Reorg on the Record; Spotlight on EMEA (04/28/21)

Reorg on the Record; Spotlight on EMEA (04/28/21)

Written by Richard Woolley, Editor, EMEA Core Credit || The high volume of new issuances in the first quarter has continued during the first weeks of the second. Our primary pipeline puts the total value of loans and bonds currently in the market at €11.4 billion and our watchlist features no fewer than 39 companies with near-term maturities, 15 possible LBOs and four acquisition financing candidates. Sources expect the market to stay hot until at least mid-May. Among the biggest deals in April was a €2.1 billion senior note offering by Nexi Capital, with proceeds to refinance existing debt. Elsewhere, Pfleiderer...

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Surgery Partners Term Loan Refinancing – Covenants Analysis

Analyzing the Surgery Partners term loan refinancing plan, our Americas Covenants team discusses the MFN protections under the company’s credit agreements as they seek to raise $125M in incremental term loans after facing economic difficulties during the Covid-19 pandemic. The incremental term loans which were incurred in 2020, as well as their repayments, both call attention to the risks associated with most favored nations (MFN) protections in credit agreements across the board. In a recent article, our team discussed the increased abilities for lenders to begin to break down the strength of MFN protections in terms of their length, scope...

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Analysis: Offshore Value in Sritex SG Subsidiaries Potentially Valuable to Secondary Investors

Analysis: Offshore Value in Sritex SG Subsidiaries Potentially Valuable to Secondary Investors

The recent filing of “defensive” applications by PT Sri Rejeki Isman Tbk (Sritex) subsidiaries, Golden Legacy Pte Ltd. and Golden Mountain Textile and Trading Pte Ltd., in the Singapore court for a moratorium under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) comes as the company faces increasing difficulties with its creditors in Indonesia with one of its (potentially friendly) trade creditors having filed a petition to initiate PKPU against Sritex. If the full debtor-in-possession moratorium is granted by the Singapore courts, this would prevent noteholders under Sritex’s $150 million 6.875% due 2024 notes issued by Golden Legacy from taking enforcement...

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Texas Winter Storm Uri Webinar – Financial and Legal Repercussions

Texas Winter Storm Uri Webinar – Financial and Legal Repercussions

Discussing Texas winter storm Uri as well as the financial and legal repercussions from the storm on power and utility companies across the state, our Americas Core Credit experts conducted a webinar on Tuesday, April 27 at 10:00am to break down the impact across a variety of sectors. Our coverage team provided an overview of legal and financial issues stemming from the storm, reviewing the current state of play and cataloging the various proposed legislative and regulatory solutions and potential outcomes for impacted companies. We also talked through the storm itself and the political paralysis it caused, the storm’s impact...

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Distressed Investing Opportunities for Deferred Obligations | TMA NYC

Distressed Investing Opportunities for Deferred Obligations | TMA NYC

After a year plus of COVID-related lockdowns where the financial markets have been thrown into confusion by our inability to predict the path forward. Americas Core Credit senior distressed debt analyst Andrew Sung will moderate an expert panel on Monday, May 3 at 12:30 pm ET to discuss distressed investing opportunities for investors coming out of this period. Will motion picture theaters, cruise lines hospitality and airlines be able to recover after the capital markets have seemingly provided them with unlimited capital to get through this period? And will this unprecedented fiscal stimulus finally lead to inflation which has up...

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Reorg on the Record; Spotlight on Americas

Reorg on the Record; Spotlight on Americas

Written by Ana Lucia Hurtado, Senior Legal Analyst, Americas Core Credit || Although chapter 11 filings have slowed from the barrage of cases that hit for several months during the thick of the Covid-19 pandemic in 2020, filings for companies with more than $100 million in liabilities have steadily increased over the past few years, rising to 37% in 2021 from 25% in 2018, as measured by First Day by Reorg. Two of the latest casualties are Automotores Gildemeister and Stoneway Capital, both of which recently filed for chapter 11 protection in the bankruptcy court for the Southern District of...

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