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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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Emirates NBD has signed a definitive agreement to buy BNP Paribas’s entire 95.2% stake in BNP Paribas Egypt. This is the second Middle Eastern bank to announce such a deal for a French bank’s Egyptian business this month.
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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 due September 2013 loan.
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Russia’s Independent Transport Company (ITC) has signed a Rb42bn ($1.4bn) syndicated loan to help finance its purchase of 25% plus one share of Russia’s largest freight operator, Freight One. The deal leaves ITC with 100% minus one share ownership of Freight One.
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UK oil and gas firm Salamander Energy has signed two loans totalling $350m as the firm looks to refinance debt and develop a gas field in Indonesia.
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The family shareholders who control Duvel Moortgat have launched a bid for the rest of the Belgian brewer's shares, financed by a loan from ING.
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Fitch has warned once again that 2013 and 2014 will bring with them the European leveraged loan refinancing wall. The rating agency also warned that its effects may be compounded by a ‘funding cliff’, as €260bn of non-investment grade debt begins to mature from 2014, just as LTRO funding expires and refinancing options dry up.