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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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Polish telecoms firm Polkomtel has sent out a request for proposals to refinance its $1.76bn-equivalent September 2011 buyout loan, three and a half years before the first tranche is due to mature.
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Bank lenders to Norske Skog have agreed to reset the financial covenants on the company’s revolving credit facility while halving the size of the line.
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Lenders have been invited to commit to the $2bn-equivalent European portion of the financing backing the LBO of ketchup giant Heinz, with an investor meeting being held in London on Friday. The European portion of the financing consists of up to $1.4bn-equivalent in euros and a sterling-denominated portion of up to $600m-equivalent.
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Alibaba Group’s plan to borrow $8bn in the loan market has caused jitters among senior bankers, who worry that the sheer size of the deal will be too much for Asian lenders to absorb. But they should not fret. The odds are stacked in the company’s favour.
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Bankers working on 7 Days Group Holdings’ $120m five year loan, which will help the company to go private, aim to launch the deal into senior syndication in the middle of next week. But they will invite less than five lenders to participate in the loan.
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Standard Chartered has launched Century Properties Group’s $100m five year loan into syndication, marking the first time the Philippine company has tapped the syndicated loan market for funds.