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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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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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Saudi construction company Al-Khodari Sons Company agreed murabaha (Islamic financing) facilities worth SR968m ($258m) with Samba Financial Group over the weekend.
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Terra Firma has mandated Barclays, Lloyds and Co-operative Bank to provide an undisclosed amount of debt to support its acquisition of UK garden centre operator The Garden Centre Group.
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Three banks have joined a $500m revolving credit facility for oil exploration firm Det Norske Oljeselskap during syndication after bookrunners DnB Nor, Nordea and SEB underwrote the transaction in December.
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Swedish building group Ahlsell’s €530m term loan ‘B’ allocated at 98 on Friday and was seen in the secondary market at 100/100.438, according to Markit, after going free to trade. By Monday the average offer price had risen to 100.8 as bankers close to the deal said they expected very few investors to sell after strong scale-backs.
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Commodities company Noble Group has launched a $1.5bn revolving credit facility, and has picked 17 banks to take the deal into general syndication.