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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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Private equity firm IK Investment Partners has received an undisclosed amount of debt from Ares Capital and La Financière Patrimoniale d’Investissement (LFPI) to finance its buyout of French chemicals firm Unipex Group, as institutional lenders become a more popular option to finance mid-market LBOs.
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Bookrunners are preparing to launch syndication of €550m of loans for Macquarie’s German meter-reading company Techem (B1/BB-), which is also planning to issue €735m of high yield bonds as it looks to refinance part of its debt.
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Investment managers are having increasing success raising debt funds that can buy, but are not restricted to, European leveraged loans as they look to fill the funding gap left by CLOs in the European leveraged loan market.
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Arranging banks appear to be steering clear of pushing investors too far over leveraged loan pricing as the latest deal in the market — the loan backing Cinven’s buyout of Mercury Pharma — guided its original issue discount to 98.5 at a bank meeting on Wednesday.
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UK workplace services provider PHS Group has been left with less than £60m of debt maturing by 2015 after 89% of lenders agreed to push out the maturities of their loans to 2016 by the September 12 deadline.
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The UAE’s First Gulf Bank launched an $800m three year bullet loan into general syndication on Thursday.