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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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Philippine beer maker San Miguel Brewery showed the huge difference in liquidity between bond and loan markets in Asia Pacific last week, when it raised around $467m from its domestic debt market — and prepared to pay back a $300m loan that does not fall due until the start of 2015.
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Turkey’s Akbank pulled in 43 banks to sign its annual refinancing facility on Tuesday after lifting its pricing by 45bp from last year’s loan.
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Finnish metal casting services firm Componenta has extended the maturity of its €164m syndicated credit facility by one year to June 28 2013. The company said the banking syndicate on the extended facility remained the same, comprising Danske Bank, HSH Nordbank, Nordea, Pohjola, Royal Bank of Scotland, Swedbank and UniCredit.
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Although high yield has suffered an extremely volatile last 12 months, the sub-investment grade bond market remains the most likely source of relief for Europe’s estimated $550bn 2012-2016 leveraged buy-out maturity wall, according to EuroWeek poll of market participants.
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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.
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French building materials firm Lafarge has signed a two year extension to its €1.2bn syndicated loan, pushing out the maturity on the facility to July 2015. Some 24 lenders consented to the new maturity.