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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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Commodities company Wilmar International has signed an increased $1.614bn loan after 16 banks joined the deal in general syndication.
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Louis Dreyfus has secured four early commitments to a $200m three and five year loan. The long tenor is unusual for a commodities company but lenders have flocked to the deal — and bankers expect more to join over the next two weeks.
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Volkswagen is looking to pay an out of the box margin of 35bp on the Eu5bn revolver launched on Monday, tighter than any borrower of its rating has achieved since the crisis. The margin on the five year plus one plus one transaction for the A3/A- rated borrower is linked to a ratings grid.
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Russian oil firm Tatneft has signed a $550m three year bullet loan with a fixed rate margin of 350bp. The borrower asked its lending group for a facility which had an inbuilt hedge against anticipated increases in the Libor rate.
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Norway’s engineering group Aker Solutions has signed a Nkr6bn ($1.095bn) revolver to refinance the company’s existing credit facilities of Eu750m and Nkr2bn (arranged in 2006 and 2008, respectively).
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The total value of private equity exits in the UK in the first half of 2011 (£5.8bn) exceeded the total value of investments (£5.7bn) for the first time since 2006, according to a report published by Nottingham University’s Centre for Management Buy-out Research (CMBOR) today.