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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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Fresenius has completed syndication of its forward start facility, which includes a $1bn term loan ‘A’, and has increased the size of the deal after high demand, paving the way for the refinancing of its loan due in September 2013. Bankers have expanded the tranches by $600m and €160m, respectively, taking the term loan ‘A’ to $1bn from $500m, and also adding to other tranches.
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UAE-based oil and gas engineering services company Lamprell agreed a covenant waiver with the lenders to its existing syndicated facilities before they were due to be tested on 31 December.
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Credit Suisse, Deutsche Bank and HSBC have provided committed funding for CVC Capital’s €1.13bn acquisition of Italian business credit information firm Cerved from Bain Capital and Clessidra Capital Partners.
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Spanish explosives and mining firm Maxam has signed a €280m syndicated loan led by Banesto, Bankia, Barclays, BBVA and HSBC as bookrunners.
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LR Health & Beauty, a German direct sales company specialising in cosmetics and nutrition products, has signed €145m of loans to finance its takeover by Bregal Capital and Quadriga Capital.
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B&M Bargains, a British discount retailer, has mandated Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs to arrange the financing for its takeover. A banker close to the proceedings expected the loan financing to be one of the first loan deals this year.