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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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Dubai’s Pacific Control Systems (PCS) has signed a Dh265m ($72.2m) loan with a syndicate of banks to build a data recovery centre in Dubai. This is the IT firm’s first ever syndicated facility.
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A strong reception from bathroom and kitchen fittings company Grohe’s existing bondholders has allowed bookrunners to bring forward the commitment deadline on the German borrower’s new €300m-equivalent covenant-lite loan by five days to May 11.
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Lenders oversubscribe Acron five year deal
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Commodities trading firm Glencore has mandated Bank of America Merrill Lynch and Royal Bank of Canada to lead a $1.5bn syndicated facility to back its C$6.1bn ($6.089bn) takeover of Canada’s Viterra, announced earlier this year.
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Some 80% of the banks providing a new €1bn syndicated loan to Iberian utility Iberdrola, which was signed on Wednesday, were not Spanish. The international make-up of the syndicate is an encouraging sign for the European loan market — and one that confirms that high levels of liquidity are available to top tier borrowers no matter what their nationality.
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Syndicated loan volumes in Europe last month fell 67% year on year to $30.8bn, according to data provider Dealogic, with volumes for April in western Europe ($27.5bn) falling to their lowest monthly levels since 2002. While there were 131 deals in April 2011, last month there were only 44 deals in Europe.