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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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Turkey’s Akbank is hoping to sign its annual refinancing facility by March 20, with the deal once again drawing in a large syndicate.
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The £560m term loan ‘B’ of the £885m all-senior loan financing that is backing founder and chief executive Malcolm Walker’s buy-out of UK food retailer Iceland is being talked at an original issue discount of around 98, after a bank meeting on Wednesday.
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Leveraged loan investors are not desperate to deploy cash despite a worrying lack of supply in the LBO market — even when they hear rumours about aggressive potential LBOs that suggest banks may not be keeping such a cool head as they strive for business.
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Kim McNamara and Victor Pasamontes have joined BBVA’s syndicated loans team in London.
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UK newspaper group Trinity Mirror has signed a new bank facility of £110m, thanks in part to an agreement with the trustees of the firm’s pension scheme to reduce deficit funding payments until 2014 to £10m per year. From 2015, annual payments will return to the normal level of £33m.
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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.