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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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Bulgaria’s largest gas and energy utility Bulgarian Energy Holding has cancelled a €250m refinancing loan after the only bidder, Deutsche Bank, was disqualified for not offering a loan guarantee.
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Emerging market debt fund manager Cordiant Capital has raised $250m for a new emerging market loan fund.
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Pramerica Investment Management has successfully priced Europe’s second leveraged loan CLO of the year, the 300m Dryden CLO XXVII. The transaction was well received by the market — particularly for the measured approach to the timing. But it also highlighted one of the chief obstacles to a full revival of the European CLO market — the shortage of leveraged loans available in the market, writes Hugh Leask.
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Russian mining and metals firm Mechel has agreed a package of waivers and amendments with its syndicate of lenders as its subsidiary, Mechel Mining, was expected to breach its covenants on a $1bn pre-export finance facility.
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Elior had received consents from more than 80% of its lenders to its request to amend and extend its loans and waive some covenants as of its early bird deadline of Tuesday. The French catering business has asked lenders to allow for a portability feature in its credit facilities — a rare feature in a loan.
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Institutional investors can only play a limited part in the investment grade loan market, say loan market participants, and their potential impact on the market has been overemphasised.