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Despite the allure of lower loan prices, CLO managers should print deals cautiously
Software loan sell-offs and the Iran war have caused US and European loans to price differently
Leveraged loans in stressed sectors like software carry refinancing risk
LBO financing includes $5.75bn term loan to be priced early next week
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Pendragon, the UK car dealership owner, has signed a new senior revolving credit facility for £145m that, alongside a new £175m high yield bond, will be used to refinance its existing senior credit facilities.
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The lack of supply in the European leveraged loan market is one of the greatest challenges facing CLO managers looking to raise new collateralised lending obligations (CLOs), according to Fitch Ratings.
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Five banks are planning to provide a chunky bridge loan of $6bn to Thailand’s CP All, which runs 7-Eleven stores in the country, to help it fund its acquisition of retailer Siam Makro.
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The African Development Bank (AfDB) has called for African governments to help create the conditions to make infrastructure and project bonds more common on the continent, in a bid to cover an estimated investment shortfall of $31bn.
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Mid-tier Russian bank Transcapitalbank has hired four commercial lenders to bookrun the ‘B’ portion of its IFC-arranged ‘A/B’ structured loan.
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Two commitments have come in for Citic Telecom International’s $630m loan, after the company reduced the deal size once again. This time it has cut the size by $200m, opting to raise funding with a rights issue.