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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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Nestlé, the Aa2/AA/AA+ rated Swiss foods group, has refinanced its 364-day credit facility, increasing the deal from a planned €4.5bn to €5bn after it was well oversubscribed. According to bankers close to the deal, the margin on the new loan is just 10bp, the same price as on a facility priced last year, while the commitment fee is only 1bp.
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Abu Dhabi’s National Energy Company (Taqa) will receive bank proposals this week as the firm looks to refinance up to $3bn of loans.
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Turkey’s Akenerji Electricity Production has approached Turkish banks for a $90m three year deal.
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Standard Bank of South Africa has continued its remarkable run in the loans market this year as it prepares to sign its debut facility from Middle East lenders.
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Scholz, the German metals recycling firm, has completed the syndication of a new €500m senior secured credit facility.
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GE Capital has hired Ralph Betz from Bank of Ireland to lead its leveraged finance team in Germany, as the commercial arm of General Eletric continues its expansion in mid-market private equity lending.