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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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French pharmaceutical Sanofi-Aventis is the latest borrower to cut back on the size of its credit facilities as strong cashflows allow borrowers across Europe to deleverage.
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Russia’s Sberbank has given some banks solid guarantees of ancillary business in the form of an equity mandate to secure a tightly priced loan, according to lenders close to the deal.
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Banks’ difficulties in accessing funding did not hit UK corporates’ access to loan financing over September, according to a Bank of England report released this week, but treasurers are bearish about the 12 months ahead. In its quarterly Trends in Lending report, the UK’s central bank noted that larger firms were generally able to access bank lending, but smaller businesses were still finding bank finance hard to come by.
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Serbia’s Farmakom harvests €120m
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Six banks are providing debt of €220m to support Carlyle’s takeover of Spanish cable firm Telecable de Asturias, which will be financed as a club deal. But banks backing the unsuccessful sponsors had put underwrites on the table, as leveraged loan bankers said they were still willing to underwrite deals on the right terms.
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Syndication of the €205m of leveraged loans backing 3i’s buy-out of building fasteners manufacturer Etanco from IK Investment Partners closed on Thursday, said bankers close to the deal.