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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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At least one lender will withdraw from the banking group of Electrolux, the Swedish domestic appliance manufacturer, after its €500m five year refinancing was marketed at 60bp over Euribor.
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Syndication of a one year refinancing deal for Turkish financial institution Sekerbank was launched on Monday. The dual-currency deal, which has a 364 day extension option at the discretion of the lenders, offers an all-in margin of 170bp for top-ticket participation.
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Loparex, the Dutch manufacturer, has completed a new €145m five year loan, split into a €95m term loan and a €50m revolver.
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Finnish telecoms firm DNA has signed a €300m five year credit facility comprising a revolving credit facility and a term loan. The €200m revolver and €100m term loan will be used for general corporate purposes and replace outstanding facilities.
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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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South African mining and exploration firm Optimum Coal has agreed a R2.2bn ($276m) revolving credit facility to finance the purchase of prospecting rights for thermal coal at sites in South Africa.