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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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Mizuho Corporate Bank has attracted a handful of banks to a selldown of a $500m dual-tranche loan it provided to Korea Development Bank last year.
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Standard Bank of South Africa launched a $750m new money loan into syndication on Monday. Expectations are high for the facility to be very oversubscribed during general syndication as dollar rich US and Asian lenders look for places to put money to work, said bankers.
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A banker close to Iceland Foods’ £885m leveraged loan said the Ba3/B+ corporate family rating assigned to the borrower was a “great result” as Wednesday’s commitment deadline approached. A number of funds have already committed to the £560m term loan ‘B’, in both the euro and sterling tranches.
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UK oil and gas firm EnQuest has signed a new multicurrency credit facility of up to $900m, with $525m committed and a further $375m made available to the borrower, to be used primarily for acquisitions. The revolver has a maturity of five years.
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Novozymes, a Danish biotech firm, signed a Dkr3bn ($537.95m) five year revolving credit facility on Monday.
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The volume of syndicated loans in EMEA in the first quarter of 2012 fell 57% from Q1 2011, with the lowest level of activity recorded in 18 years. Only 173 transactions were completed in the region over the first quarter, according to data provider Dealogic, although the average deal size was larger than in recent years, at $669m.