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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 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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UK commodities broker ED&F Man increased the size of its planned revolving credit lines to sign two new facilities totalling $1.89bn, after the transaction was oversubscribed in syndication. Some 59 banks have committed to provide a new $1.275bn 364 day facility and a $615m three year line.
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The amount of credit available to UK corporate borrowers increased over the first quarter of the year, according to a report from the Bank of England published this week, although larger firms benefited from the increase far more than their SME counterparts. But while demand from SMEs fell over the period, this trend is expected to reverse sharply in the second quarter of the year.
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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.
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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 a billion dollars of financing in less than a year.
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Gazpromneft, an oil subsidiary of Russian energy giant Gazprom, is expected to sign a $1bn facility by the end of next week with a margin at least as tight as competitor Rosneft’s recent record breaking loan.