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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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Refinancing transactions from commodity trading firms — including Vitol and Ecom Agroindustrial — are expected to be oversubscribed in syndication, although there have been concerns from lenders facing rising dollar costs.
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European corporate credits could see their bank borrowing costs rise by up to €50bn a year under Basel III and Solvency II regulations, according to a new report from Standard & Poor’s. In total, borrowing costs are set to increase by between 10% and 20% over the next seven years, according to the rating agency.
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Russia’s Rusal signed a $4.75bn five and seven year refinancing deal on Thursday, although additional lenders will be able to join the deal at a later date, thereby reducing senior banks’ original tickets.
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Gas pipeline and storage company Fluxys G is syndicating a Sfr1.043bn ($1.164bn) loan used to back the acquisition of Eni’s gas pipelines business in North West Europe.
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Dutch science materials firm DSM has signed a new €500m credit facility with its relationship banks. The five year loan, which can be extended by two years, for the A3/A/A- rated firm will replace a deal of the same amount due in October 2012.
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A group of 14 international and regional banks have completed an $850m five year refinancing deal for Dubai-based Ports & Freezone World.