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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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Leveraged lenders are becoming so aggressive in their pitches for new LBO transactions in Europe that sponsors are asking them to temper the leverage ratios that they are offering, write Nina Flitman and Stefanie Linhardt. For the first time that market participants can remember, sponsors of deals are stepping down from the frenzied leverage levels being put forward by underwriters for new money paper.
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UPC Broadband has already received commitments to cover the minimum €400m it was seeking for its new term loan ‘AG’, ahead of a late Thursday deadline for lenders to participate.
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Payment processing firm WorldPay is looking to amend and extend its existing credit facilities, increasing its total net leverage to five times, in preparation for a potential disposal of its US business.
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Clearstream settles €750m refi loan
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Countrywide Holdings, the UK estate agency, signed a new £100m loan on Wednesday after completing its £200m London IPO the previous day. The financing is split between a £75m term loan and a £25m revolver.
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Heinz is not the only borrower that has been tempted by the demand available in the US market, with an increasing number of sponsors looking for US traction — particularly if they are hoping to complete covenant-lite deals.