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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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Lonmin, the South African platinum miner that has been hit by industrial unrest this year, said on Tuesday that it would raise around $800m from a fully underwritten rights issue and amend its credit facilities to support its balance sheet and a return to full production.
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The poll is now open to decide the winners of EuroWeek’s annual Syndicated Loans & Leveraged Finance Awards. -
More than two thirds of lenders to frozen food company Birds Eye Iglo have agreed to the company’s amend and extend, the minimum required level, with bankers close to the company predicting an eventual approval rate in the high 90s.
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Bankers expect a waiver request from Dorna Sports to go through smoothly after the company’s four largest lenders — 70% of the syndicate — approved the changes before Monday’s launch. Bookrunners Bank of Ireland and Société Générale are backstopping the remaining 30% of the loan for the Spanish sports-rights management group.
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Nigeria’s First City Monument Bank has approached lenders looking for a $200m facility.
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Abu Dhabi National Energy Company (Taqa) has launched a $2bn-equivalent revolving credit facility as it looks to refinance debt maturing in December 2013.
