Loans and High Yield

KPS Capital Partners is cranking up the leverage on Crown’s European can packaging business, following its successful bid for the carve-out agreed in April.

The majority of Europe’s syndicated loan market thinks it does not know enough about the financial technology that is likely to affect its business, according to a recent survey. But no respondents to the survey saw fintech as a threat.

Sino-Ocean Capital Holding has raised $500m from a two year bond. The deal was the company’s longest in the offshore market, but came with a weaker structure than its past outings.

Private equity firm Blackstone Group is in talks with banks for a financing of about $1.6bn to back its long-planned acquisition of Hong Kong-listed property developer Soho China.

Taiwan’s Central Trading & Development Corp is set to close a $320m loan for its Vietnamese business soon, as it waits for a few banks to receive their internal approvals.

Virgin Media Ireland’s debut standalone leveraged loan has seen some resistance from lenders, and the company has conceded changes to the documentation, limiting its flexible to layer in additional senior debt. With commitments due on Thursday, it looks set to land at the wide end of the 325bp-350bp talk.

Valeo Foods, the Irish ambient food business, is looking to raise nearly €1.2bn-equivalent of loans to finance its secondary buyout by Bain Capital from previous sponsor CapVest Partners.

Tyre manufacturer Gajah Tunggal had to battle weak sentiment around Indonesian credits to sell a $175m bond this week.

eHi Car Services tapped its 2024 notes for an additional $150m on Wednesday, bringing the total deal size to $450m.

NH Hotels has successfully refinanced its existing 3.75% 2023 bonds with a new €400m five year non-call two high yield bond, with the hotel chain supported ahead of the issue by a €100m cash injection from its shareholder, Thailand’s Minor Group. It will carry on shoring up its liquidity position in the months ahead, with a €200m sale-and-leaseback deal set to close shortly.

GlobalCapital reveals today the winners of its Bond Awards 2021, including celebration of the achievement of top corporate banks and issuers — and Lifetime Achievement Awards for two of Europe’s most prominent corporate funding officials.

VPBank Finance, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has returned to the loan market just four months after its last deal. But this time around, it has brought together a diverse mix of lenders to run its fundraising — a rarity for transactions from the country. Pan Yue reports.