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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 building group Ahlsell’s €530m term loan ‘B’ that was allocated at 98 was trading at par this week after strong scalebacks in primary syndication. The scalebacks came despite sponsor CVC opting to increase the size of the term loan ‘B’ by €20m from its previous size of €510m.
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Market sentiment towards debt for Dubai state-owned firms took a leap forward this week as lenders close to port operator DP World’s new $1bn loan praised the firm’s decision to repay a $3bn revolving credit facility six months early.
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Ghana Cocobod has pulled in a club of six banks for a $200m loan that stretches the borrower’s maturity out to three years.
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French food services company Elior is attempting an unusually swift syndication to raise a €200m bullet loan targeted at existing lenders after successfully completing an amend and extend process. The deal was launched by Nomura with a call at 2pm on Thursday and commitments are due Monday April 2 at noon.
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Bertrand Meunier, the private equity veteran who spent 28 years at French firm PAI Partners, has joined CVC Capital Partners as a managing partner.
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A select group of banks are working with Bain or Lion Capital on the financing of a potential buy-out of French optical goods business Alain Afflelou, which has Ebitda of €70m-€75m. Final bids for the company are due at the end of April.