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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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Lenders to beleaguered Thomas Cook have agreed to provide a £200m revolving credit facility maturing on April 30, 2013, to replace a £100m short term loan signed in October. But margins on the loan are up to 300bp higher than the terms agreed on Thomas Cook’s existing £1bn loan in July.
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Electrolux ready to sign five year
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Many European corporates, nervously expecting borrowing conditions to weaken over the coming few months, are looking to tap the syndicated loan market before Christmas. France’s Vivendi, which has a €1bn revolver due in February 2013, is thought to be one of the names that is speaking to its banks about a possible refinancing.
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A pragmatic stance from institutional lenders to UK directories company Yell should see the firm’s proposed debt amendments over the line, lenders said, despite the reduction of the firm’s revolving credit facility provoking the ire of certain funds. The deadline for responses has now been pushed back to Friday.
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Private equity firm Doughty Hanson has acquired oil and gas services firm Asco Group from Phoenix Equity Partners using 100% equity, although bankers said they expected the buyer to refinance its purchase shortly with a club loan. But bankers said the deal was not a sign that underwriting appetite had disappeared.
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TURKEY Finansbank extends on same terms