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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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German cable firm Kabel Deutschland (KDG) has sent out a notice of prepayment to lenders after easily exceeding its original target of extending €500m of term loans ‘A1’, ‘A2’ and ‘C1’. The company is understood to be ready to accept extensions from all those lenders who consented, which market participants said represented more than €700m.
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Bank meetings will be held next week to market the leveraged loans backing Apax’s buy-out of Orange Switzerland and Cinven’s takeover of CPA Global. But market participants said bookrunners were looking for a quick turnaround, having already sounded out numerous lenders.
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BofA-ML underwrites $4bn bridge for ABB acquisition
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US investors are leading demand for the €1bn-equivalent term loan ‘C’ being syndicated to funds as part of German ball bearings manufacturer Schaeffler’s €10bn bond and loan refinancing.
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Commodities trading firm Gerald Group has increased the size of its 364 day revolving credit line to $200m after the deal was well oversubscribed.
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Swedish construction firm and property developer firm NCC signed a €325m five year multicurrency revolver on Thursday, replacing a €275m facility due to expire in January next year.