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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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Russia’s largest steelmaker Evraz said on Monday that it had amended the financial covenants of its $950m pre export finance (PXF) facility that is set to mature in 2015.
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State-owned airline Sri Lankan Airlines has signed a $175m four year dual currency Islamic financing. This is the credit’s first outing on the international syndicated loan market, according to Dealogic data.
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Russian oil firm TNK-BP has sent out a request for proposals for a $500m term loan. Bankers have until the end of the week to provide preliminary responses.
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Montagu Private Equity has beaten Cinven and PAI Partners to acquire Dairy Crest’s margarine maker St Hubert for €430m, and has mandated six banks to arrange the debt financing.
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Linde and Anheuser-Busch InBev have both announced jumbo acquisition lines, reviving hope for new money financing after a dismal first half. According to Dealogic, global M&A volumes in the first six months of 2012 fell 22% to $1.17tr year on year, but bankers may have cause to be optimistic for the second half of the year.
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The African loan market may be breaking out of its first half malaise, after the owners of Nigerian special purpose vehicle Shoreline Natural Resources announced that the SPV is in talks to purchase an $850m major stake in Nigerian oil site OML 30. The bulk of the acquisition will be financed by a $550m bridge loan from Standard Bank of South Africa.