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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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UK food group Premier Foods has extended the maturities of its existing £733m term loan and £500m revolving credit facility from December 31, 2013 to June 30, 2016 after coming to an agreement with its banking syndicate, swap counterparties and pension schemes. The company has also delayed all amortisation payments until June 30 2014 — and got agreement from lenders for a big easing of its required debt to Ebitda ratio.
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Bain Capital’s credit arm, Sankaty Advisors, this week acquired a £500m portfolio of 26 leveraged loans from Lloyds at what bankers said was a deep discount, as some loan managers expressed hope that European bank deleveraging would attract investors into the leveraged loan asset class.
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Soho China is in discussions with bankers about a return to the international loan market, adding to the supply of Chinese property companies in this year’s tepid borrowing market. But some bankers are being forced to weigh up the different deals, knowing their credit committees will not allow them to take all of them at once.
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Vista Equity Partners has agreed to pay £1.27bn for UK banking software company Misys, and will use $1.775bn of loans alongside equity to complete the takeover if the bid is accepted.
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Stemcor launches refi, cuts RCF to $650m
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Increased competition for ancillary business is driving some companies in central and eastern Europe to shrink acutely their relationship banking groups as borrowers cannot supply enough secondary business to satiate bank demands.