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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-based leisure group Merlin Entertainments has surpassed its target of raising £200m from the uncommitted lines built into its loan documentation for an unidentified acquisition, said bankers close to the deal. The deadline for commitments was Thursday December 8.
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Leveraged finance bankers are crossing their fingers that they’ve backed the right sponsors as the results of auctions for Belgium-based chemicals firm Taminco and Swiss telecoms firm Orange Switzerland are due any moment.
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Dutch insurance firm Aegon (A3/A/A) has switched the denomination of its credit facility from dollars to euros, having launched a €2bn five year deal to replace a $3bn line maturing next September.
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European corporate borrowers will have to work much harder for their syndicated loan facilities in 2012 as lending banks — already revolting over the pricing of a refinancing facility for France’s Vivendi — are finally finding the courage to stand up to companies over terms and conditions.
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Bankers are united in denying claims that bank loans in Russia and the CIS are concentrated on too few companies putting banks at risk of overexposure should a firm go into default.
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Qatari gas project Barzan has seen such a strong reception in general syndication that some banks have had the chance to scale back commitments by 40%, said a banker close to the deal.