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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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Stemcor is due to close its $150m facility early next week as lenders move into the final stages of making commitments. The 264 day refinancing was due to close today, but has being delayed as banks finish processing approvals.
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Loans bankers became increasingly bearish this week, putting pressure on deals that have been in syndication for some time. The prime example is Dutch commodities trading company Trafigura, which was hoping to close its $700m loan this week — but now looks likely to wait several more weeks before signing the loan.
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Andhra Bank announced the commitments for its upsized $165m facility this week, while IDBI also increased the size of a dual tranche loan that is due to be signed at the end of the month.
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BMW has made a concession to lending banks struggling with their dollar funding costs by refinancing its $8bn revolver with a €6bn five year RCF that was launched on Thursday. However, bankers noted that the change in the denomination was purely cosmetic, as the deal can be fully drawn in either currency.
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Tajikistan’s Bank Eskhata has borrowed $8m from development banks and a German co-operative bank.
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Qatari gas project Barzan has invited banks to commit to its $4.7bn project financing loans. However, European lenders described the initial margin, 130bp, as “aggressive” in light of the increased cost of dollar funding although several bankers said that the deal would raise enough commitments.