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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 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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HSBC and Investec have provided senior loans for the buyout of cycling retailer Wiggle by private equity firm Bridgepoint from Isis Equity Partners. The enterprise value was £180m.
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French satellite group, Eutelsat Communications, which on Wednesday built a €4bn book for a €800m seven year senior unsecured bond deal, has also completed two loan facilities totalling €900m.
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Indian manufacturer Bharat Forge is still in the market with a $120m loan, but is now giving lenders until the middle of December to commit to the deal.
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Private equity firm CVC Capital Partners has scrapped an attempt to extend around A$2.6bn ($2.65bn) of loans in Nine Entertainment, an Australian media company, after failing to convince lenders to approve the restructuring.
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Singaporean shipping company FSL Trust Management has wrapped up a $479.6m loan refinancing. The company has had a topsy-turvy relationship with lenders and was previously forced to seek a covenant waiver – but it has managed to secure some breathing room in the covenant package on its latest deal.