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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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Croatia’s only integrated oil company, INA, has sent lenders a request for proposals (RFP) for a new loan. But bank deleveraging in emerging Europe could hinder the process, bankers said.
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Western Power Distribution (South West) has increased its five year revolver from £210m to £245m after the transaction was heavily oversubscribed during syndication. Despite this, lenders’ commitments were still substantially scaled back.
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India’s Reliance Communications has secured a $1.18bn loan from a trio of state-owned Chinese banks, finding the money to pay off a huge amount of convertible bonds that mature in under two months.
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German retailer Metro has increased the size of its revolving credit facility and its bank lending group, signing a new five year €1bn revolving credit facility in a deal co-ordinated by Société Générale and UniCredit.
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Japanese lenders could become a more important part of Asia’s loan market this year, stepping in to make up for a reduction in lending from European banks, said senior loans officials. This is likely to be most prominent in the project finance market, where French banks in particular have long been important players.
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LDC, the private equity arm of Lloyds, has hired Jon Herbert, head of its parent group’s acquisition finance business. Herbert has joined LDC as director, to source debt to fund the company’s buy-outs.