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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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Syndication of Austrian light company Zumtobel closed oversubscribed, with the company opting to increase the size of the facility — which matures on October 28 2016 — from €480m to €500m.
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Third quarter trading volumes in the European secondary loan market increased 5.2% year-on-year to €16.52bn, according to data provider Markit, which said that Standard and Poor’s downgrade of the US credit rating in August had led to more activity as risk assets were sold off.
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Issuers in the Gulf Cooperation Council countries with refinancing needs should ready themselves for a tough three years as the amount of debt maturing will rise dramatically, according to a new report.
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French gases firm Air Liquide, rated A/A, has signed a €1bn revolving currency facility with 17 banks, having previously launched the deal at €850m. The new loan — the first in Europe to include a first draw utilisation fee — is replacing a €1.2bn seven year deal signed in July 2004 that was set to mature in July 2012.
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Syndication of the €240m of senior loans backing Axa’s buyout of French night vision component manufacturer Photonis has allocated fully subscribed to bank and institutional lenders, said bookrunners IKB, ING and Société Générale.
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Parking facility provider Q-Park has secured a multi tranche €1.1bn refinancing loan from 11 European banks. The loan is split into three tranches; a €650m five year term loan, a €275m five plus one plus one term loan and a €175m five year revolver.