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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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Dirk Hentschel has resigned from WestLB and EuroWeek understands that he is set to join Société Génerale’s expanding distribution team in the coming months. Hentschel will finish at the WestLB at the end of this month.
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KPMG has hired former Lloyds leveraged finance banker Peter Bate as director in its debt advisory business. He will focus on mid-market LBO deals and will work in close collaboration with the firm’s private equity practice.
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Utility firm TenneT (A3/A-/A-) has cut the cost of its €1.125bn revolving facility, refinancing the five year deal only one year after it was arranged last summer. The borrower has now pushed the maturity of its transaction out to August 2016 after signing a new club deal this week.
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SMBC has recruited Commerzbank’s Eric Zimny to be its new head of emerging markets syndications.
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Bookrunners on German telecoms company Versatel’s €465m of buy-out loans are hoping that interest from bank investors will be enough to pull the deal over the line, after most institutional investors opted for other deals in the market.
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Seven new lenders committed to Commercial Bank of Dubai’s new loan which was oversubscribed, allowing it to sign the three year deal at $450m.