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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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Chinese hotel chain 7 Days Group Holdings had planned to launch its $120m five year loan into senior syndication early last week, but after hitting what bankers said were a few administrative hiccups, the deal was delayed. But the leads now plan to push ahead with the deal before they leave for the Easter holidays.
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Eight banks have been mandated for Jindal Steel and Power’s $400m five year loan, and plan to price the deal with all-ins of around 320bp over Libor, which bankers say will be more than enough to attract plenty of demand.
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Not many corporates could pull off a jumbo LBO in the US market in the way that ketchup maker Heinz managed. But more and more European borrowers are shifting at least part of their financing across the Atlantic, where they can access cheaper funding with no covenants attached. If investors in Europe want to compete, they need to end their resistance to cov-lite deals.
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Noreco Norway, an oil and gas exploration, development and production company, has signed a new three year revolving credit facility.
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Dutch semiconductor firm STMicroelectronics has agreed a €350m multicurrency line with the European Investment Bank (EIB) to finance its research and development activities.
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Bank lenders in the UK have seen their transfer price — the costs charged to their business units to fund the flow of new loans — fall sharply in the first three months of 2013, according to a report by the Bank of England.