Chemicals producer BASF SE has turned to the private debt market for a $1.5bn loan, while engineering firm Robert Bosch has secured $1.2bn of privately-placed debt, according to a report by Bloomberg.
The report cites people with knowledge of the matter as confirming that Bank of America Corp and Mizuho Securities arranged the latter deal, while JPMorgan Chase & Co and NatWest Markets sold the debt for BASF.
Private placements are becoming increasingly common among blue-chip companies looking to raise debt with Italian chocolatier Ferrero and French drinks company Remi Cointreau having also turned pro private credit this year. The growth has prompted large assets managers to take on extra staff with Apollo Global Management Inc, Neuberger Berman Group and Ares Management Corp all adding to the private credit teams recently.
