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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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Russian state-controlled gas producer Gazprom is in negotiations with a club of banks for a new loan of $800m or more, its first corporate syndicated facility since the fall of Lehman Brothers.
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Swiss pharmaceutical firm Roche has returned to the loan market to refinance a €2.5bn facility maturing in May next year.
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Troubled financial markets and banks’ funding challenges and capital requirements could lead to weaker liquidity profiles among corporates, Moody’s said in a report.
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HSBC and UniCredit have joined the underwriting group on a $1.5bn five year loan for Russian metals company Norilsk Nickel.
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UK firm Electra Private Equity has signed a £195m five year revolving credit facility to refinance a similar facility of £185m, which was due to mature in 2013. The new revolver matures in June 2016. Existing lenders Barclays, Lloyds and Royal Bank of Scotland arranged the facility. Margins have not been disclosed, but Colette Bowe, Electra’s chairman, said the loan was on “better terms” than the previous facility.
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Serbian agriculture, manufacturing and mining company Farmakom has signed a loan package totalling €120m with the International Finance Corp and several commercial lenders.