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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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Russian coking coal miner Raspadskaya has agreed a two year non-renewable credit line worth up to $300m from Sberbank.
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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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Investment fund manager CarVal Investors has hired two investment bankers to join its corporate securities business in London to focus on distressed debt.
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Steel trading firm Stemcor mandated ABN Amro, BNP Paribas, ING, Natixis, Société Générale and Standard Chartered to lead its new $650m 364 day revolving credit facility, to refinance a facility maturing on May 4.
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Ghana’s national cocoa board Cocobod has sent out a request for proposals to raise $1.75bn for its annual pre export finance (PXF) facility. The annual trade finance blow-out is regularly oversubscribed, as banks clamour to lend to the company.
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Bookrunners on the Skr9.9bn ($1.45bn) of senior loans backing CVC’s buy-out of Swedish building group Ahlsell are expecting to close books next week, after some lenders committed in an early bird phase. Standard and Poor’s and Moody’s are releasing their private ratings on the facility — which market participants say will be in the single B area — at the end of this week.