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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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Salcomp, a Finnish manufacturer of mobile phone chargers, has signed a €47m multicurrency loan for general corporate and expansion purposes. Nordea was co-ordinator on the loan and will act as facility agent, while SEB was bookrunner.
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Lenders have swarmed to Afreximbank’s blowout dual currency two year loan, with the borrower closing the facility at $631.6m-equivalent, well above the firm's $300m target. The borrower scaled lenders back in the dollar tranche.
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Indonesia’s Tower Bersama launched its $325m loan into general syndication earlier this month, after getting blow-out demand from senior banks. Around 10 banks are now processing the deal, and considering joining with small commitments.
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A €2.5bn transaction for Pernod Ricard, the French drinks firm, is expected to be signed on Wednesday after the deal was heavily oversubscribed. According to one banker the facility, which is being co-ordinated by BNP Paribas and JP Morgan, received commitments of around €5bn.
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Private equity-owned Italian aerospace engine manufacturer Avio has approached its lenders for an extension for its term loans ‘B’ and ‘C’ until 2017 in return for a margin uplift. Avio also wants to raise a further €210m of new money for a senior term loan ‘D’ to repay its existing second lien tranche.
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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.