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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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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.
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The European Bank for Reconstruction and Development (EBRD) and three commercial lenders have provided Armenian financial institution Araratbank with a $12m ‘A/B’ structured loan.
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UK security firm G4S has launched the syndication of €4.1bn and £230m of term loan and revolving credit facilities supporting its 100% acquisition of Danish cleaning, security and catering company ISS for £5.2bn.
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The $5bn revolving credit facility for Anglo-Swiss mining company Xstrata was oversubscribed in syndication, according to bankers close to the deal. Commitments for the five year plus one plus one facility were due on Friday, but syndication has been held open to allow for a few stragglers.
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The acquisition of Danish cleaning company International Service System by G4S (see separate story) could trigger a jumbo prepayment into the leveraged loan market.
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Credit Suisse Asset Management has floated pricing on its new $365.5 million Atrium VII collateralized loan obligation, with the deal tipped to price as early as today but no later than mid-next week.