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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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Russia’s Gazprom Neft should sign its $1bn dual tranche loan within the next week, according to bankers.
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Swiss trading house Glencore launched the refinancing of a $12.8bn revolving credit line this week and, having finally received the go-ahead from authorities for its merger with mining firm Xstrata, has returned to the loan market as a very different company.
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Kabel Deutschland has launched a new term loan ‘E1’ on the same terms as its oversubscribed term loan ‘H’ completed on Monday this week.
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Kookmin Bank is in preliminary discussions with lenders about a dollar loan and could tap the market in the next two months. The South Korean bank has not yet made a decision about the size of the loan, according to a funding official at the bank. But some lenders, who the bank has approached, said it was likely to be around $200m. The timing of any facility is harder to determine because of the escalating tensions between North and South Korea, they added.
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Bank borrowing is now more attractive to corporate borrowers than it has been in more than five years. With prices for syndicated loans tumbling and lenders’ appetites increasing, more than two-thirds of UK chief financial officers surveyed by Deloitte last quarter said that they thought bank borrowing was either very or somewhat attractive as a source of external funding for UK corporates.
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Power Finance Corp has sent out a request for proposals to banks for a $100m loan, which can be increased to $250m with a greenshoe option, and is giving lenders until May 3 to make pitches.