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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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Six banks are providing debt of €220m to support Carlyle’s takeover of Spanish cable firm Telecable de Asturias, which will be financed as a club deal. But banks backing the unsuccessful sponsors had put underwrites on the table, as leveraged loan bankers said they were still willing to underwrite deals on the right terms.
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Syndication of the €205m of leveraged loans backing 3i’s buy-out of building fasteners manufacturer Etanco from IK Investment Partners closed on Thursday, said bankers close to the deal.
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Russian state-controlled gas producer Gazprom is in negotiations with a club of banks for a new loan of $800m or more, its first corporate syndicated facility since the fall of Lehman Brothers.
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Most-favoured-nation (MFN) clauses expired last week on the LBO loans for UK car breakdown service RAC and French electrical company Spie, and the loans were subsequently quoted below their respective original issue discounts (OIDs) by traders. But some leveraged loan bankers suggested that the deals would not be the easy pickings that some investors had expected, because funds had hoarded so much cash.
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Bakrie Sumatera Plantations is running out of time to refinance a $185m bond which matures at the start of next month. The company has around a week to find $25m, and is now hoping to get commitments from investors who could suffer if the company was forced into a restructuring.
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Bank of Ireland has divested €5bn of non-core loans at a discount of around 9% without any adverse effect on its core tier one capital ratio. The sale of the assets puts the bank on track to meet the conditions of Ireland’s sovereign bail-out.