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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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Soho China is in discussions with bankers about a return to the international loan market, adding to the supply of Chinese property companies in the tepid borrowing market this year. But some bankers are being forced to weigh up the different deals, knowing that their credit committees will not allow them to take all of them at once.
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Croatian food and drink retailer Agrokor has signed a €75m club facility from international and domestic banks. BNP Paribas, JP Morgan and Zagrebacka Banka are providing the funds for the three year loan. Zagrebacka acted as facility agent.
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Syndication of the €510m term loan ‘B’ tranche of the Skr9.9bn ($1.45bn) senior loan facility backing CVC’s buy-out of Ahlsell is “super-oversubscribed”, said a banker with knowledge of the deal before Thursday’s commitment deadline.
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Borrowers in the Gulf Cooperation Council are likely to come to rely more on Asian and regional lenders if a funding gap caused by deleveraging European banks occurs, said Moody’s in a report issued on Monday. But European bankers have warned that GCC firms must follow the pricing lead shown by Russian names if they want to continue attracting syndicated loans.
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Michael Guy, co-head of EMEA distressed sales and trading at Bank of America Merrill Lynch, has resigned from his position, EuroWeek understands.
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UK based computer and console game retailer Game Group suspended the trading of its shares on Wednesday morning after the company’s board said there was no value in its equity.