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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 is marketing a new seven year term loan ‘H’ to repay two of its existing debt facilities. The new line, which will be at least €600m, will allow the firm to cut the cost of its financing by up to 100bp.
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New pricing benchmarks in investment grade syndicated loans have been set as the market enters the second quarter of the year. The sector is markedly tighter than at the same time last year.
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Abu Dhabi investment company Mubadala signed a $2bn three year loan this week, with a tight margin that loans bankers found hard to justify.
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Lenders to Oslo-listed salmon processor Morpol will allow another amendment on its €250m loan, reducing the margin and establishing a new maximum gearing ratio.
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Cross-border cov-lite leveraged transactions from European borrowers have flourished this year, but the market is still far from ready to accept purely European-focused transactions without the presence of reassuring covenants.
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Qatar Telecom (QTel) has signed a new four year $1bn revolver credit line, after completing the self-arranged syndication. The A2/A/A+ rated borrower is thought to have paid a margin well below 100bp for its new club deal, which has been provided by a syndicate of 14 banks.