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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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Deals from BHP Billiton and Lonza will provide some relief to the 30% of respondents to a poll on EuroWeek’s website who said that the resurgence of M&A activity was the thing they were most looking forward to in the second half of the year.
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Jindal Steel & Power launched a $475m loan into general syndication last week, despite comfortably covering the deal in senior syndication. The borrower convinced 10 banks to prefund the deal, but now hopes to extend its relationship banks by attracting further lenders to the loan.
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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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Lenders that have responded to a €5bn revolver for German auto firm Volkswagen will see their commitments scaled back, according to bankers close to the deal, after a high hit rate during syndication.
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Debenhams has signed a deal to refinance a £650m loan agreed in June 2010.
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Russian retail developer Rialren has taken a step closer to a Eu63.8m ‘A/B’ loan after the European Bank for Reconstruction and Development board approved the deal last week.