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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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Lenders to Thomas Cook have agreed to extend the maturities and relax financial covenants on the company’s £1.4bn of loans to give the UK travel agency more flexibility to resurrect its business.
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Barclays and Goldman Sachs are arranging £525m of debt to finance the acquisition of the UK’s largest independent care home provider, Four Seasons Healthcare, by Guy Hands’ private equity company, Terra Firma. The deal ensures that the lenders in the company’s £780m of CMBS loans, due to mature in September, will be repaid in full.
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Turkish financial institutions pulled $2.7bn out of the market this week after both Yapi Kredi and Garanti Bankasi closed their annual refinancing deals.
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Lenders to French paper group Sequana have agreed to adjust the covenants of its loans and extend their maturity by two years to June 2014 after it emerged that two branches of the group breached net debt to Ebitda covenants in December 2011.
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Saudi construction company Al-Khodari Sons has agreed SR200m ($53.33m) of Islamic credit facilities with Saudi British Bank. Al-Khodari will use the money to provide bonding commitments and fund working capital needs.
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BAA, the UK airports operator, may increase the size of its core credit facilities after 12 lenders participated in the early bird phase of syndication. Commitments have reached £3bn. The borrower will speak to more lenders next week as part of a targeted second tier syndication phase of the £1.2bn revolving credit facility. Around half a dozen more banks are likely to be approached to join the deal.