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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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Denmark’s Greentech Energy Systems has completed a credit facility of €14.461m as part of the project financing of a new wind farm in Sardinia, Italy.
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European leveraged loan investors are revolting — resisting margin reduction requests for Iceland and Global Blue and winning concessions. But rather than suggesting that this is symptomatic of a failing product, the amendments won by the buyside actually illustrate the health of the leveraged loan market. And just in time, as the forthcoming Heinz deal means that the sector is facing its greatest challenge in years.
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Indorama Eleme Fertilizer and Chemicals (IEFCL) has completed $800m of project finance facilities to support the construction of a greenfield $1.2bn urea fertilizer project in Port Harcourt, in its native Nigeria.
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Banks have received requests for proposals for Noble Group’s $1.5bn loan and are expecting the names of the arrangers to be announced by the end of February.
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Banks leading the $600m loan for Indonesian company Protelindo will be launching it to senior syndication this week. They have already attracted plenty of attention from lenders looking for a slice of what is being seen as a well-priced deal.
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B&M Retail’s term loan ‘B’ traded up on Tuesday, after arrangers finished syndication of the oversubscribed buy-out loans on Monday. Its good performance — along with Iceland’s successful repricing of its loans and Douglas’s senior and subordinated LBO financing signed in December — are all positive signs for the cyclical retail sector and could lure more to the market, said bankers.