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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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Kabel Deutschland has reversed flexed the pricing on its new seven year term loan ‘H’ after the German borrower received a strong response from investors in syndication.
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Liquidity from CLOs at the peak of their reinvestment periods is leading to unhealthy conditions in the European leveraged loan markets, with the imbalanced supply-demand dynamic forcing investors to accept ever more aggressive terms. And with competition from a strengthening European high yield bond market and pressure from a performing US loan market, European leveraged loans bankers are pushing terms ever tighter in an effort to keep up.
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Spotless’s existing lenders have consented to a new €70m add-on facility for the French cleaning products company, with the new term loan ‘B’ more than twice covered in syndication.
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WESTERN EUROPE Prayon debuts with three year loan
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Turkish telecommunications firm OTAS has received at least $5bn of interest for its multi-tranche $4.75bn facility, which is still in general syndication. The strong response demonstrates the depth of liquidity available to Turkish corporations and should help draw other names to the loan market, bankers said.
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Italy’s Maire Tecnimont has agreed to a financial reorganisation worth around €500m, including a capital increase of €150m and new financing of €50m. Some €300m of the engineering and chemical firm’s debt will be rescheduled.