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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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Bookrunners on the €565m of leveraged loans backing CVC’s takeover of French rail equipment manufacturer Delachaux have railed against the norm in the European market by issuing the institutional loans at par.
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German satellite broadcaster ProSiebenSat.1 Media is to repay around €1.2bn of its €3.6bn of bullet term loans, and will extend the maturity of most of the remaining €2.4bn after receiving near universal approval from lenders.
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Multilateral financial institutions have signed a deal to provide $164m in loans to finance the overhaul of Rift Valley Railways Investment’s Kenya-Uganda railway network.
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Ukrainian iron ore producer Ferrexpo is in talks with banks for a $500m revolving credit facility that it plans to leave undrawn, the borrower’s chief financial officer, Christopher Mawe, told EuroWeek.
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The problems of the European leveraged finance market’s reliance on CLOs from the boom were again underlined in Fitch’s half year leveraged credit review. Creditor forbearance — probably leading to default and restructuring — may be required if the market does not develop enough non-bank lending capacity to address the maturity wall, the rating agency said.
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Russian aluminium producer Rusal has expanded the bank group for its $4.75bn five year refinancing and is set to launch the loan into syndication as early as next week.