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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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Turkey’s largest state-owned bank Ziraat Bank has approached the market for its first syndicated loan since 1992. But the borrower’s rare foray has prompted accusations by lenders that, by requesting its loan at 100bp all-in, Ziraat is attempting to jump on the low pricing bandwagon that Turkish banks are riding this year — and without being likely to offer enough ancillary business as compensation.
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Leveraged loan borrowers in Europe are becoming ever more aggressive in their requests for repricings, as demand continues to outstrip supply across the primary and secondary markets. Sponsors are now looking to slash up to 125bp from their existing deals and have reanimated the European dividend recap product, but bankers warn that the perfect repricing conditions seen in the market at the moment cannot last for long, as Nina Flitman and Stefanie Linhardt report.
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Mecom, the UK publishing group, has extended its syndicated bank facilities by one year, pushing the maturity of its €250m lines to the end of October 2014.
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The consortium behind the 1,320MW Safi independent power project in Morocco is looking to raise up to $2bn from the international loan market as part of a $2.5bn debt package to develop the power plant.
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Credit Suisse has hired Ashish Sharma, a veteran loans banker who previously worked at Bank of America Merrill Lynch, finding a replacement for Justin Crane around three months after he left the Swiss bank.
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Commitments are rolling in for Kingboard Chemical Holdings’ HK$4bn loan. The leads have now covered the deal with pledges from 16 lenders, but another 16 are also looking to join the loan.