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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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Bankers in the Middle East are keeping watch on the proposed $1bn-plus Hassyan independent power project as pipeline deals in the region are becoming increasingly scarce.
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China’s Home Inns & Hotels Management closed its $240m loan at the end of November, getting three commitments in syndication that reduced the bookrunners down to their planned holding levels.
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Property company Shui On Land has received five commitments for a $410m loan that is in general syndication, bringing it nearer to closing a three-tranche deal that will draw on support from lenders in the mainland and offshore.
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French borrower Vivendi has moved the margin on its five year loan back 10bp to 85bp, but the facility is still likely to be tighter than the broader market, according to bankers close to the deal.
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Swedish/Danish postal company PostNord has signed a five year Skr2bn (€221m) revolving credit facility for general financial requirements. Danske Bank, Handelsbanken and Nordea arranged the loan, which can be drawn in various currencies.
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Switzerland-based cement supplier Holcim, rated Baa2/BBB/BBB, has signed a €2bn five-year revolving credit facility with two one-year extension options to replace an existing €3.5bn loan that was due to mature in May 2013. The deal includes a swingline facility available in euros and US dollars.