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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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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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With banks more reluctant to lend and growing investor appetite for corporate bonds, European companies are turning increasingly to the bond market for funding in the style of their US counterparts, according to a report issued by Fitch on Wednesday.
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British steel company Stemcor has closed a $205m syndicated loan, attracting six banks in syndication after building a 11-strong team of mandated lead arrangers that helped the company raise well above its $150m target.
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Verbund, the Austrian utility, has signed a €750m revolver, having scaled back the commitments of participating banks after the deal was heavily oversubscribed.
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Bankers are expected to decide this week whether to replace the Z1.75bn (€400m) senior secured bond bridge backing the buyout of Polkomtel with a term loan ‘C’.
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The leveraged loans backing the buyout of UK car breakdown service RAC have been trading down this week after the most favoured nation (MFN) clause broke on October 15, loan traders said.