Up to $550 billion of European LBO loans are due to
mature between now and 2016. What are the options for
addressing the huge refinancing burden and what new trends are
emerging in this changed financial landscape?
According to research commissioned by Linklaters, the annual
volume requiring refinancing ranges from $69 billion in 2012 to
$103 billion in 2016, hitting peaks of nearly $140 billion in
both 2014 and 2015.
The largest requirement is on the UK, which
accounts for more than a quarter of Europes debt burden.
But uncertainty in the eurozone crisis and more stringent
regulation requirements has restricted banks ability to
participate in refinancings.
Theres a perfect storm at the moment, said
Chris Howard, a London-based partner in Linklaters...