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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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Russian mining company Mechel has signed a Rb40bn ($1.29bn) five year loan with VTB Bank, which will help repay existing loans from the same lender.
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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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Prayon, the Belgian phosphate products manufacturer, has signed debut loan facilities totalling €165m.
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Spotless’s existing lenders have consented to a new €70m add-on facility for the French cleaning products firm, with the new term loan ‘B’ more than twice covered in syndication.
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Pramerica Investment Management has successfully priced the European CLO market’s second leveraged loan CLO of the year, 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.
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Noble Group’s $1.55bn loan has received its first two commitments in general syndication, after Apple Bank for Savings and Hua Nan Bank joined the deal with their pledges.