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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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Investec Growth & Acquisition Finance, which uses the bank’s balance sheet to deploy capital in lower mid-market companies in the UK, has hired Shaun Mullin from Barclays to focus on senior debt deals.
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Doughty Hanson has acquired Spanish hospitals operator USP Hospitales in an all-equity buy-out of €355m. The private equity firm has a track record of buying firms without debt, only to refinance the deals with loans at a later date.
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UK banks exceeded 2011 lending targets set as part of an agreement with the government, but they fell short on hoped for volumes of loans to small and medium enterprises.
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The Saudi government’s drive for new projects will help domestic banks’ loan books grow by up to 15% over the next year, according to Fadi al Said, head of strategy at ING Investment Management.
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Belgian cable firm Telenet (Ba3/BB+) is raising €175m for general corporate purposes through a term loan ‘T’, maturing on December 31, 2018, issued under its existing senior credit facility. BNP Paribas is bookrunner on the loan, which will offer a margin of 350bp over Euribor.
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Russian banks are expected to lend around 20% more in 2012 than last year, according to Fitch Ratings, but western bankers disagree on whether this means big state banks Sberbank and VTB pose a serious competitive threat.