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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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Terra Firma, the private equity firm of Guy Hands, has hired Citigroup veteran Kamal Tabet as managing director and head of investor relations.
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A new five year revolver for British Land was 60% oversubscribed in syndication, allowing the BBB+ rated firm to increase the line from a planned £300m to £560m.
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Web hosting firm United Internet has signed a Eu480m five year loan facility in a deal coordinated by BayernLB. The loan, which comprises a Eu120m term loan and a Eu360m revolver, was oversubscribed during syndication and lenders’ commitments were scaled back.
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Bookrunners are to launch a Eu500m bullet loan for German cable operator Kabel Deutschland (KDG) to institutional investors at a bank meeting on Thursday. Alongside a Eu300m high yield bond, the loan will be used to repay KDG’s PIK facility, a portion of its term loan ‘A’ and any drawn debt from its Eu100m revolver.
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Senior syndication has raised $1.5bn in commitments for Ghana Cocobod’s $1.75bn one year amortising loan. The deal offers lenders a margin of 65bp on the facility, which has an average life of seven months.
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Finnish media firm Sanoma has completed the syndication of Eu654m of loan facilities used to back its acquisition of SBS TV Networks, with 13 banks supporting the transaction.