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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 club of 11 banks has provided Abu Dhabi investment firm Waha Capital with a $505m three year term and revolving credit facility.
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Nizi International has signed a multi-currency revolving credit facility of $200m, having increased the amount from $175m due to oversubscription during syndication.
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Some 13 banks have provided a Eu700m revolving credit facility for Italian utility Edison. The club transaction for the Baa3/BBB+/BBB rated firm has a 12 month tenor and is extendable for a further six months.
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German pigments producer Evonik Carbon Black’s $250m super-senior revolver has been allocated oversubscribed despite warnings of poor appetite from banks for this type of paper in 2011.
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State-owned Bank of India is plotting a $175m return to the loan market, just seven months after completing a three year deal. But liquidity has shrunk since the bank’s previous loan — and it could now have to pay up to compete with deals from rivals such as Housing Development Finance Corp.
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State-owned Steel Authority of India is mulling a return to the loan market after an absence of almost 14 years. But the Indian company may have to rely on its scarcity value to get commitments in a crowded market: Rival Rural Electrification Corp is also planning a dollar loan, and Indian Railway Finance Corp will mandate its own $200m deal shortly.