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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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Following a large oversubscription in syndication, First Bank of Nigeria UK (FBN UK) has signed a $120m one year loan, increasing the facility from the $75m launch target.
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The second round of Turkish bank loan refinancings has kicked off in earnest, with Isbank sending invitations to its relationship banks to refinance the one year portion of a one and two year loan that it signed in September last year.
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Indian state-owned lender IDBI Bank is plotting a return to the loan market just eight months after its last deal. Liquidity has tightened over the past few months, but State Bank of India’s recent success has convinced IDBI that the time is ripe to launch a new deal.
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Despite Moody’s downgrading several Slovenian banks by three notches in June, Nova Ljubjanska Banka (NLB) has signed a Eu350m two year new money loan with a ratings-linked margin grid. NLB said that the new loan paid a margin of 150bp.
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Finnish power and heating company Fortum Oyj has signed a new Eu2.5bn revolving credit facility for general corporate purposes to replace two existing loans signed in December 2004 and April 2008. Around Eu4bn of commitments were received in syndication.
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Dia, the Spanish discount supermarket listed on the Madrid stock exchange on July 5, will pay between 150bp and 190bp for its debut syndicated loan, which totals Eu1.05bn. The company, recently spun off from Carrefour, has signed the term loans and revolving credit facility for general corporate purposes and to refinance inter-company loans.