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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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Nine banks are set to lead the financing of Europe’s highest profile infrastructure acquisition this year – the €3.2bn sale of E.On’s Open Grid Europe gas network, which bankers said had attracted “very aggressive” bidding.
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A $300m pre-export financing loan for Ukrainian metals firm Metinvest will be oversubscribed, said bankers, after the company set the margin at 175bp over its previous deal.
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It has taken eight long months, but French building materials company Materis has now completed its amend and extend process after the Wendel-owned business secured the consent of lenders to push out the maturities of €1.9bn — 91% — of its €2.2bn loans.
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German bathroom and kitchen fittings company Grohe has signed its covenant-lite term loan as investors recommitted to the deal at the new, larger size of €375m.
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Tower Bersama got around $100m of demand in general syndication for its latest international loan, which will be worth $325m. That was on top of the $600m of commitments the company had already received from the bookrunners and senior-level lenders.
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Rock bottom loan margins in the Middle East are here to stay, say market participants, as corporates in the region increasingly see a competitively priced loan product as a bank’s route into lucrative ancillary deals.