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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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Market participants said that the secondary market was reacting more to macroeconomic worries than ever before, as €5.6bn of repayments into loan funds went almost unnoticed and could not prevent another significant fall in aftermarket bid prices.
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Grainger agrees £840m forward start facility
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European bank lenders are coming up with increasingly creative solutions to ease their dollar financing problems, but not all corporate treasurers are happy at the proposals. Borrowers across the region are being asked to pay a premium for their dollar funding or to change the denomination of their funding. But bankers are finding that companies are not particularly sympathetic to their dollar financing woes.
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The €505m of loans backing Charterhouse’s buyout of Dutch electronic publishing company Bureau Van Dijk’s (BvD) are expected to be allocated this week with an original issue discount (OID) of 94 on the €300m term loan ‘B’. The bookrunners have found their clearing price, having earlier marketed the deal at 98.5 — and having flexed the margins on the bullet tranche from 475bp to 500bp.
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Arrangers of Raet’s €300m of LBO loans are hoping to send a good signal about the capacity of the primary leveraged loan market by allocating the loans at the agreed original issue discount (OID) of 98 — and with a relatively thin margin of 475bp on the term loan ‘B’.
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Orascom Construction Industries (OCI), a producer of construction materials and fertiliser — and one of the first private Egyptian borrowers to approach international banks for financing since the country’s recent revolution — has completed loans of $2.2bn. The company has arranged term loans of $1.9bn for its wholly owned fertiliser subsidiaries with relationship banks to refinance the group’s existing loans, many of which are set to mature in 2013. It has also received a $200m investment package from the IFC.