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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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Swedish Steelmaker SSAB has increased the size of its revolving credit facility to €440m after the three year plus one plus one facility was oversubscribed in syndication.
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The mandate to finance the buy-out of UK packaged and frozen food business Birds Eye Iglo from Permira will be the most sought-after in a very barren year for LBOs, warned bankers. Credit Suisse is advising on the sale, with first-round bids due in early May.
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Indonesian telecom tower operator Tower Bersama has launched a dollar loan that will be worth as much as $325m into general syndication, despite getting senior level commitments that covered the deal even before the bookrunners’ pledges are taken into account.
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Gunvor Singapore, a subsidiary of energy trader Gunvor Group, has launched a $470m 364 day revolving credit facility into syndication, returning to the market to refinance a deal that matures in two months.
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Indian Oil Corp has closed a $250m loan, unearthing strong demand from Taiwanese lenders among the 20 banks that committed to the transaction.
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Goldman Sachs partner Stephen Hickey has joined CVC Credit Partners, an asset management subsidiary of UK private equity firm CVC, as chief risk officer and member of the management committee, after the firm signed its agreed merger with CLO manager Apidos Capital Management.