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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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Private equity firm Advent said on September 24 that it had put in place a committed financing to support its proposed takeover of listed Dutch pharmacy chain Mediq, as leveraged finance bankers finally reported signs of life in the pipeline and expressed hope for a busier October.
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Syndication of the £235m of loans backing Cinven’s buy-out of Mercury Pharma is to close oversubscribed as bankers continue to praise issuance conditions in the leveraged loan market.
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Middle East-focused project financers are eagerly awaiting the terms on multi-billion-dollar deals for Abu Dhabi’s Emirates Aluminium Project (Emal 2) and Saudi Arabia’s Sadara Chemical Company.
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Collateralized loan obligation issuance in September is looking to break yet another post-crisis record, with three CLOs totaling $1.59 billion already pricing during the week, and at least $810.1 million more looking to price by close of market Friday.
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Swedish shipping group Stena (Ba3/BB) has signed a $1bn revolving credit facility to refinance an existing facility arranged in December 2004. JP Morgan, SEB and Svenska Handelsbanken were bookrunners on the loan, which has a maturity of 5.5 years.
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Saudi Arabia’s Sahara Petrochemical Company has signed a SR500m ($133m) three year loan from Riyad Bank.