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In a sign of improving conditions within credit markets, the value of syndicated bank debt due for maturity within the next five years and successfully refinanced by (74) FTSE 350* companies between April and June 2009 has increased by 76% to £52.3bn, compared to the first three months of the year when 72 companies refinanced £29.8bn, according to a new analysis of Bloomberg data** by international law firm Freshfields Bruckhaus Deringer. The figures bring total refinancing levels completed so far this year to £82.1bn and leave £17.2bn of bank debt maturing by the end of this year and £186bn maturing by 2013 still to be dealt with. No single refinancing was judged so large to significantly skew the trend analysis. Ken Baird, head of Freshfields’ restructuring and insolvency practice said: ‘Credit markets are gradually thawing out thanks to an increased willingness by shareholders to provide equity instead of debt; sustained activity in the corporate bond market which may prove a long-term structural response to tightened credit conditions, and a growing expectation that the cycle has at least bottomed out, despite current challenges. ’ David Winfield, head of Freshfields’ banking practice added: ‘Liquidity in the bank markets remains an issue for all borrowers, but there is also no doubt that conditions are improving. We are seeing a number of stronger corporates turning to the capital markets and looking at private placements as a way to raise debt on better terms than they would through banks. Forward start facilities also remain prominent.’ The FTSE 350’s most pressing refinancing challenge, the £28.9bn of syndicated bank debt recorded in April (£29.4bn in January) and due to mature by the end of 2009, was tackled by 49 companies, which were able to successfully refinance £21.3bn of it. However, during the same period, 14 companies added a total £10.3bn to the debt burden, of which £9.1bn is attributed to one natural resources company, which also accounts for over half (53%) of the remaining £17.2bn debt due to mature this year. Since the beginning of the year, debt maturing in 2009 has decreased (in net terms accounting for new debt raised) by 41%. The sectors which proved most successful in refinancing their 2009 bank debt within the last three months include (in net terms) telecommunications (£4.2bn), travel and leisure (£2.6bn) and industrial goods (£2.5bn). In contrast, further syndicated bank debt disclosures were predominant in mining and natural resources (£6.4bn), utilities (£503m) and healthcare (£66m). (See table 1). Despite additional debt issued to the tune of £30.5bn in the last three months by 75 companies, total bank debt maturing within the next five years also fell by 11.4%, from £210bn in early January to £186bn at the end of June. ‘The successful refinancings we are seeing among Britain’s largest listed companies are being echoed elsewhere in the market and are reflected in a reduced number of administrations taking place within the wider economy. It remains to be seen whether the financing case for equity and bond raising exercises have been overoptimistic, though it can be argued that companies and shareholders have had little choice but go down this route in order to preserve value,’ concluded Baird. *excluding banking and financial services organisations **source Bloomberg Finance LP
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