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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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Marina Bay Sands, the Singapore hotel and casino resort developed by Las Vegas Sands, has approached lenders with a S$4.6bn ($3.64m) loan, looking to refinance a S$5.44bn deal it closed four years ago.
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Hong Kong-listed Victory City International Holdings, a manufacturer of knitted fabric products, has closed syndication for a HK$1.388bn ($178.82m) loan — a big increase from the HK$900m it had planned when it first approached the market.
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Finnish metals firm Luvata Fabrication has amended its €180m credit facility, extending the maturity until 2015 and adding a €20m committed capex facility for add-on acquisitions.
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Bookrunners on the Skr9.9bn of senior loans backing CVC’s buy-out of Swedish building group Ahlsell are expecting to close books next week, once Standard and Poor’s and Moody’s have released their ratings of the facility.
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Garanti Bankasi is looking to refinance a $1.3bn loan maturing in May but will have to pay higher funding costs than last year, mirroring the 45bp rise on Akbank’s annual loan, bankers said.
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Swedish steelmaker SSAB may adapt the structure of a recently launched revolving credit facility, according to someone with knowledge of the deal, as local banks looking at the transaction say that the leads have overestimated their appetite for aggressive transactions.