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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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HIG Whitehorse, the credit arm of private equity firm HIG Capital, has hired Haseeb Aziz to lead its expansion into Europe. Sources close to the US-based company expect more hires to come.
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UK directories firm Hibu — formerly Yell — admitted today that its equity may be wiped out as the group’s debt restructuring negotiations continue. Hibu added that it expected Ebitda to be below already modest market expectations for this financial year.
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Russian oil firm Rosneft has approached banks for a loan of up to $15bn to part finance its purchase of BP’s half of oil firm TNK-BP.
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Turkish bank Yapi Kredi is set to sign its one year refinancing loan next week at the 135bp margin achieved by its peers this summer. Bank of America Merrill Lynch is co-ordinating the deal.
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Turkey’s Vakifbank has signed a $642m-equivalent one year loan from a syndicate of international banks. The loan was split between a €151m ($197m) tranche and a $444.5m piece. ING co-ordinated the banking group, which was made up of 24 lenders.
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Investment manager Alcentra will increase its assets under management from $15.2bn to $23bn from the start of 2013, when it integrates the high yield bond team of Standish Mellon Asset Management. Both managers are owned by BNY Mellon Investment Management.