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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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Finnish metal casting services firm Componenta has extended the maturity of its €164m syndicated credit facility by one year to June 28 2013. The company said the banking syndicate on the extended facility remained the same, comprising Danske Bank, HSH Nordbank, Nordea, Pohjola, Royal Bank of Scotland, Swedbank and UniCredit.
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Although high yield has suffered an extremely volatile last 12 months, the sub-investment grade bond market remains the most likely source of relief for Europe’s estimated $550bn 2012-2016 leveraged buy-out maturity wall, according to EuroWeek poll of market participants.
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UK food group Premier Foods has extended the maturities of its existing £733m term loan and £500m revolving credit facility from December 31 2013 to June 30 2016 after coming to an agreement with its banking syndicate, swap counterparties and pension schemes. The company has also delayed all amortisation payments until June 30 2014.
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French building materials firm Lafarge has signed a two year extension to its €1.2bn syndicated loan, pushing out the maturity on the facility to July 2015. Some 24 lenders consented to the new maturity.
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Russian coking coal miner Raspadskaya has agreed a two year non-renewable credit line worth up to $300m from Sberbank.
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Turkey’s largest phone company Turk Telekom has lowered the margins it pays for large loans after it signed a dual currency loan worth $600m from 13 banks on Monday.