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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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Commerzbank, Crédit Agricole, Deutsche Bank and HSBC are underwriting Eu465m of senior loans to support KKR’s take-private LBO of German telecoms operator Versatel.
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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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Indonesian TV operator Trans Media signed a $450m loan on Tuesday after getting commitments from nine banks in syndication. But the company decided not to increase the deal — and instead scaled back the underwriters to meet demand.
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Commodities trading firm Gunvor Group has increased its revolving credit facility from $1.1bn to $1.55bn after it was oversubscribed in syndication, although lenders on the deal will still see their commitments scaled back.
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Raiffeisen Bank Romania (RBRO) is seeking a European Bank for Reconstruction and Development A/B syndicated loan of up to Eu160m.
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Russia’s Gazprombank has sent a request for proposals for a loan of over $1bn, according to bankers close to the borrower.