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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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Banks in central and eastern Europe (CEE) are likely to spend 2013 suffering from a high level of bad loans and compressed margins, according to a Standard & Poor’s research note issued on Monday.
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Investors are due to submit their final commitments today (Monday) on a repricing exercise for Swedish building group Ahlsell. The amendment will see the margin of the firm’s term loan ‘A’ from 500bp to 450bp, while the pricing on the term loan ‘B’ will fall from 550bp to 475bp.
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Africa-focused oil and gas firm Afren has signed a $300m senior secured refinancing facility for its Ebok oil field in Nigeria. BNP Paribas, Citi and Natixis arranged the loan.
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The general syndication of SM Prime’s $200m five year loan has now closed, but there are no plans to increase the size of the deal by exercising the greenshoe option, said a banker familiar with the loan.
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Mivisa, the Spanish tin can maker, will allocate its new €145m term loan ‘C’ later on Monday afternoon. The new facility will be used, alongside cash on balance sheet, to pay a dividend of up to €190m.
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Chandra Sakti Utama Leasing’s $80m loan has received its first commitment. The leads now think they will be able to attract as many as 10 more lenders, allowing them to exercise a $20m greenshoe.