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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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Investors learnt this week that the long-awaited €4.2bn repayment to leveraged loan investors from private equity-owned Nycomed’s sale to trade buyer Takeda Pharmaceuticals would arrive on September 30, but market participants said the effect on fund demand would be minimal.
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An investor meeting was held in Paris on Tuesday to launch general syndication of the €240m of senior facilities backing Axa Private Equity’s buy-out of French photo sensor technology manufacturer Photonis.
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United Company Rusal signed a $4.75bn five and seven year refinancing deal on Thursday, ahead of syndication closing and allowing additional lenders to join the deal at a later date.
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Leveraged finance bankers are working on a possible LBO financing for Telecable, the Spanish cable business being sold by Cajastur. Telecable’s Ebitda is around €50m, bankers said, and leverage would be around 3.5 to four times on an all-senior basis.
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Next month Zurich Financial Services will launch a five year transaction with a margin of 30bp, in line with pricing seen two months ago.
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Ukraine’s Kernel signs second syndicated loan of 2011