDF and Air Liquide look to amend loans

LONDON, Oct 30 (Reuters) – French utility EDF and
French industrial gases firm Air Liquide are seeking
to amend and extend existing syndicated loans to reduce pricing
and extend maturities, banking sources said.

EDF did not immediately comment. Air Liquide declined to
comment.

The companies are looking to take advantage of current high
levels of loan market liquidity and competition between banks to
lower pricing, while avoiding the cost of a full refinancing,
the sources said.