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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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Bankers working on the debt financing for the management buy-out of UK food retailer Iceland are waiting to see the market’s response to an LBO of CPA Global before setting terms on their deal.
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Credit Suisse has brought one lender into a loan for Philippine Airlines backed by receivables from credit card bookings, bringing the company closer to raising the $50m or so that it wants to get from other lenders. The Swiss bank signed a bilateral deal with the airline last year, but has now moved to bring in more banks and increase the size of the transaction.
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Krakatau Posco, a joint venture between South Korean steel company Posco and Indonesian counterpart Krakatau Steel, has signed some $1.729bn in loans backed by a pair of South Korean export-credit agencies.
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Thailand’s state-owned energy company PTT Exploration and Production Public Corp (PTTEP) is working on the documentation for a $300m club deal, and plans to sign the loan in the middle of next month. Bank of Tokyo-Mitsubishi UFJ, Mizuho and Sumitomo Mitsui Banking Corp are lending $300m for five years, earning an all-in return of around 215bp over dollar Libor, said loans bankers.
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Onex Credit Partners has priced its $325 million OCP CLO 2012-1, upsized from $300 million.
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Octagon Credit Investors upsized its collateralized loan obligation to $358 million from $308 million and priced the deal’s $270.9 million Class A tranche tighter than similar bonds from recent CLOs.