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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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UK directories company Yell Group is to start its debt purchase process on Tuesday, but lenders to the company were unsure that the company would have great success. As part of the amendments to its financing terms completed in December 2011, Yell increased the amount of cash available to spend on purchases of its own debt from £108.4m to £159.5m. -
Polish oil firm PKN Orlen is believed to be paying 150bp over Libor for a $400m loan that it is using to move some oil assets off balance sheet. The firm has opted to monetise just one oil storage cavern (each being worth $400m), having earlier considered doing more with a larger loan.
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Russian refinery construction firm Taneco has pulled in dual export finance loans from Japanese and European banks, including an end of year emerging market outing with Société Générale.
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Carlsberg Breweries signed an €800m five year revolving credit facility at the end of December after a sluggish borrower-led syndication. Although the Baa2/BBB rated borrower saw its transaction oversubscribed and lenders had their commitments scaled back, some bankers said that they thought the borrower had been aiming to increase the facility.
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Lenders to Dutch plastic pipemaker Wavin agreed in December to amend and extend the company’s debt for a second time in 2-1/2 years, pushing out the maturities on the €440m loan by two years to April 2015 and relaxing covenants.
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Metsä-Botnia refreshes revolving line with new €300m facility
