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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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Nigeria’s Fidelity Bank is due to sign a $100m syndicated loan in the next two weeks. This will make Fidelity the first of a trio of Nigerian banks to borrow money since they began approaching the international loan market in late October.
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The largest deal since the crisis is about to hit the European leveraged finance market — not from a local company, but a $2bn chunk of the finance for the buy-out of Heinz, write Nina Flitman and Stefanie Linhardt.
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Swiss tax-free technology firm Global Blue sweetened the requested repricing of the €462m loan backing its purchase by Silver Lake Partners after discussions with investors, but has not scrapped the 100bp price cut it is seeking.
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With a risk of eurozone volatility after the Italian election and the demands of Basel III looming, European firms such as BASF and Vivendi are harnessing the strong market conditions to replace loans maturing next year. At the same time, emerging market credits are rushing for replacement facilities in the wake of Rosneft’s $31bn jumbo.
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Spanish tin-can maker Mivisa is set to bring some action to the leveraged loan market. The Blackstone-owned business, which reverse-flexed its last loan transaction twice, could be one of the next names to approach the market, said a banker close to the company.
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Private equity firms BC Partners and CVC Capital Partners have teamed up to make a bid for Elior in what could be the largest French LBO since the financial crisis. Charterhouse Capital Partners, said at the end of last year that it was looking to only sell the catering business of Elior but is said to prefer a straight sale.