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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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Syndication of the €222.5m of leveraged loans backing private equity firm Astorg Partners’ buy-out of French bottle maker Saverglass closed twice oversubscribed this week. Despite the deal’s popularity, bookrunners opted to keep to the market standard and offer an original issue discount of 99.
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Polarcus, a seismic surveyer servicing the oil industry, has signed a term sheet for a $410m refinancing loan. DnB NOR Bank, DV Bank and export credit agencies Garanti-instituttet for Eksportkreditt (GIEK) and Eksportfinans are mandated lead arrangers on the deal, which refinances several lines of debt.
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Bookrunners on the £620m of leveraged loans backing Carlyle’s buy-out of UK vehicle breakdown service firm RAC are expecting to allocate commitments this week, after investors reacted positively to adjustments made to the terms.
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The average recovery on European private equity-backed leveraged loans that defaulted between the fourth quarter of 2008 and the second quarter of 2010 was 71%, rising to 80% for senior debt only.
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India’s Reliance Industries has attracted more than 10 banks to a $1.09bn refinancing. Bankers attributed the deal’s success to the company’s strong reputation — and attractive pricing that helped the deal pick up momentum.
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India’s Reliance Industries has attracted more than 10 banks to a $1.09bn refinancing.