Loans and High Yield

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.

PGIM has hired Steve Logan as a senior portfolio manager in its European leveraged finance operations.

US direct lender Owl Rock has hired its first employee in London, as it seeks to develop its business in Europe.

Four Chinese borrowers hit the dollar bond market on Tuesday, raising $745m between them.

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.

Dexin China Holdings Co has worked hard to court bond investors and establish its name this year. The move paid off on Thursday, when the issuer grabbed its first single digit bond coupon.

India's TML Holdings used its ties to parent company Tata Motors to appeal to investors in a $300m bond sale on Thursday.

Taiwan’s printed circuit board manufacturer Apex International has closed a $50m loan for its Thai business.

Sunac China Holdings tapped two of its dollar bonds on Thursday, using up the $320m left of its offshore issuance quota.

MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.

Goldman Sachs is preparing a £225m high yield bond to take out the acquisition financing for Lone Star’s take-private of UK retirement home developer McCarthy & Stone, according to documents backing the offer.

Moody’s has issued a stark warning on the precarious position of corporates if there is another mass outbreak of Covid-19 that slows economic recovery. But senior lenders say the syndicated loan market is once again ready to provide liquidity at short notice.