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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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The terms of the £235m-equivalent term loan ‘B’ backing Cinven’s buy-out of patent management group CPA Global will be reverse flexed after strong demand from investors. However, bankers in the leveraged loan market have bemoaned the lack of deals to take advantage of the strong issuance conditions.
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Turkey’s Bank Asya is looking to raise $200m through a one year Islamic loan. The participation bank — as Turkey’s four Islamic banks are called — has asked ABC Islamic Bank, Emirates NBD Capital, National Bank of Abu Dhabi, Noor Islamic Bank and Standard Chartered to arrange the syndicated murabaha facility, which may be denominated in different currencies.
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South African gold miner Gold Fields is looking to raise $500m through a five year loan.
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Hiroaki Fujisue, the general manager of the investment banking division at Bank of Tokyo Mitsubishi UFJ in London, has taken over the role of head of loan syndications for EMEA on a temporary basis, after Francesco Carobbi resigned from the position on Monday.
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REpower Systems, the German wind turbine manufacturer and subsidiary of India’s Suzlon Energy, has completed €750m of new bank facilities through mandated lead arrangers and bookrunners BayernLB, Commerzbank and Deutsche Bank.
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French batteries producer Saft has refinanced its bank debt with €200m of new syndicated facilities and $150m of US private placements.