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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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Asian loans bankers expect a quiet period for new deals over the next few weeks, as continued volatility, rising interbank rates and uncertainty over economic fundamentals push lenders to demand higher pricing — while many borrowers are trying to go in the opposite direction.
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IKB, ING and Société Générale are underwriting €240m of senior loans to back Axa Private Equity’s buyout of French photo technology developer Photonis from Astorg Partners. The takeover will also be part-financed by a mezzanine facility of an undisclosed amount, to be provided by Indigo Capital and Partners Group.
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Crédit Agricole, Crédit Mutuel and Société Générale are arranging €205m of drawn and undrawn all-senior loans to back private equity firm 3i’s buy-out of building fasteners manufacturer Etanco from IK Investment Partners.
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Industrial and Commercial Bank of China’s London subsidiary has signed a $330m one year amend and extend agreement on an outstanding loan.
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Russian privately owned bank UralSib is set to sign a slightly increased $110m one year loan. The borrower offered a headline margin of 200bp with an all-in of 300bp and raised enough commitments to sign above the $100m target.
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Mandated lead arrangers ING and KBC have provided a €120m revolver for Belgian property developer Banimmo in a club deal with a five year tenor. The proceeds will be for general corporate purposes and to refinance existing debt.