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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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Some 13 banks have provided a Eu700m revolving credit facility for Italian utility Edison. The club transaction for the Baa3/BBB+/BBB rated firm has a 12 month tenor and is extendable for a further six months.
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German pigments producer Evonik Carbon Black’s $250m super-senior revolver has been allocated oversubscribed despite warnings of poor appetite from banks for this type of paper in 2011.
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State-owned Bank of India is plotting a $175m return to the loan market, just seven months after completing a three year deal. But liquidity has shrunk since the bank’s previous loan — and it could now have to pay up to compete with deals from rivals such as Housing Development Finance Corp.
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State-owned Steel Authority of India is mulling a return to the loan market after an absence of almost 14 years. But the Indian company may have to rely on its scarcity value to get commitments in a crowded market: Rival Rural Electrification Corp is also planning a dollar loan, and Indian Railway Finance Corp will mandate its own $200m deal shortly.
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UAE telecoms company Du has signed a $220m three year term loan with a club of regional lenders. The bullet loan pays a margin of 145bp.
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Belgian imaging systems firm Agfa-Gevaert is paying a 110bp margin for a new Eu445m revolving credit facility led by BNP Paribas Fortis, ING and KBC as bookrunning mandated lead arrangers. The borrower increased the size of the five year deal from a planned Eu400m after oversubscription.