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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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Kabel Deutschland has reversed flexed the pricing on its new seven year term loan ‘H’ after the German borrower received a strong response from investors in syndication.
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Liquidity from CLOs at the peak of their reinvestment periods is leading to unhealthy conditions in the European leveraged loan markets, with the imbalanced supply-demand dynamic forcing investors to accept ever more aggressive terms. And with competition from a strengthening European high yield bond market and pressure from a performing US loan market, European leveraged loans bankers are pushing terms ever tighter in an effort to keep up.
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Spotless’s existing lenders have consented to a new €70m add-on facility for the French cleaning products company, with the new term loan ‘B’ more than twice covered in syndication.
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WESTERN EUROPE Prayon debuts with three year loan
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Turkish telecommunications firm OTAS has received at least $5bn of interest for its multi-tranche $4.75bn facility, which is still in general syndication. The strong response demonstrates the depth of liquidity available to Turkish corporations and should help draw other names to the loan market, bankers said.
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Italy’s Maire Tecnimont has agreed to a financial reorganisation worth around €500m, including a capital increase of €150m and new financing of €50m. Some €300m of the engineering and chemical firm’s debt will be rescheduled.