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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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Around a dozen new-issue collateralized loan obligations are set to come to market ahead of the traditional summer lull. -
Nestlé will pay a 20bp margin on its €7bn loan backing its takeover of Pfizer’s baby food unit — a price regarded by some bankers as quite generous for the Swiss name.
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Apax and Permira’s UK fashion retailer New Look has closed an amend and extend request that has allowed it to stretch the maturities of more than 70% of its senior loan facilities out to 2015. The company had been hoping to extend 80% of its debt.
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Bookrunners leading the €2bn loan financing of €3.2bn sale of E.On’s Open Grid Europe gas network will hold a bank meeting in Frankfurt on Friday, although after a successful senior syndication process, they said that most of the facility has already been covered.
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European pharmaceuticals distributor Phoenix Group has signed a new loan of €1.35bn as it continues to deleverage following a 2010 restructuring.
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Bankers were shocked this week at the aggressive pricing demanded by Saudi Arabia’s Sadara as funding officials of the integrated chemicals complex project approached banks for long term financing for around $4bn. Sponsors Dow Chemicals and Saudi Aramco are aiming for a margin as low as 45bp, a price that international lenders have derided as unrealistic.
