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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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Chinese manufacturing group Shandong Heavy Industry Group - Weichai Group has acquired a 75% interest in Italian luxury yacht maker Ferretti, with the Ferretti’s existing creditors taking a 25% stake through a debt-for-equity swap.
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Coutinho & Ferrostaal, the Hamburg-based international steel trader, has signed a $650m one year revolver to replace a similar facility completed in December 2010.
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Euro Disney, the operator of Disneyland Paris, has completed a new €150m 2-1/2 year revolving credit line that forms part of a €250m financing programme that will be used to develop new attractions in the park.
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The UK electronic retail firm Game Group is likely to breach its Ebitda loan covenants when they are tested next month, the company confirmed on Tuesday.
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The offshore renminbi loan market is not going to grow without a reference rate for pricing, but Hong Kong’s Treasury Market Association is waiting until there is more widespread liquidity before pushing for a market rate. They should not wait too long: the sooner an interbank rate is launched, the sooner liquidity will improve in the market, said John Corrin, chairman of the Asia Pacific Loan Market Association, on Monday.
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Apax Partners has hired Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and UBS to underwrite $1bn of loans and bonds backing its buy-out of Swiss mobile company Orange Switzerland.