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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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Bookrunners on the Eu985m of leveraged loans for Italian fashion retailer Gruppo Coin are expected to wrap up syndication early next week. Books officially closed on Thursday, although commitments from some Italian banks are delaying the process.
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Aggressive margins on refinancings launched by Volkswagen and Schlumberger this week have left bankers in Europe fretting that borrowers have resumed demanding ever tighter prices. Bankers noted the irony of the deals emerging in the same week as Greece drove volatility in many other markets to fever pitch.
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Books were filled this week for a covenant-lite loan being syndicated on a best-efforts basis for the refinancing of Norit, a water purification company owned by Doughty Hanson. Bankers said they were surprised by the appetite shown for the loans, with some further commitments still expected.
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Privately-owned Kazakh rail freight operator Eastcomtrans has launched syndication of a $100m five year amortising loan. BNP Paribas is bookrunner on the fully underwritten transaction. The loan is to finance the acquisition of 1,000 new Ukrainian freight wagons.
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Private equity firm Gilde Buy Out Partners has raised Eu170m in a club deal for its leveraged buyout of Dutch holiday park operator RP Group, commonly known as Roompot.