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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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Some 97% of Travelodge’s creditors — including 96% of landlords — have approved a company voluntary agreement (CVA) that will allow its mezzanine lenders to finalise their takeover of the UK budget hotel chain, and reduce the levels of rent at some of its hotels.
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Wells Fargo-owned ECM Asset Management is attempting to overcome the inconsistency of deal flow in leveraged loans and high yield bonds by combining both products into one fund.
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Three down Campari’s acquisition facility
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Luxury car dealer China ZhengTong Auto Services is waiting for around a dozen banks to consider committing to a $175m increase of its most recent loan, after one bank had already confirmed an order for the greenshoe.
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Oil and gas firm Glencore Exploration has signed a $390m seven year reserved-based lending facility with a syndicate led by French banks.
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Singaporean commodities trader Arcadia Energy has launched a $245m loan into general syndication, becoming the latest commodity company to pitch lenders with a dollar deal. But bankers do not think the current crop of loans will suffer too much from competing with one another.