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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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A loan fund has hired banks to run a bids-wanted-in-competition (Bwic) auction for a portfolio of 66 loans totalling Eu280m. Traders said the Bwic, which was presented to the market on Wednesday, was the largest of the year so far, and that it may be a sign that investors think secondary loan prices have reached a peak.
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All of the original bank group in Investment Corporation of Dubai’s (ICD) $2.8bn conventional and Islamic five year loan have signed up to the refinancing of the deal, with new lenders also joining.
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Andrew Shapiro has been appointed global head of loan syndications and trading, and head of structured finance UK, at BNP Paribas. He replaces Julian van Kan, who left the loan market in May to join the bank’s FIG team. Shapiro was most recently head of the corporate acquisition finance and value preservation group for the Americas and is relocating from New York to London.
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Bank of America Merrill Lynch and HSBC have underwritten a $305m three year acquisition financing that backs UAE oil rig equipment engineer Lamprell’s takeover of Norway’s Maritime Industrial Services.
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Sole underwriter IKB has launched early-bird syndication of Eu185m of loans backing Triton’s acquisition of mining and construction company DYWIDAG-Systems International (DSI).
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French construction and engineering group Vinci signed a new Eu4bn syndicated revolver on Thursday, replacing several of the French company’s existing undrawn credit lines totalling Eu3.685bn. The five year plus one plus one deal was oversubscribed in syndication and 23 banks committed to the deal. The Baa1/BBB+ rated firm will pay a margin of 47.5bp on the facility.