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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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Qatar Telecom (QTel) has signed a new four year $1bn revolver credit line, after completing the self-arranged syndication. The A2/A/A+ rated borrower is thought to have paid a margin well below 100bp for its new club deal, which has been provided by a syndicate of 14 banks.
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Bankers looking to sell exposure to peripheral European borrowers have long highlighted those companies’ international activity and revenue streams. Italy’s Snam presents a new challenge, since it is entirely domestic. The good news is that this doesn’t seem to matter.
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Ziraat Bankasi signed a $700m one year syndicated loan last week, and at least one other Turkish borrower is expected to close a refinancing deal in the next few weeks.
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First Data to allocate at 99.625
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Six banks have now joined Giti Tire’s $225m loan, and at least two more are expected to make commitments before the close of syndication early next week. But the deal is already well oversubscribed, and the bookrunner plans to raise the loan size by $50m.
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Indonesian coal company Adaro Energy has sent out a request for proposals to banks to arrange a $380m seven year loan, after holding two rounds of discussions with lenders.