Leveraged Loans Pulled Amid Biggest Retreat Since 2011
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At least three companies failed to get deals completed in the market for speculative-grade corporate loans as investors stage the biggest retreat since 2011.
HCP, the Chinese packaging company owned by TPG Capital, pulled a $230 million loan this week that’s part of a deal to refinance debt and pay a shareholder dividend, according to data compiled by Bloomberg. Styrolution Group GmbH, a German chemicals company, delayed the marketing of 1.6 billion euros ($2.15 billion) of loans and ship-parts builder SeaStar Solutions withdrew an effort to lower the interest rate on a $210 million loan.