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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 oil credit Rosneft has increased the margin offered to its banking group to just under 250bp as tough negotiations continue over the firm’s proposed debt facility.
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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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Irish electricity and gas company Viridian is likely to launch a £225m revolving credit facility next week, having mandated Deutsche Bank and Royal Bank of Scotland to lead the deal.
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UK chemical distribution company 2M has been bought out by chairman Mottie Kessler with a debt package from Investec worth about £25m.
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Sino-Ocean Land wants to raise around $500m in the loan market, giving it part of the money to refinance a $700m loan that falls due in September. But the borrower will need to offer a lot more than it paid on the maturing deal if it is going to find demand in syndication, said bankers.
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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.