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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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Yell Group is speaking to its lenders about increasing its net debt to Ebitda covenant level to give itself more headroom. The directories group will also attempt to purchase up to £108m of debt below par, which it said would create value.
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Leveraged finance market participants said they expect the mezzanine loan and high yield bond markets to move closer together and that European mezzanine lenders may have to sacrifice privileges in their business terms to create dealflow.
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General syndication of a $1.5bn five year deal for Russian mining and metals company Norilsk Nickel was launched on Monday evening after five banks joined in the senior phase.
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Lenders to Premier Foods, owner of bread maker Hovis, have agreed to defer a financial covenant test from December 31 this year to March 31 next year as the company continues discussions with its bank group over extending the maturity of its £1.27bn of loans beyond December 2013.