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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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B&M Retail’s term loan ‘B’ traded up on Tuesday, after arrangers finished syndication of the oversubscribed buy-out loans on Monday. Its good performance — along with Iceland’s successful repricing of its loans and Douglas’s senior and subordinated LBO financing signed in December — are all positive signs for the cyclical retail sector and could lure more to the market, said bankers.
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Kazakhstan’s BTA Bank has met the conditions to use its $348.2m revolving credit line after it was amended in the firm’s recent restructuring.
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South Africa’s Investec Bank has signed a new three year bullet term loan facility, increasing the size from a planned new three year bullet term loan facility, increasing the size from a planned $300m to $335m after it was heavily oversubscribed.
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Investors have until noon on Thursday to commit to the reverse flexed pricing on the term loan ‘B’ backing the takeover of French engineering firm Socotec. The margin on the €100m seven year line has been tightened from 525bp over Euribor to 500bp over.
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Swiss tax-free technology firm Global Blue has sweetened the requested repricing of the €462m loan backing its purchase by Silver Lake Partners after discussions with investors, but has not scrapped the 100bp price cut it is seeking.
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US tobacco company Philip Morris International (PMI) has signed a new senior unsecured credit line of $2bn.