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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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Switzerland-based Mercuria Energy Trading will finish a roadshow for a $480m loan on Thursday, pitching new banks on a revolving credit facility, which will refinance a deal the company signed at the end of last year.
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Despite a sovereign financing crisis that has pushed the country to the brink of a deal with the IMF, Egypt’s companies are starting to make headway in returning to the international capital markets. Parts of the Orascom conglomerate are now negotiating a $2bn plus refinancing with banks co-ordinated by Citi, while the state owned Egyptian General Petroleum Corporation recently signed a $150m best efforts loan led by Crédit Agricole.
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Pricing on investment grade credit facilities is set to rise over the last few months of the year, as the effects of the eurozone crisis and banks’ increased funding costs finally begin to hit the high grade loan market.
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Leveraged finance bankers working on potential LBOs for Ameos and Kondor expect both deals to be done mainly on a club basis, as syndicating to funds remains a hard slog.
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A syndicated loan for Russian aluminium producer Rusal will reach its $5bn target, according to bankers on the deal.