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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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Leveraged loan investors’ fears that last week’s double reverse flex on Bartec’s term loan ‘B’ would trigger a drastic downward pricing trend were calmed this week, as the next two deals in the pipeline got ready to offer more juice than the 500bp paid by Bartec after its margin cuts.
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AFRICA Cocobod will sign next week
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There were only 32 syndicated loan transactions in Europe last month, marking the lowest August activity on record according to Dealogic, as bankers look ahead to 2013 for an upsurge in new issuance. The number of deals completed in August fell from 122 deals in the same month last year, while volumes for the month in Europe decreased from $68.9bn recorded last year to just $14.4bn.
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Genting Hong Kong has received a $600m club loan from a group of eight banks, refinancing an old deal.
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Dutch animal food company Nutreco has extended the maturity of its €500m revolving credit facility, which it signed in May 2010, from May 2014 to September 2017.
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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.