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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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Fears of a lending drought in central and eastern Europe (CEE) were overblown, new data from the Bank for International Settlements shows. While bank retrenchment was likely to hit the region harder than other emerging markets as just four eurozone players — Erste, KBC, RBI and UniCredit — account for more than half of all its lending, deleveraging has not been as widespread or as rapid as feared.
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AFRICA Kenya heads for June loan signing
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Apax and Permira’s UK fashion retailer New Look and Charterhouse’s French clothing retailer Vivarte both reached the consent thresholds required to enable them to pass through the requested amendments to their leveraged loans this week as 2012’s frantic amend and extend activity continued.
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As two companies held bank meetings this week to launch leveraged loans, bankers were confident that the market was in a good position to receive new deals despite eurozone volatility.
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The past month has seen the lowest number of European corporate loans completed in any May since before 1995, according to data provided by Dealogic. There were just 36 transactions in May 2012, down from 110 deals in May last year. The monthly volumes recorded, totaling $34.91bn, are the lowest seen in May since 2002, when only $30.97bn of loans were completed. Last year, deals worth $71.474bn were completed in May.
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Private equity-backed telecom company GTS Central Europe has signed and allocated a €330m senior secured loan. More than half the proceeds are available for acquisitions, capex or repaying shareholder loans, with the remainder due to refinance existing bank debt.