Alasdair's Feed
Sep 30, 2014

EMEA syndicated loans reach $813 bln in first nine months-data

LONDON, Sept 30 (Reuters) – Syndicated lending in Europe,
the Middle East and Africa (EMEA) was up 18 percent year-on-year
to $812.6 billion in the first nine months of 2014, the highest
volume total since 2007, Thomson Reuters LPC data shows.

The loan market has been buoyed by the return of large-scale
merger and acquisition financing, with over $122.8 billion of
loans backing acquisitions completed year-to-date, outstripping
all full-year M&A totals since 2008.

Sep 8, 2014

Low-ball M&A loan bids hit Europe’s lenders

LONDON, Sept 8 (Reuters) – Banks in Europe could soon find
it much less lucrative to underwrite M&A loans as they bid
increasingly aggressively to win precious mandates and are
forced to dilute their share of ancillary business to sell deals
on to other banks.

After a wave of cut-price refinancings and amend-and-extend
exercises, banks hoped a pipeline of more profitable
event-driven financings would enable them to hit targets and
reap the rewards that come with leading new transactions.

Sep 1, 2014

Imperial Tobacco closes $13 billion of loans

LONDON (Reuters) – British cigarette maker Imperial Tobacco has closed loans of about $13 billion to back its acquisition of selected brands and assets from Reynolds American Inc, the lead banks said on Monday.

The jumbo financing covers the $7.1 billion acquisition and refinances Imperial’s existing core bank borrowings, which provide working capital and funds for general corporate purposes.

Aug 12, 2014

Sweden’s SCA refinances 2 bln euros of loans

LONDON, Aug 12 (Reuters) – Swedish hygiene and paper
products maker SCA has refinanced 2 billion euros
($2.67 billion) of existing loans, by agreeing a new 1 billion
euro facility and amending an existing facility, the lead banks
said in a statement on Tuesday.

In line with other highly-rated European corporates, A-/Baa1
rated SCA has taken advantage to competitive loan market
conditions to refinance and amend its existing financing on
improved terms, including lower pricing and longer maturities.

Jul 18, 2014

AbbVie’s Shire merger backed with 13.5 billion pound bridge loan

LONDON (Reuters) – U.S. drugmaker AbbVie’s (ABBV.N: Quote, Profile, Research, Stock Buzz) 32 billion pounds acquisition of Dublin-based Shire Plc (SHP.L: Quote, Profile, Research, Stock Buzz) is backed with a 13.5 billion pounds ($23.03 billion) bridge loan, according to the company’s filing with the Securities and Exchange Commission in the US.

JP Morgan is the sole arranger and underwriter of the bridge loan, which is expected to be refinanced with up to 15.5 billion pounds of senior unsecured bonds that AbbVie is planning to issue to cover the cash element of the acquisition.

Jul 18, 2014

AbbVie’s Shire merger backed with 13.5 bln stg bridge loan

LONDON, July 18 (Reuters) – U.S. drugmaker AbbVie’s
32 billion pounds acquisition of Dublin-based Shire Plc
is backed with a 13.5 billion pounds ($23.03 billion) bridge
loan, according to the company’s filing with the Securities and
Exchange Commission in the US.

JP Morgan is the sole arranger and underwriter of the bridge
loan, which is expected to be refinanced with up to 15.5 billion
pounds of senior unsecured bonds that AbbVie is planning to
issue to cover the cash element of the acquisition.

Jul 18, 2014

Imperial Tobacco set to launch $13.1 billion of loans

LONDON (Reuters) – British cigarette maker Imperial Tobacco (IMT.L: Quote, Profile, Research, Stock Buzz) is set to launch loans totaling $13.1 billion to back its acquisition of selected brands and assets from Reynolds American Inc (RAI.N: Quote, Profile, Research, Stock Buzz), the lead banks said in a statement on Friday.

The deal is the second-biggest acquisition loan of the year in Europe, the Middle East and Africa, after a $14.2 billion loan for Bayer BAyGn.DE, which financed its acquisition of US-based Merck’s (MRK.N: Quote, Profile, Research, Stock Buzz) consumer care business, according to Thomson Reuters LPC data.

Jul 17, 2014

Italy’s GTECH backs IGT buy with $10.7 billion bridge loan

LONDON (Reuters) – Italian-regulated gaming company GTECH (GTCH.MI: Quote, Profile, Research, Stock Buzz) is backing its $4.7 billion cash and stock acquisition of U.S. based International Game Technology (IGT) (IGT.N: Quote, Profile, Research, Stock Buzz) with a $10.7 billion bridge loan.

The deal is the second-biggest acquisition financing in Europe, the Middle East and Africa this year after a $14.2 billion loan for Bayer (BAYGn.DE: Quote, Profile, Research, Stock Buzz) which financed its acquisition of US-based Merck’s (MRK.N: Quote, Profile, Research, Stock Buzz) consumer care business.

Jul 1, 2014

EMEA syndicated lending reaches $499 bln in first half-data

LONDON, July 1 (Reuters) – Syndicated lending in Europe, the
Middle East and Africa (EMEA) was up 11 percent year-on-year to
$499 billion in the first six months of 2014 bolstered by
refinancing activity and a small increase in merger and
acquisition financing, Thomson Reuters LPC data shows.

Refinancing transactions remained the main driver of lending
activity as the ready availability of cheaply priced credit
facilities encouraged many of Europe’s top companies make an
early return to the market to replace existing facilities on
better terms.

Jun 18, 2014

Bayer signs $14.2 bln acquisition loan

LONDON, June 18 (Reuters) – Bayer has signed a
$14.2 billion acquisition loan backing its purchase of US-based
Merck’s consumer care business, the lead banks said in a
statement on Wednesday.

The loan was underwritten on an equal basis by mandated lead
arrangers and bookrunners Bank of America Merrill Lynch, BNP
Paribas and Mizuho Bank and saw strong support from Bayer’s core
relationship banks with 23 banks joining in syndication.