Bids are due on a 239 million euro-equivalent ($267.58 million) portfolio of loans from specialist investment firm and asset manager ICG that has been put up for sale on Europe's secondary loan market, banking sources said on Tuesday. The Bids Wanted in Competition (BWIC) launched on March 3 and bids are due by 2pm UK time on March 5. The sale comes after one of ICG's funds, thought to be its EoS Loan Fund, was called for repayment by equity investors, the sources said.
ICG declined to comment.
BWIC sales are the preferred way of liquidating assets from funds, as the competitive auction process can help to achieve best prices for sellers. The BWIC comprises 55 names across a number of tranches, denominated mainly in euros, with some sterling and dollars. It has an average bid of 99.04, according to Thomson Reuters LPC data.
Some of the bigger positions include 28.9 million euros of German healthcare group Casa Reha; 25.4 million euros of UK medical courier Marken; 23.7 million euros of Finnish vehicle inspection firm A-Katsastus; 23.1 million pounds of UK digital radio network Airwave; 9.3 million euros of French private hospital group Vitalia; 9.1 million euros of Spanish medical group IDC Salud; 8.9 million euros of German building materials company Xella; and 7.1 million euros of German metering firm Ista."It should attract buyers and a lot of the paper is really on the run, flow names. However, there are some more difficult assets such as Marken and Airwaves," one of the sources said. ($1 = 0.8932 euros)
Jan 28 Russian oil giant Rosneft is set to repay around $7.14 billion of an existing two-year bridge loan that is due to mature on Feb. 13, bankers close to the deal said on Wednesday. The loan is part of a larger $11.9 billion, two-year bridge loan that was signed in Feb. 2013 that backed Rosneft's acquisition of oil company TNK-BP. Three senior loan bankers said on Wednesday that they expect the repayment to be made and do not anticipate any problems.
Rosneft raised a 400 billion rouble ($5.89 billion) bond on Jan. 26, which it said was to finance the company's projects and production plan and did not envisage the purchase of foreign currencies. Rosneft's last $7.6 billion bridge loan repayment on Dec. 22 was also preceded by a 625 billion rouble ($9.21 billion) bond which was issued on Dec. 11.
The December loan repayment helped to reduce volatility around the rouble, which spiked in advance of the payment as falling oil prices and EU and US sanctions raised fears that the loan would not be repaid. Rosneft is one of several Russian companies directly affected by Western sanctions which were imposed after Russia's annexation of the Crimea last March.
Rosneft repeated a statement that it made to Thomson Reuters LPC on Dec. 17 when contacted for comment on the upcoming loan repayment."Rosneft complies with its credit commitments in accordance with previously designated schedule for 2014. Rosneft demonstrates steady financial results regardless high volatility in the global economy. The company is capable to pay off its taken loans unassisted."Lenders to the $11.9 bridge loan are BNP Paribas, Bank of America Merrill Lynch, Bank of Tokyo Mitsubishi, Barclays Bank, Citigroup, Credit Agricole CIB, ING, Intesa Sanpaolo, JP Morgan, Mizuho Bank, Natixis, Societe Generale and UniCredit. ($1 = 67.8570 roubles)