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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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The sun was shining at Rabobank’s annual market reception on Tuesday. The Dutch bank’s terrace overlooking the Thames by the Millennium Bridge attracted loans bankers from far and wide, and the rather magnificent views offered to clients over lunch certainly put Rabo ahead of the competition.
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Michelin, the French tyre firm, has launched a Eu1.5bn loan facility with a five year tenor. BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Citi, Crédit Agricole, HSBC, Natixis, Royal Bank of Scotland and Société Générale have already committed to the club deal.
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Carlyle’s acquisition of car breakdown service RAC from Aviva will provide the European leveraged loan market with its second new money LBO in two weeks. The deal follows the Eu565m loan package for CVC’s acquisition of French rail equipment manufacturer Delachaux, for which early-bird syndication began this week (see box).
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India’s Reliance Industries has hit the market with a $1.09bn term loan. The regular borrower has picked 18 banks to lead the deal — but is also offering attractive pricing to draw in more lenders.
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The prospect of event driven financing from SABMiller’s proposed takeover of Fosters had M&A-starved loans bankers in Europe all aflutter this week.