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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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Emerging market borrowers will combat the shrinking appetite of international lenders by increasingly turning to their domestic banks, according to a EuroWeek poll.
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Switzerland’s Mercuria Energy Trading has signed multicurrency revolvers of $1.7bn and €145m, adding a three year tranche alongside its 364 day credit facilities. The lines were increased from a planned $1.3bn and €100m after they were oversubscribed during syndication.
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DE Master Blenders, a wholly owned subsidiary of US food maker Sara Lee, has signed a new €750m five year revolver.
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Telecom Italia has completed a new €4bn forward start facility with a syndicate of almost 30 bank lenders. The loan, co-ordinated by Barclays and Intesa Sanpaolo, will replace part of a €6bn revolving credit line signed in August 2005.
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Moody’s believes at least a quarter of unrated LBOs with debt maturing by 2015 will default, it said on Thursday. And this proportion might double if access to the high yield bond market proves particularly problematic.
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Saudi Arabian mobile telecommunication company Zain Saudi has mandated four banks for a five year Islamic syndicated loan worth Sr9.75bn ($2.6bn) to refinance an existing facility of the same size that matures in July.