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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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Swedish shipping group Stena (Ba3/BB) has signed a $1bn revolving credit facility to refinance an existing facility arranged in December 2004. JP Morgan, SEB and Svenska Handelsbanken were bookrunners on the loan, which has a maturity of 5.5 years.
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Saudi Arabia’s Sahara Petrochemical Company has signed a SR500m ($133m) three year loan from Riyad Bank.
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Credit Bank Moscow has approached its lending group for a loan of up to $300m. The bank is the latest in a string of Russian financial institutions to approach the syndicated loan market for funding during the summer.
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Turkish bank Yapi Kredi will sign its one year refinancing on Thursday at the 135bp all-in price that has become the year’s new benchmark margin for Turkish bank borrowers.
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Most borrowers considering offshore renminbi funding view the loan market with little more than indifference, despite the efforts of bankers and market bodies to compete with the fast-growing bond market, funding officials told EuroWeek Asia.
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German ball-bearings maker Schaeffler has reduced its holding company debt by €1.6bn to €3.5bn after using the proceeds of the sale of a portion of its stake in Continental to repay some PIK debt.