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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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Bankers working on Inghams Enterprises’ A$748m ($781.8m) leveraged buyout loan have closed senior syndication after receiving pledges from nine lenders in the early bird phase of the deal. The success means the loan is already fully covered and is unlikely to go into general, said bankers.
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Bankers working on Joyou’s $100m three year loan have already received plenty of commitments, and plan to complete the deal as a club by the end of the month.
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Indian conglomerate Reliance Industries is in discussions with bankers for a $2bn five year loan and is expected to send out a request for proposals before the end of the month. It will be the second time the company has tapped the market for more than $1bn of financing in less than a year.
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San Miguel Corp’s $1.3bn five year loan was launched into general syndication on Thursday, with leads offering lenders three different levels of commitments. The deal was already oversubscribed at the senior level, but the company plans to raise the size of the loan, depending on how much demand it gets in general.
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Prince Housing & Development Corp’s NT$2bn ($67.28m) four year loan will wrap up syndication this week, after the bookrunner found just enough demand to cover the deal.
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A consistent fall in swap rates in India is encouraging many companies to tap the offshore loan market, with bankers reporting that borrowers are shunning local currency deals in favour of cheaper dollar loans to refinance old debt.