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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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Moody’s believes at least a quarter of unrated LBOs with debt maturing by 2015 will default, it said today. And this proportion might double if access to the high yield bond market proves particularly problematic.
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The leveraged finance market is in a precarious position, but there is no excuse for a repeat of the disastrous slew of hung deals that closed the market in 2011.
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Russia’s largest potash firm, Uralkali, is in talks with two Japanese banks for a syndicated loan.
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D E Master Blenders, a wholly owned subsidiary of US food maker Sara Lee, has signed a new €750m five year revolver.
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UK electrical goods retail chain Dixons has signed a new £300m revolving credit facility with a maturity of June 30 2015 to replace an existing loan that was due to expire in 2013. Dixons’ lenders have also agreed to relax the company’s financial covenants.
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Turkish lender Alternatifbank has mandated a consortium of banks led by Standard Chartered for a one year facility.