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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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Swedish steelmaker SSAB may adapt the structure of a recently launched revolving credit facility, according to a banker with knowledge of the deal, as local banks looking at the transaction say that the leads have overestimated their appetite for aggressive transactions.
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EMERGING MARKETS Afrexim aims for March signing
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Czech energy firm EP Energy, a subsidiary of Energeticky A Prumyslovy Holding, is in the advanced stages of raising an unprecedented €1bn loan exclusively from its home market, EuroWeek can reveal. Talk of an unnamed Czech loan of this size has been circulating among surprised international loans bankers for several weeks (see EuroWeek 1,243 for background).
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As well as their roles on the financing of the Iceland LBO (see separate story), Deutsche Bank and Royal Bank of Scotland are also leading the syndication of Irish electricity and gas company Viridian’s £225m revolving credit facility, for which they held a bank meeting on Thursday.
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Never one to let the fast pace of the City get in the way of in-depth understanding of the market, Loan Ranger took some time out on Wednesday to enjoy a leisurely lunch with RBS’s Simon Meldrum. We say leisurely, perhaps marathon is the word, given the relaxed attitude to service at our choice of restaurant — 1 Lombard Street.
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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 morning.