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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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Indonesian coal company Adaro Energy is holding a second round of talks with banks to raise funds for a roughly $400m seven year loan, and is now understood to be in discussions with banks involved in a loan it signed two years ago.
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Leopard Tankers has received $109.35m a loan from Standard Chartered, which will be used to fund the company’s construction and operation of four shipping vessels.
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Lenders have jumped at the chance to lend to Ukrainian metals firm Metinvest’s pre-export finance facility. The deal is still in documentation but is expected to sign soon for more than $500m, after launching into general syndication at $300m in January.
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The syndicated loans market is, by its very nature, a private, secretive world of clandestine intrigue, with whispers and rumours of deals, pricing and mandates whirling in hushed voices. Working in the loans sector is only one step away from being in the secret services — at least that’s what Loan Ranger likes to think when he’s reassuring himself he’s only one step away from James Bond.
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Open Grid Europe is in discussions to refinance its capital structure, with plans to replace most of its senior debt with subordinated loans and to make its debut in the capital markets with an investment grade bond.
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Turkish telecommunications firm OTAS has launched a multi-tranche $4.75bn facility into general syndication. This is the largest syndicated loan to come out of Turkey in the last five years, according to Dealogic.