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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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Afeximbank has verbally mandated nine banks for its $400m refinancing loan with final mandates expected by the end of the month. Banks that do sign into the deal can expect the African bank to pay a decent price for the loan, said a banker with close knowledge of proceedings.
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ABN Amro, Friesland Bank, ING Bank, ING Commercial Finance, IKB, NIBA and Rabobank have provided a €190m club loan to support Sun Capital Partners’ acquisition of Amsterdam clothing wholesaler and retailer Scotch & Soda.
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Belgian cable firm Telenet (Ba3/BB+) is raising €175m for general corporate purposes through a term loan ‘T’, maturing on December 31 2018, issued under its existing senior credit facility. BNP Paribas is bookrunner on the loan, which will offer a margin of 350bp over Euribor
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Medium sized businesses could access flexible and attractive funding through the syndicated loan market, the Loan Market Association stressed this week in response to a consultation from the Department for Business Innovation & Skills (BIS).
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Orange Switzerland, the Swiss mobile phone group that Apax has bought from France Télécom, raised €180m today by tapping its €150m floating rate note issued last week.The snap decision to increase the FRN will enable Orange Switzerland to repay all of its term loan ‘B’, which was in the process of being syndicated.
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CIS bankers are eagerly awaiting Russian oil credit Rosneft’s decision on whether it will look to raise $2bn from the loan market as the deal would be a benchmark for other big ticket transactions in the country.