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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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Russian oil credit Rosneft has been rewarded for the increased margin on its $1.5bn loan by the return of French banks to its lending group. But liquidity challenges remain in a market that is fatigued by the borrower’s $2bn outing in December.
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Swiss-based commodities trading firm Glencore is out in the market with a $6bn one year syndicated loan facility to back its merger with Xstrata, while also looking to extend the maturity of two of its existing bank facilities by one year.
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Henkel, a producer of industrial, commercial and consumer chemicals, is expected to sign its new €800m five year loan facility next week after the deal was oversubscribed in syndication.
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The debt backing the management buy-out of Iceland, the UK food retailer, has been launched to an early bird phase of syndication this week, with a wider sell-down expected later in the month.
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UK clothes retailer Matalan has cancelled £20m of its revolving credit facility after failing to negotiate an easing of the covenants with one of its banks. The remaining £30m of the RCF, which was signed with another bank, remains in place, as Matalan was able to secure a covenant reset from that bank. The company is rated B3/B.
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Despite a trickle of big ticket deals in the pipeline, loan volumes will be low until at least the end of June when lenders can assess the full impact of the European Banking Authority’s 9% tier one capital requirements.