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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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Giti Tire’s $225m loan has netted commitments amounting to $245m from seven banks so far, and one more lender is in its final stage of credit approval. The deal is already oversubscribed and the bookrunner plans to increase the loan by $50m.
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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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Chongqing Grain Group’s $150m three-year loan was launched into general syndication by sole bookrunner DBS, the first time the state-owned company is targeting the syndicated loan market to raise funds.
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Bankers working on Gunvor Singapore’s $650m dual-tranche loan launched the deal into general syndication at the end of last week.
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Haitong International Securities Group’s HK$1bn ($128.78m) three year revolver has been launched into syndication, and the company is offering a margin 65bp higher than its previous loan.
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Indonesia Eximbank has picked Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Oversea-Chinese Banking Corp as the bookrunners of its $500m three year loan, said a banker familiar with the situation.