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Publisher's early progress encourages IPO market as sponsor-backed pipeline builds
Scientific publisher to be first to price autumn IPO, begin bookbuilding on Tuesday for year's third flotation in Germany
Apollo gets tighter discount on third Lottomatica sale and secret investor consortium sell Dr Martens shares
Scientific publisher begins investor education as bankers say ‘incredibly predictable’ business is what investors want
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Debt collector Lowell said on Friday that it had issued a private placement of high yield bonds to raise £117.5m-equivalent, taking advantage of strong market conditions to further shore up liquidity following its October refi. -
Monday saw a flurry of new high yield financings launched, including one market debut, the €1.25bn buy-out package for BC Partners’ takeover of Italian machinery maker Industria Macchine Automatiche (IMA). Also launched on Monday were VodafoneZiggo’s green debut (see separate story), a refi for debt purchaser Encore Capital, and a sterling deal for Ford.
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The European Leveraged Finance Association, a trade body of investors, has slammed terms in the $1bn buyout bond for Ancestry.com which cap investor voting rights, hoping to stop the new feature in its tracks and prevent sponsors including it in European transactions.
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BC Partners-owned advanced ceramics company CeramTec has issued an add-on to its term loan 'B', raising another €175m — enough to push its senior secured rating down into the single-B category. But the opportunistic move to raise new cash will give the company firepower for future M&A.
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Mid-market firm CapVest won the auction to buy software provider Datasite with a unitranche loan in October, and it is now taking out the senior layer with a public syndication to firm up the financing on better terms. It's a deal that combines the strengths of public and private funding.
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Europcar is one of the first large companies to restructure with a big state-backed Covid-19 rescue loan in its capital structure. The planned scheme, proposed to creditors last week, leaves the guaranteed loan untouched, which is likely to be the preferred plan for future creditor compacts.
