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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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Linklaters has appointed Brian Gray as co-head of its leveraged finance practice, replacing Gideon Moore who has become the law firm’s global head of banking. Gray will lead the practice alongside existing levfin co-head Nick Syson.
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A bank meeting on Thursday morning to discuss the €700m loan backing DS Smith’s takeover of SCA Packaging was well attended, according to a market participant working on the deal.
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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, according to bankers close to the deal.
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German cement maker HeidelbergCement (Ba2/BB/BB+) has extended the maturity of its €3bn credit facility by two years to December 31 2015, adding two lenders to its syndicate in the process.
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Mining firm First Quantum Minerals has completed a $1bn revolving facility for its Kansanshi mine in Zambia, in the firm’s first market outing in three years.
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Dutch construction group Royal BAM has signed a €625m bank facility to refinance existing debt and for general corporate purposes. ABN Amro, ING and Rabobank were bookrunners on the loan, which comprises a €500m revolver and a €125m subordinated term loan.