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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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Spain’s Telefónica has signed a new 10 year export credit facility with a syndicate of five banks. The telecoms firm, which is also in the market with a forward start line to refinance the remaining portion of its O2 acquisition facility from 2006, had mandated Société Générale to lead its new export credit line as agent and mandated lead arranger.
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German ball bearing manufacturer Schaeffler will increase the size of its term loan ‘B2’s by between €200m and €250m equivalent, after the firm successfully cut the margins on its lines by more than 125bp.
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Russian potash firm Uralkali has received a strong response from loans bankers for its five year pre-export financing, with pledges expected to total more than $1bn when banks sign their commitments.
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Mobile telecommunications firm Zain Saudi has once again extended the final maturity of its outstanding Sr9bn ($2.4bn) murabaha as it tries to refinance the Islamic financing.
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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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Deutsche Bank launched Giti Tire’s $225m loan into general syndication at the end of last week, and is now confident that it will get enough demand to increase the size of the deal by $50m.