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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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German ball-bearings maker Schaeffler, which in March completed a blow-out €8bn debt refinancing, is to amend certain terms of the €5.6bn loan portion of that debt in order to provide itself with "additional flexibility to further enhance its capital structure".
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WESTERN EUROPE Rhön-Klinikum refinances revolver
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Mobile telecommunications company Zain Saudi has extended the maturity of the outstanding Sr9bn ($2.4bn) on a Sr9.75bn murabaha financing by three weeks — the fourth payment deferral it has obtained from bank creditors. The new due date is December 19.
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French packaging company Ileos, which Oaktree acquired in December 2011 in an all-equity takeover, has mandated Goldman Sachs to arrange a €225m senior loan financing. Société Générale has joined the deal as bookrunner.
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There are few signs that the leveraged loan market is struggling to deal with the financings being thrown its way at the moment. But with leveraged loan bankers admitting they were now working on their final syndications of 2012, some are raising concerns that it will not take much supply for demand to be satisfied, which would hinder LBO activity again.
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Biffa, the UK waste management company that says it is continuing to make a profit, has gained the support of a majority of its senior lenders to cut its debt by 55%.