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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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Bankers working on Ecom Agroindustrial’s $300m loan are not giving prospective lenders much chance to get involved with the 364-day revolver — they are targeting only those lenders that joined the company’s last loan, and are already confident that will be more than enough to cover the loan.
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CT Corp’s $750m loan is expected to close in syndication this week, after the bookrunners of the deal received commitments from 25 lenders. But there is still plenty more to come. Five other banks are processing the deal, said a banker close to the loan.
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Russia’s VTB Bank signed a $2bn three year club loan in London on Monday. Lenders jumped at the chance to join the deal and pushed the size up from its $1.5bn launch amount.
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The UK’s Advanced Computer Software Group has acquired Computer Software Holdings (CSH) from HgCapital for £110m, in a deal partly financed by new bank debt.
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Schmolz+Bickenbach, the Swiss listed steelmaker, has renegotiated the terms of its existing credit lines with all of its lending banks agreeing to the amendments.
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Germany’s Loewe, a home entertainment products manufacturer, has successfully restructured its credit lines, pushing the maturing of its loans out to March 31 2014.