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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 Kingboard Chemical Holdings’ HK$4bn ($515.6m) loan have already received commitments from 11 banks. But they are not planning to stop there — and are now waiting for 20 more lenders to join the deal.
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Citi, the Royal Bank of Scotland and State Bank of India have been mandated for Oil and Natural Gas Corp’s $900m bridge loan, and will be pricing the deal at less than 100bp over dollar Libor.
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Two more Taiwanese banks have joined Focus Media’s $1.525bn leveraged buyout loan, giving the company $200m of commitments from the country in syndication. The bookrunners hope to bring in a few more lenders this week.
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Turkey’s state-owned 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 Ziraat is attempting to jump on the low loan pricing bandwagon that Turkish banks are riding this year — and without being likely to offer enough ancillary business as compensation.
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Bookrunners working on the financing backing the leveraged buy-out of French engineering firm Socotec are close to wrapping up the facility after the pricing on the term loan ‘B’ was reverse flexed.
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