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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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Carlsberg Breweries signed an €800m five year revolving credit facility at the end of December after a sluggish borrower-led syndication. Although the Baa2/BBB rated borrower saw its transaction oversubscribed and lenders had their commitments scaled back, some bankers said that they thought the borrower had been aiming to increase the facility.
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Lenders to Dutch plastic pipemaker Wavin agreed in December to amend and extend the company’s debt for a second time in 2-1/2 years, pushing out the maturities on the €440m loan by two years to April 2015 and relaxing covenants.
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Metsä-Botnia refreshes revolving line with new €300m facility
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Private equity firm Wendel is in negotiations with the main lenders to its French building materials company Materis over the terms of its amend and extend operation. It extended the consent deadline to January 27 just before Christmas after consent was not reached.
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An "overwhelming majority of lenders" approved the proposed amendments to £2.6bn of loans for UK directories group Yell, according to the company, although approval came only after the company made concessions to resisting lenders and pushed back the consent deadline several times.
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French banks were the dominant bookrunners in EMEA over 2011, but with the market shifting rapidly the league tables could look very different by at the end of 2012.