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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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Russian oil firm Slavneft has closed a $500m three year loan from seven lenders, but is expected to add up to $200m more to the facility in a second round of financing, said loans bankers.
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Azerbaijan’s Pasha Bank is planning a $50m one year club loan before the end of the year, rather than tapping the Eurobond market, said Taleh Kazimov, chief investment officer.
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Coca-Cola HBC, the newly created Swiss company that has launched a proposed buyout of Coca-Cola Hellenic Bottling Company, is backing its acquisition with a €550m term loan.
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Dufry, the Swiss travel retailer, has launched a new Sfr650m ($695.2m) multicurrency facility, hiring 13 banks to arrange the syndication of the loan. BBVA, Banco Santander, Bank of America Merrill Lynch, Crédit Agricole, Credit Suisse, Goldman Sachs, HSBC, ING, Morgan Stanley, RBI, Royal Bank of Scotland, UBS and UniCredit have been named as bookrunners and mandated lead arrangers on the new deal, which will be marketed to the company’s existing relationship banks.
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Energy firm DTEK and agri-business Creative Group — two of the few Ukrainian companies still able to access the syndicated loan markets — both signed loans this week. But this doesn’t mark a turning point for borrowers in the country, said DTEK’s chief financial officer Vsevolod Starukhin.
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Dubai World real estate firm Limitless has restructured its $1.2bn Islamic debt after repeatedly extending the repayment deadline from 2010.