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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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China Minmetals HK Holdings raised $560m this week from a club loan, taking a safer route to raising money than Ronsheng Heavy Industries, which found success with its $220m debut loan in the syndicated market.
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India’s Jindal Steel & Power had received $30m of commitments by the end of last week, after launching a $475m loan into syndication. Ten more banks are now considering the deal — on top of the ten which came in as mandated lead arrangers before the deal was taken on the road.
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China Rongsheng Heavy Industries Group Holdings signed a $220m three year facility — its debut loan — on Monday.
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UK steel trader Stemcor has returned to the loan market to refinance a $115m loan that it signed last year but this time the company hopes to increase it to $150m.
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Private equity firm CVC has mandated five banks to arrange a leveraged loan financing for its takeover of Dutch payroll and human resources service provider Raet from Alpinvest Partners and Advent International. ABN Amro, BNP Paribas, ING, Lloyds and Rabobank are underwriting the debt.
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Ukrainian grain and sunflower oil producer Kernel has signed a $500m syndicated loan, split between a $222m one year piece and a $278m three year.