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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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The two banks leading Manipal Education’s $270m seven year loan have added one more bookrunner to the deal and have priced the loan at 600bp over dollar Libor, which bankers say is juicy enough to bring in plenty of demand.
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Five banks have been picked to lead Uni-President China Holdings’ $200m loan, and plan to launch it into general syndication at the end of the month.
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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. Its existing owner, 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.
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Spanish tin can maker Mivisa is in line 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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Sea water treatment company Befesa Ghana has signed a financing package to develop a $126m desalination plant in Accra, Ghana.
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Israeli oil and gas firm Isramco has signed a term sheet for a $500m seven year loan from Deutsche Bank. The borrower will use the funds to repay a $350m bridge loan and to continue development of the Tamar gas field off the coast of Israel.