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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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Arab Bank and Citi are leading a $180m term loan for Jordan’s Hikma Pharmaceuticals. The loan will be used to finance acquisitions and for general corporate purposes.
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Leveraged loan bankers are expected to ask for record margins for underwriting any new European LBOs as original issue discounts (OIDs) on existing deals continue to widen. Banks have little desire to continue to subsidise private equity returns, which they have effectively been doing by selling at discounts well beyond their fees.
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Anglo-Swiss mining firm Xstrata has increased its revolving credit facility from a planned $5bn to $6bn after the deal was well oversubscribed.
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Let’s face it, good news is going to be thin on the ground for the rest of the year — the market rally that followed Wednesday’s night’s Eurozone summit probably used up a good three months of luck.
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Two Turkish bank borrowers, Denizbank and Finansbank, have opted to maintain 2010 pricing on their syndicated loans.
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