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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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Glencore, the Switzerland-based commodities trading firm, signed $12.8bn of new syndicated loans on Wednesday to replace its existing revolving credit lines.
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A €1bn self-arranged facility for Iberdrola is set to be oversubscribed, despite some bank lenders worrying about the company’s Spanish roots.
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Ineos, the world’s third largest chemicals company, demonstrated both its own clout as a borrower and the exceptionally hot appetite in the US leveraged loan market, when it made a late swerve on Thursday and diverted most of a $3.7bn refinancing away from the bond market and into loan investors’ pockets.
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Luxembourg-based roofing materials group Monier has completed an amend and extend of its senior facilities, opening the way for an expected high yield bond issue to partially refinance its loans. More than 95% of lenders consented to the amendments, with over 90% also agreeing to extend their commitments to 2017.
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Qatar Telecom (QTel) has returned to the loan market with a $2bn request for proposals, after a two year break from borrowing.
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Spanish cable firm Ono (B2/B/B) is expected to wrap up a self-arranged €1.4bn refinancing loan shortly. It is awaiting commitments from banks that missed last week’s deadline.