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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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General syndication on Ghana Cocobod’s annual one year trade finance loan was oversubscribed and the borrower may take an increase. Senior lenders, however, would prefer if the company stuck with the $1.75bn target for the deal because it is already larger than the 2010 deal.
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Enough new lenders have committed to Commercial Bank of Dubai’s $400m three year refinancing for the borrower to consider increasing the size of the deal. The oversubscription comes despite almost half of the existing bank group confirming to EuroWeek that they will not participate in the transaction.
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UK travel agency Thomas Cook has extended and improved the terms of its existing bank facilities, reducing the existing interest margin and pushing the maturity date out by a year to May 2014.
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Lenders that have responded to a €5bn revolver for German auto firm Volkswagen, that is set to be signed next week, will see their commitments scaled back, according to bankers close to the deal, after a high hit rate during syndication.
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A group of seven banks is close to signing the mandate for Metinvest’s $1.2bn five year pre-export financing loan. Deutsche is co-ordinating the deal while BNP Paribas, ING, Natixis, RBS, WestLB and UniCredit are expected to sign at the senior level.