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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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Turkey’s Denizbank has opted to keep its lenders sweet with a 30bp increase in the pricing on its syndicated loan refinancing.
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Worries about weak leveraged loan and high yield bond markets are having an effect on LBO activity, according to a report from private equity Arle Capital Partners. The total value of European private equity-backed buyouts almost halved from €27.1bn in the second quarter to €13.8bn in quarter three.
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Unrated Italian construction firm Astaldi will hold a bank meeting on Friday to discuss a forward start facility that will replace a €325m loan signed in 2006.
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Senior banks have given a warm welcome to Norilsk Nickel’s $1.5bn five year pre-export financing, which offers a margin of 225bp, according to bankers close to the deal.
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Commerzbank, ING, UniCredit and NIBC have provided around €100m of loans to back Chequers Capital’s buyout of German tyre-fibre producer Cordenka from CVC.
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Energy trader Vitol has completed the refinancing of an outstanding $5.32bn dual-tranche revolver with a new flagship corporate revolving credit facility of $5.63bn, which was wrapped up this week.