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Thursday, 17-Oct-2013 08:00 Email | Share | Bookmark
Kkr Joining $5 Billion Surge In Dividend Loans: Australia Credit












PEP is also seeking a dividend recapitalization locally for Peters Ice Cream, the people familiar said, after acquiring the Australian food company founded in 1907 last year. Spotlesss debt is expected to rise to 7 times earnings before interest, taxation, depreciation and amortization following PEPs refinancing, S&P said Sept. 9. The company assigned Spotless a B rating, citing its highly leveraged risk profile as a constraint on the grade. The rush by firms to borrow at record-low costs before an easing of Federal Reserve stimulus measures comes as Australian banks face slowing credit growth amid a waning mining boom. The annual rate of private lending growth was 3.2 percent in July, compared to 4.2 percent a year earlier, according to central bank data. Aussie Yields Australian government 10-year yields climbed 27 basis points this month to 4.17 percent yesterday, the highest closing level since March 2012, as prospects the Fed will pare quantitative easing drove a global slide in bonds. The premium over similar-dated Treasuries widened 11 basis points since Aug. 30 to 122 basis points. The Aussie dollar dropped 0.7 percent to 92.62 U.S. <br>For more.. the original version including any supplementary images or video, visit http://www.businessweek.com/news/2013-09-11/kkr-joining-5-billion-surge-in-dividend-loans-australia-credit





Distressed Debt Buyers Seek Australian Loans as Mining Struggles





Investors are starting to buy debt positions in smaller Australian firms instead of pursuing larger, more competitive opportunities such as the sale of Lloyds Banking Group Plc (LLOY)s local loan-book, according to Mick Calder, an executive director of restructuring adviser 333 Management Ltd. Mining companies and the firms that service them are expected to face the most pressure in the next year, a survey released today by 333 and Turnaround Management Association Australia found. We continue to see incumbent lenders willing to entertain the notion of selling their debt positions, Calder said today. While the large debt trading and loan portfolio sales have been well-publicized and sought after, its in the mid-cap space that opportunities may arise in fiscal 2014. Distressed debt buyers are seeking opportunities as demands on working capital, low margins and large project risks are expected to create challenges for mining services companies in the next 12 months, according to the survey. In the last year, debt trading by investors such as Oaktree Capital Group LLC ( OAK:US ), Apollo Global Management LLC ( APO:US ) and Centerbridge Capital Partners LLC have precluded restructurings of companies including Nine Entertainment Group Ltd and Billabong International Ltd. Creative Sector A trust managed by Sankaty Advisors LLC agreed to buy a A$371 million portfolio of loan assets from Lloyds last month, as Britains biggest mortgage lender offloads assets it no longer considers essential. Westpac Banking Corp. and National Australia Bank Ltd. are among lenders that made preliminary bids for its Australian assets, people familiar with the matter said last month. Investors are seeking to acquire bad loans which are sitting on local banks balance sheets, according to Calder. <br>For the original version including any supplementary images or video, visit http://www.businessweek.com/news/2013-09-11/distressed-debt-buyers-seek-australian-loans-as-mining-struggles





Australian Lender Pepper Buys Spanish Loan Business of Celeris





Australian non-bank lender Pepper has just announced another strong move to consolidate its position as toppan-European loan servicing and real estate manager by a cquiring the loan business of Celeris in Spain for290 million. Thenewly acquired business will trade as thePepperFinance Corporation after the buy. As part of the transaction, Pepper took over about 164,000 performing loans and a small non-performing book, totalling to 290 million in receivables, as stated by the company. Pepper CEO Patrick Tuttle said the acquisition continued the lenders strategy of expanding into Europe. This announcement represents a very significant milestone inPeppers European expansion strategy and in achieving our ambition of establishingPepperas a best-in-class pan-European loan servicing and real estate manager, spanning a range of asset classes including residential mortgages, commercial mortgages, consumer finance and unsecured small business and personal loans, Tuttle (pictured right) explained. Earlier this year, Pepper had expanded its Irish market business, being appointed to provide servicing for the380 million (A$482 million) Pittsburg portfolio of Irish loans. In 2012 the Australian lender acquiredGECapitals Irish residential mortgage book. With the new buy of Spanish loans they get closer to their goal of becoming one of the top players in the pan-European market. Established in 2001, Pepper is a global financial services business with a strong focus on lending, advisory and asset management across the residential and commercial property sectors. The Lending business of Pepper is one of Australias leading providers of specialist residential mortgage finance. <br>For the original version including any supplementary images or video, visit http://realtybiznews.com/pepper-spain-loans-celeris/98719563/



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