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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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The largest mezzanine deal of 2011 has provided an unexpected opportunity for lenders to a major European LBO, although high yield bond and leveraged loan players dispute how much potential the previously dormant market might offer the nearly €5bn of further hung bridges seeking refinancing.
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Turkey’s Akbank has signed a one year loan that carries an all-in pricing of 100bp and refinances the one year portion of a $1.2bn loan that was signed last summer.
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German chemicals firm BASF signed a €3bn facility on Thursday, pulling in around €6bn of commitments despite the deal carrying a margin of only 27.5bp.
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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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The €393.5m mezzanine facility being used to refinance a bridge loan underwritten to support the buy-out of Swedish security firm Securitas Direct is offering investors a headline margin of 1075bp over Euribor with an OID of 97. Some 375bp of the margin will be paid in cash, while 675bp is in payment-in-kind.
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Denmark’s Dong Energy has cut the cost of its bank facility, replacing a €750m loan signed in May last year with a new €1.3bn five year plus one plus one revolver.