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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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The €865m of senior loans backing EQT’s buy-out of German bandages maker BSN Medical will be allocated on Friday after being heavily oversubscribed in syndication, according to bankers close to the company.
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Garanti International, the Netherlands-based bank, has increased the size of its one year facility from a planned €150m to €220m after it was oversubscribed in syndication.
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ING and Rabobank have been named as bookrunning lead arrangers on a $500m revolving credit facility being used to support commodity firm Gunvor’s new oil refinery in Antwerp.
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Nomura will launch £425m of senior leveraged loans backing the buy-out of energy and mining consultancy firm Wood Mackenzie into syndication at a London bank meeting on Thursday, aiming to raise all the debt in sterling.
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Permira, the private equity owner of frozen foods group Birds Eye Iglo, has cancelled its plans for a dividend recapitalisation of the business after deciding the terms were not attractive enough for the credit. The sponsor has also rejected a joint bid from BC Partners and Blackstone.
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China’s policy of easing interest rates has pushed down expectations for the renminbi, and made mainland banks more comfortable holding foreign currencies. That could threaten offshore loan volumes in the second half of the year, said market participants.