ED&F Man refi succeeds as forward start backlash begins
ED&F Man, the commodities trading firm, scored an oversubscription with its latest $900m refinancing, which is now set to be increased. The borrower, one of just a handful to find excess demand for its loan, has had to pay up to secure the new funding but bankers close to the transaction praised the success of the ‘bog standard’ refinancing, as opposition to forward start facilities begins to grow in the loan market.
The $900m loan for ED&F Man was launched in early January is set to be increased to over $1bn when it closes in the coming weeks.
Bankers refused to disclose how much the borrower was paying for the refinancing, but conceded that pricing has been considerable marked-up from previous
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