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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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Arrangers of leveraged loans are reporting a remarkably benign environment for syndicating deals. Ball bearing maker Schaeffler is considering tightening the yield on at the least the dollar portion of its €1bn term loan ‘C’.
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Afeximbank has verbally mandated nine banks for its $400m refinancing loan with final mandates expected by the end of the month. Banks that do sign into the deal can expect the African bank to pay a decent price for the loan, said a banker with close knowledge of proceedings.
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ABN Amro, Friesland Bank, ING Bank, ING Commercial Finance, IKB, NIBA and Rabobank have provided a €190m club loan to support Sun Capital Partners’ acquisition of Amsterdam clothing wholesaler and retailer Scotch & Soda.
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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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Medium sized businesses could access flexible and attractive funding through the syndicated loan market, the Loan Market Association stressed this week in response to a consultation from the Department for Business Innovation & Skills (BIS).
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Orange Switzerland, the Swiss mobile phone group that Apax has bought from France Télécom, raised €180m today by tapping its €150m floating rate note issued last week.The snap decision to increase the FRN will enable Orange Switzerland to repay all of its term loan ‘B’, which was in the process of being syndicated.