Bianca Boorer
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Reporter on distressed debt and restructurings in Europe for @9finHQ. Views are my own.
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Articles by Bianca Boorer
Pharmanovia lenders bring in legal advisor
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Kloeckner to file for Chapter 11
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First Brands crashes into bankruptcy with over $10bn liabilities
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9Questions - Kai Zeng, Paul Weiss - Making Europe American again
9Questions is our Q&A series featuring key decision-makers in the corporate credit markets — get in touch if you know who we should be talking to! Europe tends to follow the US in terms of paths and trends. In the distressed market the catch-up has been on aggressive tactics for restructuring deals, with LMEs and co-ops making themselves increasingly felt in Europe. To discuss the Americanisation of the European market, 9fin sat down with Kai Zeng, restructuring partner at Paul Weiss.
Altice France secured creditors’ recoveries improve under latest proposal
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Winding Up - New Year, new inflation
Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Sign up for this newsletter here. European policymakers are doing everything they can to make 2025 a year of growth — which is coming with a natural side effect: inflation rising again.
Winding Up - Trump presents challenge to distressed credits with prospect of inflationary pressure
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Winding Up - Thames Water deal douses nationalisation fears ahead of budget
This website uses cookies, pixel tags, and similar technologies (“Cookies”) for the purpose of enabling site operations and for performance, personalisation, and marketing purposes. We use our own Cookies and some from third parties. Only essential Cookies are used by default. By clicking “Accept All” you consent to the use of non-essential Cookies (i.e., functional, analytics, and marketing Cookies) and the related processing of personal data.
TalkTalk to retranche £1bn senior debt into 1L & 2L with margin uplift
News and Analysis Bianca Boorer +Teri Buhl 3 September 2024•5 min read UK telecom’s provider TalkTalk is looking to retranche its £1bn of senior secured debt into new first lien (1L) and second lien (2L) bonds and loans, sources told 9fin. A person familiar with the situation described it as a great deal, given the significant increase in the coupon compared with the outstanding bonds, and the much tighter documentation.
Winding Up - Co-ops demonstrate fine line between brotherly love and family feuds
Market Wrap Bianca Boorer 30 August 2024•7 min read Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here. Little by little Kloeckner Pentaplast’s secured creditors are garnering signatures for a co-op across its $725m TLB, €600m TLB and €400m SSNs all maturing in 2026.
Winding Up - Creditors couple up to crack on with restructuring deals
Market Wrap Bianca Boorer 16 August 2024•4 min read Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here. In distressed land several partnerships have been struck as creditors rally around struggling companies to save them from dire straits (this is in the same week that Molly-Mae Hague and Tommy Fury decided to break their union).
Winding Up - Junk in the Thames
Market Wrap Bianca Boorer 2 August 2024•8 min read Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here. You’d think that with the sun finally showing its face that maybe the distressed activity would die down. Well, it hasn’t! This week 9fin took a trip back to the good old Rolls Building to watch the convening hearing for OQ Chemicals on Wednesday, 31 July.
Winding Up - England loses but Atos wins
Market Wrap Bianca Boorer 19 July 2024•7 min read Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here. Although England sadly lost its second Euros final in a row, Atos, which was the official IT sponsor of the tournament, has successfully raised the funding required for its restructuring.
Hunkemoller uptier transaction leaves primed creditors’ knickers in a twist
News and Analysis Bianca Boorer +Rachel Butt 28 June 2024•2 min read Dutch lingerie maker Hunkemoller drew the ire of certain creditors after the company recently agreed on an uptiering transaction with sizable bondholder Redwood Capital Management. The company has a €272.5m 9% SSN maturing in 2027, with Redwood holding around €186m of the bond.
Winding Up - Playing pretend
Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here. Cast your mind back two years, just as inflation soared and interest rates began their ascent. Expectations were that we could be seeing the makings of a real default cycle, where restructurings would have to materially delever companies and lenders would have to stomach painful haircuts.
Winding Up - Fed up?
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Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here. So, the Fed held interest rates… Why has the Fed gotten so hawkish on rate cuts? “The big thing that changed was the inflation forecast.
By Bianca Boorer Verified, Denitsa Stoyanova, Emmet Mc Nally, William Macadam Verified, Nathan R. Mitchell, Max Frumes
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9fin
Safeguard review - French advisors reflect on highs and lows of restructuring cases
News and Analysis Bianca Boorer 7 June 2024•10 min read It’s been three years since France reformed its bankruptcy law and we’ve had three big cases to test it out. 9fin travelled to Paris to hear from restructuring lawyers on how this reform has helped improve restructurings and what still needs improving.
Winding Up - When it rains it pours
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Market Wrap Chris Haffenden +Bianca Boorer + 5 more 28 March 2024•6 min read The working week may be one day poorer but there’s been plenty to keep 9fin’s European distressed team busy. Unsurprisingly, French situations have generated a healthy amount of coverage over the last four days. AlticeFrance’s Machiavellian ultimatum with lenders and its impressive value leakage capacity has strained our best credit and legal minds.
By Chris Haffenden, Bianca Boorer Verified, Denitsa Stoyanova, Emmet Mc Nally, William Macadam Verified, Nathan R. Mitchell, Max Frumes
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9fin
Arvos rallies support from majority of lenders for restructuring
News and Analysis Bianca Boorer 25 January 2024•7 min read The majority of Arvos’ lendershave backed its restructuring plan ahead of the lock up agreement deadline tomorrow (26 January), according to a source close to the company and a market participant. So far the group has received votes in favour of the deal from over 95% of its TLB lenders, over 80% of its letter of credit (LC) lenders and over 75% of its RCF lenders, according to the source close to the company.
Distressed year in review 2023 - Credit
Market Wrap David Orbay-Graves +Bianca Boorer 21 December 2023•30 min read It’s been quite the year for distressed debt given the global political tumult and soaring interest rates. In our Restructuring Tracker we have 30 completed deals this year. For this years’ notable legal precedents head over to 9fin’s legal wrap of 2023 available here. Read all our public content for free Sign up for our newsletter to read this article now We won't spam. You can unsubscribe at any time.
2023 review with CEO Steven Hunter
Market Wrap Bianca Boorer 19 December 2023•6 min read Looking back on 2023, we’ve seen financial markets tested by ongoing geopolitical upheaval. We sit down with 9fin’s CEO Steven Hunter to take us through the highs and lows of the year as well as our company’s growth story.
Keter receives handful of bids - Sale on track for Q1 24
News and Analysis Bianca Boorer 6 December 2023•2 min read Keter has received a handful of qualifying bids for the company, a source and a person close to the situation told 9fin. The first source said the indicative bids covered its outstanding debt. If the sales process had failed then the lenders would have taken over, the first source added. Read all our public content for free Sign up for our newsletter to read this article now We won't spam. You can unsubscribe at any time.
TalkTalk bondholders appoint advisors as refi fears mount
News and Analysis Bianca Boorer 25 October 2023•2 min read TalkTalk’s bondholders have appointed advisors to prepare for refinancing talks for £685m of SUN maturities coming up in February 2025. Two sources close said Milbank was appointed as legal advisor and one source familiar said Perella Weinberg Partners was appointed as financial advisor. Perella Weinberg did not wish to comment. The bondholders formed a group and held pitches a couple of weeks ago.
Alcentra sells €5m of Alloheim TLB with cover of 86.56
News and Analysis Bianca Boorer +Laura Thompson 5 October 2023•4 min read Alcentra sold a €5m piece of Alloheim’s €500m E+350bps term loan B maturing in 2025 with the loan trading with a cover of 86.56, according two market participants. The piece was part of a BWIC that launched last week (on 27 September 2023), after one of their CLOs was called, as reported.
SBB bondholders welcome SEK 7.8bn liquidity boost from EduCo sale
News and Analysis Bianca Boorer +David Orbay-Graves 24 September 2023•7 min read Swedish property company Samhallsbyggnadsbolaget (SBB)’s bondholders were relieved by the news this morning (25 September) that it had sold 1.16% of its EduCo JV to its existing (49%) shareholder Brookfield for around SEK 242m (€20.6m). This raises hopes that 2024 and 2025 maturities can now be covered.
Casino lenders loop in more advisory help ahead of consent deadline
French retailer Groupe Casino’s RCF lenders have appointed Houlihan Lokey and Freshfields, as legal and financial advisors, according to a source close to the lenders and a market participant. A group of Casino’s TLB lenders recently brought on PJT as financial advisor, the sources said. The TLB group also appointed Latham Watkins as their legal advisors, as reported.
Aggregate consent solicitation breaks silence; but release reveals some worrying implications
After months of virtual silence, Aggregate Holdings announced today is set to launch a consent solicitation for its €250m 5.5% 2024 SUNs and its €600m 6.875% 2025 SUNs. The troubled German real estate company is seeking approval to uplift and defer coupons and relax covenants. For the 2025s, the proposal envisages coupon payments being deferred to maturity. The coupon would be increased by 2.75% percentage points to 9.625%.
Groupe Casino creditors kick-off discussions with company
French retailer Groupe Casino has kicked off informal discussions with its creditors ahead of a possible conciliation process and a potential restructuring of its unsecured debt. The group is looking to consult with creditors regarding two potential offers: The first involves a joint venture between Casino, TERACT and Groupement Les Mousquetaires, whereby Casino will contribute its French stores to the new entity with fresh equity of up to €800m.
Making a French Exit - Orpea Restructuring
As Orpea approaches a pivotal point in its restructuring, 9fin’s distressed and restructuring team outline the key challenges for the group. The team assesses the restructuring plan for the French Care Homes operator, how the stakeholder groups are lining up, valuation metrics and key challenges. With its equity raise due to complete imminently, 9fin’s Chris Haffenden, MBA CMgr FCMI, Denitsa Stoyanova, CFA and Bianca Boorer break down the key issues for Europe’s largest restructuring to date.
Veon convening judgement due at 11.30am; 2023 holders call for two creditor groups
Market Wrap Bianca Boorer 21 December 2022•14 min read Justice Zacaroli will hand down his convening hearing judgement on Veon’s single-class English Scheme of Arrangement at 11:30 GMT today (21 December). At a full day convening hearing yesterday at the UK High Court, two of the Dutch-headquartered telecoms company’s 2023 bondholders challenged the single class composition and Veon’s motivations for the Scheme.
Veon single-class Scheme convened, but harmonisation removed
Delivering his judgement this morning (21 December), Justice Zacaroli approved Veon’s contested single-class Scheme, but asked for the removal of veto rights to be excised. Zacaroli felt the removal of the veto right for the February 2023 notes was a separate issue, which is not necessary for the main aspect of the Scheme. The company has expressed that it “would not be appropriate” to pursue this with two schemes and therefore it is his view to have it excised.
Corestate battles with bondholders over 80% haircut proposal
German real estate operator Corestate has proposed that its bondholders take a 80% haircut in exchange for up to €33m from asset disposals, plus 50% shared upside in proceeds from repaid bridge loans and fees from discontinued mezzanine funds.
Keter downgraded to triple-C as A&E fails on CLOs blocker
Moody’s has cut debt BC Partner-owned Israeli plastic furniture maker Keter to triple-C territory, reflecting the elevated risk to the refinancing of its €1.205bn TLB due October 2023. Keter came out to lenders in early September seeking an amend and extend (A&E) of its €1.205bn October 2023 TLB, but wasn’t able to find the 80% majority required to push it through in its original form, according to one buysider.
GenesisCare shareholders waive prepayment of bridge loans, extend maturities to Nov 23 as EBITDA slims to $36m
Market Wrap Laura Thompson +Bill Weisbrod + 2 more 1 November 2022 Shareholders in troubled cancer treatment chain GenesisCare have waived early repayments of their bridging loans from the group’s sale of Australian cardiology business CardioCo, according to a lender and a source close to the creditors. Maturities on the facilities were also extended from July 2023 to November 2023, with a further six month extension possible at the discretion of KKR and China Resources Group (CRG), they added.
Orpea expected to implement debt restructuring through Sauvegarde Accélérée
French care home operator Orpea is expected to implement its proposed debt restructuring through a S procedure, since it is unlikely to receive unanimous consent from its creditors for the plan, required under the conciliation procedure. Orpea did not respond for comment.
Matalan expecting up to 10 bids on Friday including “racy” proposal from 2L
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Hey Asian Girl
Contrary to my previous post on how to be zen and avoid conflict, some battles are worth fighting - if it involves standing up for yourself. One evening in Medellin, Colombia, I was getting myself a glass of water from the sink in the communal area of my hostel, when I heard someone behind me say “Hey Asian girl”. I turned around to this English guy, probably in his late 30s, with a bandage on his nose (from when he got kicked in the face by a donkey).
Sail through conflict
As I was sailing from Colombia to Panama for 6 days on a boat with 13 other people, I thought the worst thing would be to have someone on board that I didn’t get on with. Lo and behold that very thing had happened. I was sharing a dorm with a person that I ended up crossing horns with. It started out as mere jesting at each other’s expense, banter if you will. However it quickly descended into constant attempts to belittle one another at every opportunity.
Backpacker chic
As I alluded to in my previous post, one cannot bring too many items of clothing whilst backpacking. So I have collated some tips on how to maintain your style whilst travelling. Wear other people’s clothes If you’ve run out of stuff to wear, just switch clothes with someone else. Don’t let differences in size, gender or style put you off. If you wear it with enough attitude (and after a few bevvies) you will surely pull it off.
Travel lessons
I am just over half way through the longest trip I’ve ever been on. The opportunity to travel for longer than two weeks seemed out of reach with work restrictions. As I am currently between jobs (along with Lara Gibson who is a fellow Journo and Legend), I thought this was the perfect time to do it. I have learned many things that you can’t really learn from school or your everyday life. Here are my top 5: Pack Light - backpacking means you can’t exactly bring your whole wardrobe.
Investec’s UK branch attracts Asian banks to A$150m refi
The funds will be used to refinance a A$75m loan from 2015, which only had five banks on the deal — ANZ, BNP Paribas, HSBC, Taiwan Business bank and Hua Nan Commercial Bank, according to Dealogic.The new three year loan, which was signed on March 28, ... Please take a trial or subscribe to access this content.
GEMS attracts five more to $1.25bn syndication
In October last year, HSBC, Emirates NBD, Mashreq Bank and Noor Bank underwrote the facility, which the company plans to use for refinancing previous loans and supporting its acquisition plans.Two months later 10 banks joined as early birds. Abu Dhabi Islamic Bank, Morgan Stanley, Bank ... Please take a trial or subscribe to access this content.
Turk Eximbank increases loan to €544m
The loan, which was signed on Monday, has four tranches: two one year clips of €358.5m and $41m, a brace of two year lines of €122.5m and $35m. The one year tranches are priced at 85bp over Euribor and 95bp over Libor, the two years at 150bp ... Please take a trial or subscribe to access this content.
Cocobod launches loan despite repayment qualms
Joseph Boahen Aidoo, Cocobod's chief executive, told Bloomberg in an interview last month that it might not be able to meet its target of 850,000 metric tons of cocoa due to dry weather and plant disease. “We are only praying that we’ll be able to meet our ... Please take a trial or subscribe to access this content.
PPF launches syndication of €3bn acquisition loan
The group agreed to acquire 100% of Telenor’s local entities in Hungary, Bulgaria, Serbia and Montenegro for €2.8bn on March 21. This includes Telenor’s mobile operations in Hungary, Bulgaria, Montenegro and Serbia and its technology service provider Telenor Common Operation.It is the largest M&A transaction in the ... Please take a trial or subscribe to access this content.
PPF’s €3bn acquisition loan split into three tranches
The €3.025bn facility comprises a five year amortising term loan A for €1.04bn, a six year bullet term loan B for €1.785bn and a five year revolving credit facility for €200m. BNP Paribas, Crédit Agricole, Erste Group, HSBC, Société Générale and UniCredit Bank, were mandated to ... Please take a trial or subscribe to access this content.
Russian miners sign deals amid elections
wPutin won his six year term as president with 77% of the vote on Sunday.Russia is also in the spotlight over the poisoning of Russian spy Sergei Skripal in Salisbury, UK on March 4. A banker on the Nordgold deal said that lenders will be “pragmatic” about the ... Please take a trial or subscribe to access this content.
UAE’s NMC Healthcare signs $2bn loan
NMC Healthcare signed the loan on February 26, in order to refinance existing debt and support the group’s acquisition plans. In 2017, the group issued two loans for $825m and $250m repayable over 60 month and 84 months with a grace period of 12 months. It had ... Please take a trial or subscribe to access this content.
Saudi Arabia signs mega $16bn loan with 16 banks
The facility, which was signed on March 19, is split into a conventional tranche of $8.35bn and an Islamic tranche of $7.6bn. Each has a tenor of five years and was priced at 75bp over Libor.Saudi’s Debt Management Office announced earlier this month that 14 banks had joined ... Please take a trial or subscribe to access this content.
Petronas Chemicals signs $1bn bridge loan
On October 2, Petronas Chemicals, a subsidiary of Petronas, announced that it had signed a share purchase agreement with Aramco Overseas Holdings Coöperatief (AOHC), a subsidiary of Saudi Aramco, to sell 50% of its polymers business PRPC Polymers. The agreement involved the divestment of 50% of equity ... Please take a trial or subscribe to access this content.
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