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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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Morgan Stanley’s head of CEEMEA loan syndicate in global capital markets, Paul Cox, has left the bank.
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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.
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Liberty Global has turned to liquidity-rich loan investors for the bulk of the $8.3bn financing backing its $16bn takeover of UK telecoms firm Virgin Media, in a move that highlights the depth the leveraged market in Europe and the US.
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Lenders are preparing for rock bottom pricing on Abu Dhabi investment firm Mubadala’s self-arranged $2bn-equivalent three year refinancing facility that is due to launch soon.
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Turkiye Vakiflar Bankasi (Vakifbank) has become the first top tier financial institution in the country to notify its lenders that it will be refinancing its loan from last year. The firm told its lenders this week that it would be replacing its transaction from April 2012.
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The pricing on a debt package for the buyout of Intertrust has been reverse flexed, with the 450bp margin on its term loan ‘B’ being cited as a new benchmark for the market. But in a market where changes in margin are so correlated with the ebb and flow of supply, the very concept of a benchmark may now be outdated.