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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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Leveraged transactions from Jack Wolfskin and RAC will shortly be launched into retail syndication, and bankers across the loan market are watching their performances for indications of the general health of the leveraged sector.
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A Eu150m revolving credit for German gases firm Messer Group will replace Eu360m of outstanding loans.
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French insurance firm Axa will sign a five year revolving credit next week, increasing the line by Eu500m after the deal was heavily oversubscribed. The A2/A/A rated borrower was offering a margin of 35bp for its refinancing, the same price at which Volkswagen (A3/A-) launched its five year plus one plus one deal last week.
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Bankers running the Z18bn ($6.6bn) leveraged buy-out for Poland’s mobile phone operator Polkomtel, the largest LBO in Europe since 2008, believe that demand for the deal is strong enough to close the facility with just one round of syndication. It could be launched as soon as Monday.
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EMEA syndicated lending volumes increased 24% year-on-year in the first six months of 2011 and bankers in the European market are already looking forward to a steadily busy second half to the year.