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Eighteen year facility backed by EIFO comes as interest in energy infrastructure mounts
New facility smaller than the original but 20% larger than the launch amount
In Europe loans are the key to opening ancillary business while in the Middle East relationships should cap premiums
Market stress so far confined to consumer credit and SMEs across region
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Dana Gas — Luossavaara‑Kiirunavaara -
Swedish kitchen appliance maker Electrolux has obtained a $3.3bn committed bridge facility for the full amount it agreed this week to pay for the acquisition of GE Appliances. The company plans to replace the facility gradually with $2.5bn of bonds and an $800m-equivalent rights issue.
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Intense competition in the syndicated loan market has brought pricing down to almost pre-crisis levels. But margins are not the only area open to negotiation: fees are increasingly under pressure, too.
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Chinese beverage manufacturer Reignwood Group has made its debut in the offshore syndicated market with a $160m loan. The facility, which has Credit Suisse as the sole bookrunner, comes backed by two guarantees from the company’s onshore operations.
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The Loan Market Association’s syndicated loans conference held on Tuesday, attended by over 850 people, was a bullish affair, with loans bankers confident that M&A activity will provide enough supply to take the place of the refinancing which has dominated the business so far this year. A full 68% of attendees thought that the syndicated loan market would grow by at least 10% in the next year.
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A poll of delegates at the Loan Market Association's syndicated loans conference in London today made uncomfortable reading for emerging market loans specialists. Only 19% of respondents said they saw EM as offering the best opportunities for lending next year.
