Thomas Beeton

United Kingdom

Reporter at LCD (Leveraged Commentary & Data)

Senior Reporter at PitchBook

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Marshall Group nets debt backing €1.1B HSG buyout

2 months ago | pitchbook.com | Thomas Beeton

Banks led by HSBC and UBS are preparing a euro term loan financing to support HSG’s €1.1 billion acquisition of Marshall Group, according to market sources. HSG, or HongShan Capital Group, announced plans to acquire Marshall last month for €1.1 billion including debt, in a deal that marks the Chinese venture capital firm’s largest-ever investment in Europe. Beijing-based HSG is acquiring Marshall from investors led by Sweden’s Altor, which has owned the business since 2023.
European high-yield issuance wins silver medal as 2024 supply tests €100B

Nov 26, 2024 | pitchbook.com | Thomas Beeton

This year's European high-yield market has bagged the silver medal for annual issuance, with 2024 already the second-busiest year on record in terms of volume. It also looks set to be only the second year ever to test the €100 billion threshold for new bond sales. According to LCD, year-to-date issuance through Nov. 19 stands at €93.8 billion across 197 tranches — which is 133% ahead of the same period in 2023, and squeaks past the €93.7 billion of supply recorded in full-year 2017.
European high yield bond issuance sprints to monthly record

Nov 4, 2024 | pitchbook.com | Thomas Beeton

European high yield volume hit a new monthly record in October, after sub-investment-grade companies printed €17.4 billion across 35 deals amid frenzied issuance ahead of the US presidential election. According to LCD, this monthly tally not only beats the previous €15.1 billion record for October set back in 2021, but also bests the all-time high yield monthly record of €17.1 billion across 33 tranches notched up in June that year.
Europe's loan investors debate portability as lender protections erode

Nov 4, 2024 | pitchbook.com | David Cox |Thomas Beeton

Portability provisions are now commonplace in European high yield documentation and showing up more in loans, as sponsors seek to maximise flexibility amid a backlog of unsold portfolio companies. For some this situation is yet another example of weakening investor protections amid a white-hot new issue market, but some loan investors are determined to push back.
Esker taps direct lender trio for €1.6B Bridgepoint take-private

Oct 10, 2024 | pitchbook.com | Thomas Beeton

Bridgepoint has agreed financing from three direct lenders to support its take-private of French software company Esker, according to market sources. The takeover is viewed as a growth story, and so is primarily equity led and does not rely on leverage as a driver of returns, sources add. If Bridgepoint falls short of the 100% of shares required to delist Esker from Euronext Paris, sources say the PE fund will use PIK financing at the holdco level to support the deal.
Doc Generici reprices €900M-plus private debt package, warding off bank suitors

Sep 20, 2024 | pitchbook.com | Thomas Beeton

Doc Generici has repriced its unitranche with existing lenders, trimming the margin on the facility to E+550, from E+650, according to market sources. The club of lenders is led by HPS alongside Blackstone, CVC, KKR, Oak Hill and PSP, which also led the original loan to support TPG’s acquisition of the Italian generic pharmaceuticals group from ICG and Merieux Equity Partners.
Evri readies £1.4B debt package backing Apollo buyout

Sep 12, 2024 | pitchbook.com | Thomas Beeton

Banks led by BNP Paribas and HSBC are preparing to syndicate a £1.4 billion debt package that will finance Apollo’s £2.7 billion acquisition of UK-based parcel delivery firm Evri, market sources said. The deal will include a mixture of sterling high yield bonds and euro-denominated term loans that will launch to general syndication soon, sources said. The final bank line up will be finalised as soon as the week beginning Sept. 16, sources added.
JP Morgan boosts European high-yield supply forecast to €120B

Sep 10, 2024 | pitchbook.com | Thomas Beeton

JP Morgan has boosted its European high yield supply forecast to €120 billion, based on its expectation of a heavy autumn and winter fundraising season as issuers look to lock-in the lowest bond yields in 28 months. In a note sent to clients on Sept. 4, the bank increased its 2024 issuance forecast from €100 billion, which by its calculations implies €40 billion of gross issuance still to come after the €80 billion of gross non-financial issuance in the year through the end of August.
Investors hunt value as recession fears hit Europe's leveraged sectors

Aug 16, 2024 | pitchbook.com | David Cox |Thomas Beeton

Leveraged markets quickly found their footing after last week’s equity led volatility, leaving the year’s secondary rally more or less intact. But demand for credit amid what has been a generally positive economic backdrop this year has not been enough to support all names as uncertainty about rates, consumer confidence and even technological change weighs across various sectors, managers say.
JP Morgan widens European spread targets, cites 'potent cocktail' of risk

Aug 5, 2024 | pitchbook.com | Thomas Beeton

JP Morgan has widened its year-end spread forecasts for European credit, arguing that pricing across fixed income does not reflect weaker economic data and increasing geopolitical risk. In its weekly report on Friday, the bank’s European credit strategists revised spread forecasts to 150 bps for investment-grade credit and 425 bps for high-yield.