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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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Soho China is awaiting confirmation of the last two commitments to a $626m loan, getting well above its earlier target of $400m after enticing banks with its commercial property portfolio. But despite the success of the deal, bankers expect few mainland companies to turn to the offshore market over the next few months, after an easing of liquidity onshore, writes Matthew Thomas.
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German chemicals company Sachtleben will use proceeds from its new five year €430m credit facility to pay a dividend to its shareholders, to repay an existing €330m loan and for other corporate purposes.
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Accounting firm KPMG has appointed one partner and three directors to its company turnaround business, as it said it sees “huge” demand from distressed and underperforming companies seeking assistance. The appointments take the size of KPMG’s company-side turnaround team, part of its restructuring practice, to 20.
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Reliance Industries looks set to mandate banks for a $1bn loan soon, swelling the supply of international loans from the country after an almost 35% fall in dollar loans from Indian companies since the start of the year.
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KKR’s UK pet shop chain Pets at Home allocated its £130m six-year senior term loan ‘C’ on Thursday morning after achieving the two thirds lender consent that was required to pass an amendment allowing the company to repay its mezzanine debt.