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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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Swiss-based commodities trading firm Glencore is out in the market with a $6bn one year syndicated loan facility to back its merger with Xstrata, while also looking to extend the maturity of two of its existing bank facilities by one year.
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Henkel, a producer of industrial, commercial and consumer chemicals, is expected to sign its new €800m five year loan facility next week after the deal was oversubscribed in syndication.
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The debt backing the management buy-out of Iceland, the UK food retailer, has been launched to an early bird phase of syndication this week, with a wider sell-down expected later in the month.
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UK clothes retailer Matalan has cancelled £20m of its revolving credit facility after failing to negotiate an easing of the covenants with one of its banks. The remaining £30m of the RCF, which was signed with another bank, remains in place, as Matalan was able to secure a covenant reset from that bank. The company is rated B3/B.
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Despite a trickle of big ticket deals in the pipeline, loan volumes will be low until at least the end of June when lenders can assess the full impact of the European Banking Authority’s 9% tier one capital requirements.
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Domodedovo debut locks lenders into low summer pricing