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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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Bankers working on a $1.4bn loan for Melco Crown Entertainment are still looking for two or three more banks to join the deal before closing syndication next week. But they have already managed to line up $500m of commitments from 11 banks, bringing the financing of the Macau casino company’s latest project near to a successful close.
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Beleaguered Danish shipping firm Torm will breach its covenants again if the difficult tanker and bulk market conditions of 2012 drag on, it has announced. Having completed a substantial debt restructuring last November, it said it might have to do another one.
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Dorna Sports, the Spanish sports-rights management group, has successfully completed its waiver request and added another €85m to its debt to refinance shareholder loans.
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Nordea is to provide debt to finance Silverfleet Capital’s Dkr1.025bn ($180m) acquisition of Cimbria, a Danish seed equipment manufacturer.
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France’s Socotec has agreed on a €236m debt financing to support its planned takeover by a consortium led by Cobepa. The Belgian investment company, together with other investors including Five Arrows Principal Investments, have entered into exclusive negotiations with Socotec’s owner Qualium Investissement.
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Aluminium Bahrain (Alba) has signed two loans totalling $169m to refinance a bond of the same size that matures in March.