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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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UK directories company Yell Group will buy back the equivalent of £137.5m of its own debt on January 19 for a consideration of £48.1m after inviting bids from its lenders last week.
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Erste and UniCredit have teamed up to underwrite part of a dual tranche €470m senior loan for Serbian telecoms operator Telekom Srbija. This transaction is one of the few emerging market deals of the last 12 months to see an underwriting allocation.
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Russian mining and metals firm Norilsk Nickel has closed syndication of its $1.5bn five year pre-export finance facility, with bankers describing it as ‘symbolically oversubscribed’. The borrower achieved its target despite unexpected declines from some banks as deteriorating economic conditions hit lenders during the deal’s selldown.
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Turkish telecommunications group Turk Telekom has approached its lead banks with a request for proposals (RFP) as it looks to raise a three year multicurrency facility of $600m.
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Apax Partners’ acquisition of Orange Switzerland kicked off 2012 for the European leveraged finance market, with six banks mandated to provide more than Sfr1bn of debt to back the buy-out. However, investors highlighted certain obstacles that bookrunners will have to overcome to ensure a successful syndication.
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Disney raises €150m revolver for new attractions