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Business Wire
8 hours ago
- Business
- Business Wire
James Hardie Announces Successful Syndication of New Credit Facilities
SYDNEY--(BUSINESS WIRE)--James Hardie Industries plc (ASX: JHX) ('James Hardie' or the 'Company') announced today the successful syndication of new credit facilities to support its operations and its planned transaction with The AZEK Company Inc. ( AZEK). Transaction Highlights The Company syndicated new senior secured credit facilities totaling $3.5 billion with broad support including 30 participating banks. Specifically, the Company secured a $1 billion revolving credit facility and $2.5 billion senior secured Term Loan A split between a $750 million 3-year tranche and $1,750 million 5-year tranche. Following entry into the new credit facilities, bridge facility commitments under the commitment letter (as defined below) made with certain lenders in connection with James Hardie's pending transaction with AZEK were reduced from $4.3 billion to $1.7 billion. The facilities will price at an applicable margin for Term SOFR-based loans for the 3-year between 1.25% to 1.875%, and for the 5-year between 1.375% to 2.00%, depending on Holdings' Consolidated Net Leverage Ratio. In connection with this, the Company entered into an interest rate swap agreement to fix the 3-month SOFR at 3.79% on $1 billion notional through June of 2028. The swap increases rate certainty and reduces interest expense vs. the current SOFR rate. 'We are pleased with the strong show of support that this syndication received from new and existing investors and appreciate their partnership. Their participation in these new credit facilities underscores the market's confidence in our value proposition and conviction in our future,' said Rachel Wilson, CFO of James Hardie. 'With this action, we will be executing on our growth strategy from an attractive and flexible financial position.' Transaction Details Certain of the Company's wholly-owned subsidiaries—James Hardie International Group Limited ('Holdings'), JH North America Holdings Inc. ('JHNAH'), James Hardie International Finance DAC ('JHIF'), James Hardie US Holdings Limited ('JHUSH') and James Hardie Building Products Inc. ('JHBP') entered into a Credit and Guaranty Agreement (the 'Credit Agreement'), with the lenders and L/C issuers party from time to time thereto, and Bank of America, N.A., as administrative agent and as collateral agent. The Credit Agreement provides for senior secured credit facilities (the 'Credit Facilities') in an aggregate principal amount of $3.5 billion, consisting of (a) a senior secured term 'A' loan facility in an aggregate principal amount of $750 million (the 'Term A-1 Facility'), (b) a senior secured term 'A' loan facility in an aggregate principal amount of $1.75 billion (the 'Term A-2 Facility' and, together with the Term A-1 Facility, the 'Term Facilities') and (c) a senior secured revolving credit facility in an aggregate principal amount of $1 billion (the 'Revolving Facility'). The Revolving Facility also contains a $100 million sublimit for the issuance of letters of credit and a $50 million sublimit for the borrowing of swing line loans. JHNAH is the borrower under the Term Facilities and JHNAH, JHIF, JHUSH and JHBP are co-borrowers under the Revolving Facility (collectively, the 'revolving credit borrowers' and, together with JHNA in its capacity as borrower under the Term Facilities, the 'borrowers'). As previously disclosed, on March 23, 2025, James Hardie and AZEK entered into an Agreement and Plan of Merger (the 'Merger Agreement'). In connection with the merger contemplated thereby (the 'Merger'), JHNAH previously entered into a commitment letter (the 'commitment letter') with certain lenders pursuant to which such lenders committed to provide, subject to the terms and conditions therein, a 364-day senior unsecured bridge term loan credit facility in an aggregate principal amount of $4.3 billion to finance a portion of the Merger and related transactions. On the effective date of the Credit Facilities (the 'Signing Date'), the commitments under the commitment letter were reduced by $2.6 billion on account of commitments represented by the Credit Facilities. No borrowings under the Revolving Facility were made on the Signing Date; however, letters of credit were issued thereunder to 'grandfather' existing letters of credit under the borrowers' existing revolving credit facility (which was repaid in full and terminated at the Signing Date). Prior to consummation of the Merger, no borrowings are available under Term Facilities and only up to $600 million (the 'Pre-Merger Revolving Facility Cap') of the commitments under the Revolving Facility are available. If the Merger is abandoned or not consummated within five business days following the termination date set forth in the Merger Agreement, or JHNAH so elects, the commitments under the Term Facilities will be reduced to zero and, thereupon, the commitments under the Revolving Facility will be automatically reduced by $400 million. If funded, the Term A-1 Facility will mature, and all obligations thereunder shall become due and payable, on the third anniversary of the Signing Date. The Term A-2 Facility (if funded) and the Revolving Facility will mature, and all obligations thereunder shall become due and payable and all commitments under the Revolving Facility will terminate, on the fifth anniversary of the Signing Date. Prior to consummation of the Merger, the revolving credit borrowers may borrow funds available under the Revolving Facility, on a revolving basis in an aggregate amount not to exceed the Pre-Merger Revolving Facility Cap, in the form of revolving loans or letters of credit, subject to certain customary conditions. Proceeds of revolving loans and letters of credit will be used to finance the working capital needs and other general corporate purposes of Holdings and its subsidiaries (including for working capital and/or purchase price adjustments, refinancings of existing debt, acquisitions and other Investments, capital expenditures, dividends and other distributions, payment of related costs, fees and expenses and any other purpose not prohibited by the Credit Agreement and related loan documents). On the date of consummation of the Merger, subject to certain customary conditions, borrowings under the Credit Facilities will be used to finance a portion of the cash consideration payable in connection with the Merger and related transactions, to repay indebtedness outstanding under AZEK's existing credit facilities and to pay costs and expenses related to the Merger and the Credit Facilities. Thereafter, the Pre-Merger Revolving Facility Cap shall be automatically removed, and borrowings under the Revolving Facility will be available for the same purposes as permitted during the period prior to consummation of the Merger. The principal amount of loans, if any, under the Credit Facilities will bear interest at a rate per annum equal to, at JHNAH's option, either at a Term SOFR-based rate (with such customary provisions under the Credit Agreement providing for the replacement of Term SOFR with any successor rate) or an alternate base rate, in each case plus an applicable borrowing margin based on the Company's Consolidated Net Leverage Ratio (as defined in the Credit Agreement). With respect to the Term A-1 Facility (if funded), (i) from and after the date of consummation of the Merger and until the date that JHIF delivers a compliance certificate for the first full fiscal quarter of James Hardie occurring thereafter to the administrative agent pursuant to the Credit Agreement, the applicable margin for alternate base rate loans will be 0.625%, and the applicable margin for Term SOFR-based loans will be 1.625%, and (ii) thereafter, the applicable margin for alternate base rate loans varies from 0.25% to 0.875% and the applicable margin for Term SOFR-based loans will vary from 1.25% to 1.875%, in each case, depending on the Company's Consolidated Net Leverage Ratio. With respect to the Term A-2 Facility (if funded), (i) from and after the date of consummation of the Merger and until the date that JHIF delivers a compliance certificate for the first full fiscal quarter of James Hardie occurring thereafter to the administrative agent pursuant to the Credit Agreement, the applicable margin for alternate base rate loans will be 0.75%, and the applicable margin for Term SOFR-based loans will be 1.75%, and (ii) thereafter, the applicable margin for alternate base rate loans varies from 0.375% to 1.00% and the applicable margin for Term SOFR-based loans will vary from 1.375% to 2.00%, in each case, depending on the Company's Consolidated Net Leverage Ratio. With respect to the Revolving Facility (including any swing line loans), (i) from and after the Signing Date until the date that JHIF delivers a compliance certificate for the first full fiscal quarter of James Hardie occurring after the date of consummation of the Merger (or, if earlier, the date that the commitments under the Term Facilities are terminated prior to funding) to the administrative agent pursuant to the Credit Agreement, the applicable margin for alternate base rate loans will be 0.75%, and the applicable margin for Term SOFR-based loans will be 1.75%, and (ii) thereafter, the applicable margin for alternate base rate loans varies from 0.375% to 1.00% and the applicable margin for Term SOFR-based loans will vary from 1.375% to 2.00%, in each case, depending on Holdings' Consolidated Net Leverage Ratio. Unutilized commitments under the Credit Facilities are subject to a per annum fee equal to (i) from and after the Signing Date until the date that JHIF delivers a compliance certificate for the first full fiscal quarter of James Hardie occurring after the date of consummation of the Merger (or, if earlier, the date that the commitments under the Term Facilities are terminated prior to funding) to the administrative agent pursuant to the Credit Agreement, 0.25%, and (ii) thereafter, an amount that varies from 0.20% to 0.30%, depending on the Company's Consolidated Net Leverage Ratio. The revolving credit borrowers are also required to pay a letter of credit fronting fee to each L/C issuer equal to 0.125% per annum of the amount available to be drawn under each such letter of credit, as well as a letter of credit fee to all lenders under the Revolving Facility equal to the applicable margin for Term SOFR under the Revolving Facility times the average daily amount available to be drawn under all outstanding letters of credit, and each letter of credit fee shall not be less than $500. The borrowers are also required to pay certain customary agency fees. The obligations under the Credit Agreement (i) are guaranteed on a senior secured basis by Holdings and each borrower (except with respect to their own obligations thereunder) and, to the extent a guarantor coverage test set forth in the Credit Agreement is unsatisfied as of any annual testing date occurring after the date of consummation of the Merger (or, if earlier, the date that the commitments under the Term Facilities are terminated prior to funding), certain future subsidiaries of Holdings (collectively, the 'Guarantors'), and (ii) are secured by a lien on the equity interests of certain direct wholly owned material U.S. restricted subsidiaries of Holdings and the borrowers that are not restricted from being pledged pursuant to applicable regulatory requirements or applicable law (subject to certain liens permitted under the Credit Agreement). The Credit Agreement also contains provisions providing for the release of the Collateral prior to payoff, subject to certain conditions set forth therein. The Credit Agreement requires commitments under the Term Facilities to be reduced, and loans (if funded) to be prepaid, with, (i) 100% of the net cash proceeds of certain non-ordinary course asset sales by Holdings or any of its subsidiaries and (ii) 100% of the net cash proceeds of certain issuances, offerings or placements of indebtedness by Holdings or any of its subsidiaries, in each case subject to certain exceptions set forth in the Credit Agreement. The Term A-2 Facility will amortize, on quarterly basis, (i) during the first and second years after the date of consummation of the Merger, in an amount equal to 0.625% of the aggregate principal amount of the loans actually funded thereunder, and (b) during the third, fourth and fifth years after the after the date of consummation of the Merger, 1.25% of the aggregate principal amount of the loans actually funded thereunder, with the balance payable at maturity. The Credit Agreement contains usual and customary affirmative and negative covenants for facilities and transactions of this type and that, among other things, restrict Holdings and its restricted subsidiaries' ability to incur additional indebtedness, create liens, consolidate or merge, make acquisitions and other investments, guarantee obligations of third parties, make loans or advances, declare or pay certain dividends or distributions on Holdings' stock, redeem or repurchase shares of Holdings' stock, and engage in transactions with affiliates. These covenants are subject to a number of qualifications and limitations, each of which are set forth in the Credit Agreement. The Credit Agreement also contains a springing equal and ratable provision to the extent additional collateral secures certain material credit facility and bond debt for borrowed money, on terms and subject to exceptions set forth in the Credit Agreement. The Credit Agreement provides for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, certain amendments by James Hardie to the AFFA and certain events of bankruptcy or insolvency involving Holdings and its material subsidiaries. In connection with its entry into the Credit Agreement, JHNAH entered into a rate swap agreement with Bank of America N.A. to fix the 3 month Term SOFR at 3.79% on a $1.0 billion notional amount through June of 2028. For more information on the proposed transaction with The AZEK Company Inc please see The information included on, or accessible through, such website is not incorporated by reference into this communication. Cautionary Disclosure Regarding Forward-Looking Statements Statements in this communication that are not historical facts are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include statements about: the proposed transaction between the Company and AZEK (the 'Transaction'), including estimated synergies, and the expected timing of completion of the Transaction; the Company's future performance or expectations; the Company's plans, objectives or goals; and the Credit Facilities, borrowings thereunder, use of proceeds thereof, related swap transactions and any other financing transactions related to the Transaction. Words such as 'believe,' 'anticipate,' 'plan,' 'expect,' 'intend,' 'target,' 'estimate,' 'project,' 'predict,' 'trend,' 'forecast,' 'guideline,' 'aim,' 'objective,' 'will,' 'should,' 'could,' 'likely,' 'continue,' 'may,' 'objective,' 'outlook' and similar expressions may identify forward-looking statements but are not the exclusive means of identifying such statements. Investors are cautioned not to place undue reliance on forward looking statements. Forward-looking statements of James Hardie and AZEK, respectively, are based on the current expectations, estimates and assumptions of James Hardie and AZEK, respectively, and, because forward-looking statements address future results, events and conditions, they, by their very nature, involve inherent risks and uncertainties, many of which are unforeseeable and beyond the control of James Hardie or AZEK. Such known and unknown risks, uncertainties and other factors may cause actual results, performance or other achievements to differ materially from the anticipated results, performance or achievements expressed, projected or implied by forward-looking statements. These factors include risks and uncertainties relating to the Transaction, including, but not limited to, the possibility that required regulatory approvals for the Transaction or approval of the Transaction by AZEK's stockholders and other conditions to closing are not received or satisfied on a timely basis or at all; the possible occurrence of events that may give rise to a right of either or both of James Hardie and AZEK to terminate the merger agreement providing for the Transaction; possible negative effects of the announcement or the consummation of the Transaction on the market price of James Hardie's and/or AZEK's shares and/or on their respective businesses, financial conditions, results of operations and financial performance; uncertainties as to access to financing (including financing for the Transaction) on a timely basis and on reasonable terms; the impact of the additional indebtedness the Company would incur in connection with the Transaction; risks relating to the value of the James Hardie shares to be issued in the Transaction and the contemplated listing arrangements for James Hardie shares and depositary interests following the Transaction; risks relating to significant transaction costs and/or unknown liabilities; the possibility that the anticipated synergies and other benefits from the Transaction cannot be realized in full or at all or may take longer to realize than expected; risks associated with contracts containing consent and/or other provisions that may be triggered by the Transaction; risks associated with Transaction-related litigation; the possibility that costs or difficulties related to the integration of James Hardie's and AZEK's businesses will be greater than expected; the risk that the Transaction and its announcement could have an adverse effect on the parties' relationships with its and their employees and other business partners, including suppliers and customers; the potential for the Transaction to divert the time and attention of management from ongoing business operations; the potential for contractual restrictions under the merger agreement providing for the Transaction to adversely affect the parties' ability to pursue other business opportunities or strategic transactions; the risk of other Transaction related disruptions to the businesses, including business plans and operations, of James Hardie and AZEK; and the possibility that, as a result of the Transaction or otherwise, James Hardie could lose its foreign private issuer status and be required to bear the costs and expenses related to full compliance with rules and regulations that apply to U.S. domestic issuers. There can be no assurance that the Transaction will in fact be consummated in the manner described or at all. These factors are not necessarily all of the factors that could cause James Hardie's, AZEK's or the combined company's actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, could also harm James Hardie's, AZEK's or the combined company's results. The foregoing discussion of risks and uncertainties is not exhaustive; other risks and uncertainties may cause actual results to differ materially from those referenced in any forward looking statements. All forward-looking statements attributable to James Hardie, AZEK or the combined company, or persons acting on James Hardie's or AZEK's behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward looking statements in this communication speak only as of the date of this communication and are statements of then current expectations concerning future results, events and conditions. Neither James Hardie nor AZEK assumes any obligation to update any forward looking statements or information except as required by law. If James Hardie or AZEK updates one or more forward-looking statements, no inference should be drawn that James Hardie or AZEK will make additional updates with respect to those or other forward-looking statements. Further information regarding James Hardie, AZEK and factors that could affect the forward-looking statements contained herein can be found in James Hardie's Annual Report on Form 20-F for the fiscal year ended March 31, 2025, and in its other documents filed or furnished with the U.S. Securities and Exchange Commission ('SEC'), and in AZEK's Annual Report on Form 10-K for the fiscal year ended September 30, 2024, and in its other documents filed or furnished with the SEC. Important Information and Where to Find It In connection with the proposed transaction between James Hardie and AZEK, James Hardie has filed with the SEC a registration statement on Form F-4 (SEC File No. 333-286977), which includes a proxy statement/prospectus, that serves as a proxy statement of AZEK and as a prospectus of James Hardie, and each party has filed and may file other documents regarding the proposed transaction with the SEC. The registration statement was declared effective by the SEC on May 29, 2025, and the definitive proxy statement/prospectus was sent to AZEK stockholders on or about May 29, 2025. Investors and security holders are urged to read the proxy statement/prospectus and other relevant documents filed with the SEC when they become available, because they contain or will contain important information. Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus and other documents that are filed or will be filed with the SEC by James Hardie or AZEK through the SEC's website at Copies of documents filed with the SEC by James Hardie will be available from James Hardie free of charge on James Hardie's website at or upon request submitted to James Hardie by e‑mail addressed to Copies of documents filed with the SEC by AZEK will be available from AZEK free of charge on AZEK's website at or upon request submitted to AZEK by mail addressed to The AZEK Company Inc., Attention: Corporate Secretary, 1330 W Fulton Street #350, Chicago, Illinois 60607. The information included on, or accessible through, James Hardie's or AZEK's website is not incorporated by reference into this communication. No Offer or Solicitation This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Fashion Value Chain
16 hours ago
- Business
- Fashion Value Chain
Why Bajaj Finserv Personal Loan is Your Best Option for Low Interest Loans Up to Rs. 55 Lakh
For customers planning a destination wedding, covering unexpected medical bills, or managing multiple financial obligations, finding the right credit solution is essential. In today's competitive lending market, many are seeking low-interest loans with fast processing and flexible terms. The Bajaj Finserv Personal Loan stands out as a top choice-offering high-value loans with unmatched convenience and reliability. Bajaj Finserv Personal Loan A Personal Loan Designed Around the Customer's Needs With the increasing demand for quick and collateral-free financing, the Bajaj Finserv Personal Loan provides a seamless borrowing experience. Eligible individuals can avail of loans of up to Rs. 55 lakh, with instant approval and disbursal within 24 hours*, making it one of the most efficient financing solutions available. Top Reasons to Choose Bajaj Finserv Personal Loan High Value Loan : Customers can borrow up to Rs. 55 lakh to cover a variety of personal needs-ranging from home upgrades to education expenses or even emergency situations. Fast Processing: The personal loan application process is fully digital, offering instant approval and quick fund disbursal within 24 hours* of verification. Flexible Repayment Tenure: Borrowers can choose a repayment plan with a tenure of up to 96 months, giving them the flexibility to manage EMIs according to their monthly budget. Minimal documents: Personal loan documents required depend on the customer profile – and can include KYC documents, income proofs and so on. Multiple Loan Variants Bajaj Finserv offers three different personal loan types, allowing applicants to pick the format that best fits their financial habits: â Term Loan Full amount disbursed at once Fixed EMIs through the tenure Prepayment charges applicable Flexi Term Loan Interest charged only on the amount withdrawn Multiple withdrawals without reapplying No extra charges for part-prepayment Flexi Hybrid Term Loan Interest-only EMI option up to the first 24 months Option to withdraw funds as needed No extra charges for part-prepayments No Collateral or Guarantor Required: The loan is completely unsecured, which means applicants are not required to pledge any asset or arrange for a guarantor. Simple Eligibility Criteria Bajaj Finserv Personal Loan is available to a broad customer base with the following basic eligibility: Nationality : Indian Age : Between 21 years and 80 years* (*Higher age limit at the end of the loan tenure) Profession : Salaried or self-employed individuals CIBIL Score : 685 or higher Employment: Must be working with a public, private, or multinational company A Trusted Lending Partner As one of India's leading non-banking financial companies, Bajaj Finserv has built a reputation for responsible lending and customer-first service. From the streamlined application to transparent charges, every aspect of the loan process is designed to ensure customer satisfaction and ease. How to Apply Applying for a Bajaj Finserv Personal Loan is quick and entirely online: Visit the official Bajaj Finserv website Enter basic details to check if you have a pre-approved offer Fill up the form and do the KYC Customer representative will connect with you for further process. This process ensures that eligible customers can access much-needed funds without delays or complicated procedures. *Terms and conditions apply Bajaj Finance Limited Bajaj Finance Ltd. ('BFL', 'Bajaj Finance', or 'the Company'), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 69.14 million customers. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings. To know more, visit
Business Upturn
2 days ago
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8 key benefits of choosing L&T Finance Personal Loan for your financial needs
A Personal Loan can be a lifesaver when you need urgent funds—be it for a medical emergency, home renovation, wedding, education, or even a planned vacation. But with so many lenders in the market, how do you decide which one is right for you? If you're looking for a solution that is both fast and reliable, the L&T Finance Personal Loan stands out for its simplicity, transparency, and customer-friendly features. Backed by the legacy and trust of L&T, this offering brings convenience and peace of mind to borrowers across India. Key Benefits to Choose an L&T Finance Personal Loan Let's explore eight key benefits of choosing an L&T Finance Personal Loan to meet your financial goals. 1. Quick and Hassle-Free Loan Approval One of the biggest advantages of opting for an L&T Finance Personal Loan is the speed of processing. Whether you apply online or offline, the entire approval and disbursal process is built to be fast, efficient, and seamless. Minimal documentation required Instant eligibility check online Approval and disbursal in as little as 48 hours* For salaried or self-employed individuals who can't afford delays, this speed can make all the difference, especially in emergencies. 2. Attractive and Competitive Interest Rates Another reason many prefer L&T Finance is the affordability factor. The L&T Finance Personal Loan interest rate is competitively priced based on your credit profile, income level, and repayment capacity. Interest rates start from attractive levels, depending on eligibility Transparent pricing with no hidden charges Tailored offers for professionals, government employees, and corporate customers A better rate means lower EMIs and savings over the loan tenure, giving you more financial breathing room. 3. High Loan Amounts up to ₹ 15 Lakhs Whether your financial need is small or significant, L&T Finance Personal Loan can support it. You can borrow from ₹ 50,000 up to ₹ 15 Llakh based on your profile and repayment history. This flexibility is ideal for: Funding higher education Covering large wedding expenses Consolidating credit card or other high-interest debts Undertaking big-ticket purchases like furniture, appliances, or electronics With access to a large loan amount, you don't need to dip into savings or break your fixed deposits. 4. Flexible Repayment Tenure When it comes to Personal Loans, repayment comfort is just as important as loan approval. L&T Finance offers flexible repayment tenures ranging from 12 to 72 months, allowing you to choose a plan that fits your budget. Short tenure = higher EMI, but lower overall interest Longer tenure = lower EMI, more manageable monthly payments Depending on your income flow, you can pick a term that helps you maintain lifestyle stability without EMI pressure. 5. Zero Collateral Requirement One of the biggest worries borrowers have is whether they'll need to pledge assets to get a loan. With L&T Finance, you get an entirely unsecured loan—meaning no need to offer gold, property, or other guarantees. No risk to personal or family assets Simple KYC and income documentation sufficient Ideal for young professionals or first-time borrowers This makes L&T Finance Personal Loan an ideal choice for those who want quick funds without paperwork complications. 6. Easy Online Application and Customer Support You don't have to visit branches or fill long forms to apply. The L&T Finance website offers a fully digital process: Check eligibility in seconds Upload documents from your phone or laptop Track loan status online e-Mandate setup for automated EMI deductions Moreover, a responsive customer service team is available to answer queries, guide you through repayment or help restructure your plan if needed. 7. Special Offers and Pre-Approved Deals L&T Finance often runs special campaigns with discounted L&T Finance Personal Loan interest rate offers for: Existing L&T customers Salaried professionals working with partner organisations Government and PSU employees Customers with excellent credit scores If you're pre-approved, your loan can be disbursed in a matter of hours—no fresh documentation needed. These offers also tend to come with reduced processing fees and flexible terms. 8. Transparent Terms with No Hidden Charges One of the most important aspects of any financial product is trust. With L&T Finance, you get absolute clarity on: Interest calculation EMI structure Foreclosure charges (if any) Processing fees and GST There are no surprise costs that creep up later, ensuring a smooth experience from start to finish. Transparency also helps you plan your finances better without second-guessing terms or chasing service support. Final Thoughts Choosing the right Personal Loan can help you manage life's expenses with ease, but it's the lender's features and reliability that truly make the experience worthwhile. An L&T Finance Personal Loan offers just that—a balanced mix of flexibility, speed, affordability, and customer support. From fast approvals to attractive L&T Finance Personal Loan interest rate options, it ticks all the boxes for a borrower looking for both convenience and value. Whether you need funds urgently or want to plan for a major expense, L&T Finance provides a secure and efficient solution tailored to your needs. Before you apply, be sure to check your eligibility, understand the repayment terms, and compare the EMI using their online calculator. And remember—responsible borrowing and timely repayment can also help you improve your credit score for future needs. * T&C Apply
Yahoo
2 days ago
- Business
- Yahoo
gategroup Successfully Prices Refinancing Transaction, Paving the Way for Growth and Market Expansion
gategroup Holding AG ('gategroup') is pleased to announce the successful pricing of its comprehensive refinancing package, comprising two term loans of EUR 675 million and USD 500 million, both with a tenure of 7 years, and a CHF 300 million multicurrency revolving credit facility (the 'new financing') with a tenure of 6.5 years. The transaction was significantly oversubscribed and priced at the tighter end of guidance - strongly underscoring market confidence in gategroup's strategy and performance. This transaction represents gategroup's debut as a Term Loan B (TLB) issuer, and the company is pleased to have attracted strong demand from leading global institutional investors. The level of interest received highlights the trust placed in gategroup's credit profile, operational resilience, and future growth potential. The New Financing is backed by a syndicate of top-tier global financial institutions and supports the refinancing of existing loans, notably the EUR 250 million Term Loan A and the CHF 415 million revolving credit facility, while also improving liquidity and flexibility. 'This successful refinancing marks a pivotal milestone for us,' said Christoph Schmitz, Chief Executive Officer of gategroup. 'The broad-based support from a large group of premier banking partners and top global funds is a powerful endorsement of our business and strategy. This transaction diversifies gategroup´s funding base and allows us to invest in long-term initiatives, expand our global footprint, and further elevate our market-leading services in airline catering and hospitality.' With the anticipated upgrade in its corporate credit rating to B2 (stable) / B+ (stable) by Moody's and S&P Global respectively, gategroup gains improved access to capital markets. The refinancing significantly enhances the company's capital structure and positions it for sustainable growth and value creation. Urs Schwendinger, Chief Financial Officer of gategroup, added: 'We are extremely pleased with the outcome of this transaction, which despite volatile market conditions has achieved several notable milestones among deals launched post-the US tariff announcements, including the largest cross-border loan issuance, largest debut issuance, and in its segment and rating universe, the largest new money loan deal and the largest Swiss issuance.'For media and investor inquiries, please contact: IR@ mediacontact@ About gategroup gategroup is the global leader in airline catering, retail-on-board, and hospitality products and services. Headquartered in Zurich, Switzerland, gategroup operates over 200 units in more than 60 countries, delivering culinary and retail excellence to passengers across all continents. Learn more at schließt Refinanzierung erfolgreich ab und ebnet den Weg für weiteres Wachstum und Marktexpansion Die gategroup Holding AG ('gategroup') freut sich, den erfolgreichen Abschluss und die Preisfestsetzung ihres umfassenden Refinanzierungspakets bekannt zu geben. Die neue Finanzierung umfasst zwei Term Loan B Instrumente in Höhe von EUR 675 Mio. und USD 500 Mio., beide mit einer Laufzeit von 7 Jahren, und eine revolvierende Kreditfazilität in Höhe von CHF 300 Mio. mit einer Laufzeit von 6,5 Jahren (die 'Neue Finanzierung'). Die Transaktion war deutlich überzeichnet und wurde zu attraktiven Konditionen abgeschlossen, was das Vertrauen der Märkte in gategroups Strategie und finanzielle Stärke unterstreicht. Mit dieser Emission tritt gategroup erstmals als Term Loan B Emittentin auf, und das Unternehmen freut sich über die starke Nachfrage von führenden globalen institutionellen Investoren. Das große Interesse unterstreicht das Vertrauen in gategroups Marktposition, die operative Leistungsfähigkeit und das zukünftige Wachstumspotenzial. Die Neue Finanzierung wird von einem Konsortium erstklassiger internationaler Finanzinstitute unterstützt und dient der Refinanzierung bestehender Kredite, insbesondere des EUR 250 Mio. Term Loan A und der existierenden revolvierenden Kreditfazilität in Höhe von CHF 415 Mio. Sie verbessert gleichzeitig die Liquidität und Flexibilität der Gruppe. 'Diese erfolgreiche Refinanzierung ist ein entscheidender Meilenstein für uns', sagt Christoph Schmitz, Chief Executive Officer von gategroup. 'Die breite Unterstützung durch eine große Gruppe führender Bankenpartner und globaler Top-Fonds sind ein starkes Signal für unser Geschäft, unsere Kunden und unsere Strategie. Die Transaktion schafft neue Optionen und ermöglicht es uns in langfristige Projekte zu investieren, unsere globale Präsenz auszubauen und unsere marktführenden Dienstleistungen im Bereich Airline-Catering und Hospitality weiter zu verbessern.' Mit der erwarteten Verbesserung des Unternehmensratings auf B2 (stabil) / B+ (stabil) durch Moody's bzw. S&P Global erhält gategroup einen verbesserten Zugang zu den internationalen Kapitalmärkten. Die Refinanzierung verbessert die Kapitalstruktur des Unternehmens erheblich und positioniert es für nachhaltiges Wachstum und Wertschöpfung. Urs Schwendinger, Chief Financial Officer von gategroup, fügt hinzu: 'Wir sind äußerst zufrieden mit dem Ergebnis dieser Transaktion, die trotz volatiler Marktbedingungen mehrere nennenswerte Merkmale unter den nach der Ankündigung der US-Zölle lancierten Finanztransaktionen aufweist, darunter die größte grenzüberschreitende Term Loan B Emission, die größte Emission einer 'First Time' Emittentin und in ihrem Segment und Rating-Universum die größte Neugelddarlehens-Transaktion' Für Medien- und Investorenanfragen wenden Sie sich bitte an: IR@ mediacontact@ Über gategroup gategroup ist der weltweit führende Anbieter von Airline-Catering, Retail-on-Board und Hospitality-Produkten und Dienstleistungen. Mit Hauptsitz in Zürich, Schweiz, betreibt gategroup über 200 Betriebe in mehr als 60 Ländern, die Passagieren auf allen Kontinenten kulinarische und einzelhandelsbezogene Spitzenleistungen bieten. Erfahren Sie mehr unter
Business Upturn
22-05-2025
- Business
- Business Upturn
Guggenheim Second Quarter 2025 High Yield and Bank Loan Outlook: Credit Crossroads: Finding Value in an Era of Uncertainty
NEW YORK, May 22, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today released its second quarter High Yield and Bank Loan Outlook. 'Credit Crossroads: Finding Value in an Era of Uncertainty,' examines the outlook for high yield corporate bonds and leveraged loans amid an uncertain economic environment and dimming growth outlook. Key takeaways: Despite recent progress on trade negotiations, tariffs and related uncertainty have weakened the U.S. economic outlook, widening the range of potential outcomes for credit. While progress on trade negotiations has lowered the probability of deeper economic downside risks, we think agreements will ultimately still result in higher effective tariff rates than at the start of the year. The leveraged credit market delivered positive returns, despite historically high volatility. Spreads for the strongest credits retraced quickly and are now tighter than the start of the year, while spreads for the weakest credits remain wider, as investors isolated the likely impact of tariffs across issuers and industries. Fundamentals vary widely by capital structure and issuer type. Industries that have outperformed are perceived as more resilient to tariff impacts due to less impact from trade issues or with defensive characteristics. In tariff-exposed sectors, spreads for the weakest credits are 20–30 percent wider than where they started the year, suggesting risks have not fully receded. We currently favor high yield corporates with stronger credit profiles and less exposure to tariff impacts and are maintaining cash to capitalize on relative value opportunities as spreads evolve. Substantial downside risk remains should trade negotiations disappoint, or if a deeper shock becomes evident when the full impact of tariffs materializes. We continue to actively monitor our portfolios, focusing on vulnerability to cost inflation, supply chain disruptions, and sourcing dependencies, while emphasizing issuers with pricing flexibility, negotiating power, and diversified sourcing strategies. For more information, please visit About Guggenheim Investments Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners and has more than $349 billion1 in total assets across fixed income, equity and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results. 1. Guggenheim Investments total assets are as of 3.31.2025 and includes $246 bn in GI Assets Under Management (AUM), plus $102.3 bn in non-advisory GI Assets Under Supervision (AUS) for a total of more than $349 bn. AUM includes leverage of $15.2 bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC. Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Investors in asset-backed securities, including mortgage-backed securities and collateralized loan obligations ('CLOs'), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. This material contains opinions of the author, but not necessarily those of Guggenheim Partners, LLC, or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC. Media Contact Gerard Carney Guggenheim Partners310.871.9208 [email protected]
