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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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After Ineos spectacularly raised $3bn of covenant-lite loans in the US and Europe last week, bathroom and kitchen-fittings company Grohe is treading the same path to raise €300m-equivalent of cov-lite loans in euros and dollars — despite talk in the high yield market that the German firm would look to bonds.
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Business travel agent Carlson Wagonlit Travel (CWT), 45%-owned by JP Morgan, has signed a $100m revolving credit facility before launching an $850m high yield bond refinancing. JP Morgan, the left lead on the bond, and BNP Paribas, Jefferies, Lloyds and Morgan Stanley, the other bookrunners, provided the revolver.
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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 power firm Enerjisa has borrowed €135m through a syndicated loan arranged by the European Bank of Reconstruction and Development (EBRD) to build a wind farm in the country.
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Some 25 banks joined Pernod Ricard’s new multi-currency €2.5bn revolving credit line, which was signed this week.
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WESTERN EUROPE Salcomp charges up for expansion with €47m loan