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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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The €505m of loans backing Charterhouse’s buyout of Dutch electronic publishing company Bureau Van Dijk’s (BvD) are expected to be allocated this week with an original issue discount (OID) of 94 on the €300m term loan ‘B’. The bookrunners have found their clearing price, having earlier marketed the deal at 98.5 — and having flexed the margins on the bullet tranche from 475bp to 500bp.
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Arrangers of Raet’s €300m of LBO loans are hoping to send a good signal about the capacity of the primary leveraged loan market by allocating the loans at the agreed original issue discount (OID) of 98 — and with a relatively thin margin of 475bp on the term loan ‘B’.
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Orascom Construction Industries (OCI), a producer of construction materials and fertiliser — and one of the first private Egyptian borrowers to approach international banks for financing since the country’s recent revolution — has completed loans of $2.2bn. The company has arranged term loans of $1.9bn for its wholly owned fertiliser subsidiaries with relationship banks to refinance the group’s existing loans, many of which are set to mature in 2013. It has also received a $200m investment package from the IFC.
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US investment firm Blackstone has acquired Dublin-based leveraged loan manager Harbourmaster Capital. Blackstone has bought the business through its credit platform GSO Capital Partners, and the combination of the two businesses will have around €11.5bn of leveraged loan assets under management in Europe.
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A Shariah-compliant tranche may be added to the $2bn financing package for Saudi Arabian construction company Saudi Oger, after strong interest from Islamic accounts in the Middle East during the retail syndication phase.