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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 $2.755bn portion of the loan financing backing Virgin Media’s $16bn acquisition by Liberty Global, announced this week, will test the ability of a borrower with no US business to tap the US market for a jumbo loan. But what European loans bankers really want to see is the development of a healthy, robust domestic market than can support such deals unaided.
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Macquarie and Tikehau JV make first French mid-cap loan
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The strength of the US market has long been cited as one of the factors affecting tightening pricing in the European market. But the repricing of an £885m facility for UK food retailer Iceland, the first purely European margin reduction seen in the sector for many months, illustrates that demand for European deals is growing independent of the US bid.
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The €512m all-senior loans backing the buyout of Dutch electronic commerce and data exchange technology firm Intertrust were allocated on Thursday, with the €350m-equivalent term loan ‘B’ clearing the market priced at 99 and with a margin of 450bp.
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The HK$4bn ($515.6m) loan for Kingboard Chemical Holdings has already received a good response and a few more banks are likely to join as mandated lead arrangers this week, said a banker familiar with the deal.
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India’s privately-owned Manipal Education is preparing to add banks to its $270m loan over the next few weeks, and bankers think the juicy pricing will be enough to bring in plenty more lenders.