The much-talked about loan from Hutchison Whampoa has finally been launched into general syndication after weeks of waiting.
That the deal comes to market one week after the withdrawal of Hutchison's Eu1.5 billion bond sale should be no surprise. That the loan has not been increased in the wake of the bond's demise has caused some surprise, however. It has led a number of analysts to speculate that Hutch will re-engage the bond markets once conditions settle.
The five-year bullet loan aims to raise Eu760 million with proceeds funding Hutch's Eu1.3 billion acquisition of Kruidvat, although given the company's huge cash pile $5.9 billion excluding marketable securities at the end of the first half,...
