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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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Commerzbank has stopped lending outside Germany and Poland for the rest of the year, in an effort to meet the EBA’s additional capital requirements.
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China’s Home Inns & Hotels Management has got two commitments worth $45m for its $240m acquisition financing, which will be used to buy local rival Motel 168. Funding officials from the company met potential lenders on a roadshow last week, and the leads are now deciding how much of the deal they want to sell down.
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CIBC, Citi and HSBC have joined syndication of the $260m of leveraged loans backing the buy-out of V.Group, parent company of Scottish shipping services company V.Ships, by Canadian pension fund Ontario Municipal Employees Retirement System (OMERS) from Exponent. Royal Bank of Canada has underwritten the deal.
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Lenders to Lion Capital’s cereal maker Weetabix expect the firm’s amend and extend request to be approved, after 50% of the syndicate accepted the terms on offer during a pre-sounding. Investors said that the margin uplift on offer should be enough to offset increased euro-sterling swap costs.
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Despite their struggles with heavy exposures to peripheral European sovereign debt, French banks are starting to increase their participation in CEEMEA loans after appearing to scale back in the third quarter.
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The European loan market was left to rue a big missed chance this week when UK security firm G4S pulled out of its bid for Danish services company ISS. Deutsche Bank, HSBC and RBS had underwritten €4.1bn of euro loans and £1.33bn of sterling to support the acquisition. The deal was set to be the market’s biggest M&A deal of the year.