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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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Mechel Trading, the trading arm of Russian mining and steel credit Mechel, has signed a $180m three year loan guaranteed by Mechel and Chelyabinsk Metallurgical Plant and secured against some of the borrower’s offtake contracts.
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Norwegian oil and gas firm Bridge Energy has signed two new syndicated credit facilities.
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Asian banks have reduced their appetite for lending over the last few months, in response to rising funding costs and reduced dollar liquidity. But they will need to rediscover that appetite soon: companies in the region stand out from their peers in Europe and the US by expecting their funding needs to grow next year, according to a report released on Wednesday by Allen & Overy.
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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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Opinion is divided over what levels original issue discounts (OIDs) on leveraged loans can reach, but the 93 that Com Hem's arrangers hope will be a clearing price is just about as good as it will get for banks with hung deals, according to respondents to a EuroWeek poll.
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Turkey’s Finansbank is to invoke a one year extension option included in a $800m loan signed in November 2010.