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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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Spanish travel technology firm Amadeus signed a 2.5 year €200m revolver this week. The facility is expected to remain undrawn and is designed to add flexibility to the company's financial structure.
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All 15 banks invited to join GDF Suez’s €6bn loan facility supporting its £6.8bn takeover of the portion of International Power that it does not already own have committed to the self-arranged club deal.
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Lenders have swarmed to Afreximbank’s blowout dual currency two year loan, with the borrower closing the facility at $631.6m-equivalent, well above the firm’s $300m target. The borrower scaled lenders back in the dollar tranche.
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Cinven’s Italian aerospace engine manufacturer Avio and Charterhouse’s French clothing retailer Vivarte both launched amend and extend processes, as leveraged companies take advantage of a quiet LBO market to push out their debt maturities.
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Leveraged finance bankers are hoping that the inevitably strong competition among arranging banks for popular LBO credits will not lead to the market over-reaching as it did in the summer of 2011. Then a lack of deals in the early part of the year led to aggression in pitching for mandates and an over-crowded primary market by the summer — leaving banks long on most deals.
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French banks are increasingly the syndicated loan market’s scapegoat as lenders react to a sharp contraction in the product to a near two decade low.