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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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The incurrence covenants in petrochemicals company Ineos’s refinancing loan appear to have had little effect on demand as the company has increased the size of its loan by $500m to $2bn-equivalent.
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Chinese manufacturer Kingboard Laminates has allocated a HK$3bn ($386.6m) loan, increasing the deal from a planned size of HK$2.5bn after finding big demand in syndication.
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Indonesia’s Tower Bersama launched its $325m loan into general syndication earlier this month, after blow-out demand from senior banks. Around 10 banks are processing the deal, and considering joining with small commitments.
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Asian borrowers have turned to the bond market in increasing numbers this year, as rising bank funding costs and the scale-back by European lenders have slashed loan volumes. But the bond market is starting to become a tougher place in which to fund, and high yield companies may soon head back to the loan market. According to senior bankers at Credit Suisse, such borrowers should consider taking the private route, adding structural tweaks to their deals to attract lenders.
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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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Saudi construction company Al-Khodari Sons has agreed SR245m ($65.3m) of Islamic credit facilities with Al-Rajhi Bank. Al Khodari will use the money to provide bonding commitments, fund capital requirements and working capital needs for both specific projects and general businesses.