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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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A group of eight banks has provided Techsnabexport, a unit of Russian nuclear group Rosatom, with the first pre-export financing deal secured against sales of uranium. The $500m five year loan carried a margin of 225bp.
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Russian oil company TNK-BP has signed its $1.5bn four year amortising loan. Bank of America Merrill Lynch and BTMU were joint co-ordinators on the loan, which was signed last week.
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Barclays Capital is the sole underwriter on a £5bn loan backing Hewlett-Packard’s acquisition of infrastructure software firm Autonomy. The 364-day bridge loan is expected to be syndicated to the computer company’s relationship banks.
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Russia’s Transcapitalbank has signed a $13m loan backed by the European Bank for Reconstruction and Development (EBRD).
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Arrangers of Polkomtel’s Z6.394bn (€1.55bn) senior buy-out loans have gone out to banks with a view to increasing the company’s Z2.394bn (€573m) term loan ‘B’ by the zloty equivalent of €300m, and decreasing the euro-denominated high yield bond by the same amount, according to a banker.
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SABMiller has turned to its relationship banks for a loan backing its takeover offer of Australia’s Foster’s. The 12 lenders on the top of the brewing firm’s revolver signed in April have been invited to join the self-arranged loan, bankers familiar with the deal said.