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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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Bookrunners on the Skr9.9bn ($1.45bn) of senior loans backing CVC’s buy-out of Swedish building group Ahlsell are expecting to close books next week, after some lenders committed in an early bird phase. Standard and Poor’s and Moody’s are releasing their private ratings on the facility — which market participants say will be in the single B area — at the end of this week.
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Turkey’s Akbank is hoping to sign its annual refinancing facility by March 20, with the deal once again drawing in a large syndicate.
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The £560m term loan ‘B’ of the £885m all-senior loan financing that is backing founder and chief executive Malcolm Walker’s buy-out of UK food retailer Iceland is being talked at an original issue discount of around 98, after a bank meeting on Wednesday.
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Leveraged loan investors are not desperate to deploy cash despite a worrying lack of supply in the LBO market — even when they hear rumours about aggressive potential LBOs that suggest banks may not be keeping such a cool head as they strive for business.
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Kim McNamara and Victor Pasamontes have joined BBVA’s syndicated loans team in London.
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UK newspaper group Trinity Mirror has signed a new bank facility of £110m, thanks in part to an agreement with the trustees of the firm’s pension scheme to reduce deficit funding payments until 2014 to £10m per year. From 2015, annual payments will return to the normal level of £33m.