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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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German cable network operator Kabel Deutschland (KDG) has mandated Deutsche Bank, Goldman Sachs, ING and Morgan Stanley to arrange the refinancing of its Eu687m PIK loan maturing in 2014.
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Chinese telecommunications company ZTE Corp could launch a $500m loan into general syndication within the next two weeks, after getting heavy demand in senior syndication.
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UK music and entertainment retailer HMV, which recently sold bookshop chain Waterstones, has agreed £220m of drawn and undrawn loans with its lenders to replace its £240m revolving credit facility. The agreement is structured to incentivise HMV to pay back a portion of its debt early, and will allow lending banks the option to take a 5% share in the group.
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Mercuria has become the latest commodities trading firm to increase its multicurrency revolving credit facility after oversubscription during syndication, signing a $1.645bn facility after initially planning a loan of just $1.25bn.
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Nordic communications firm Elisa has signed a Eu170m revolver with mandated lead arrangers and bookrunners Danske Bank, Nordea and Pohjola Bank.
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Serbian commodities producer and trader MK Group and subsidiary sugar producer Sunoko are in talks with the European Bank for Reconstruction and Development for an Eu80m A/B loan.