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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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Petrochemical producer, Gazprom Neftekhim Salavat will draw down the final 25% of a $500m 42 month amortising term loan signed in December 2010.
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Indian outsourcer Genpact is wrapping up a $380m loan to finance its acquisition of US-based IT consultant Headstrong. The company attracted nine banks in senior syndication — despite surprising some bankers with its aggressive pricing.
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Indonesian companies have flexed their muscles to become Asia’s most aggressive borrowers in recent months, consistently pushing their relationship banks on covenants, pricing and tenor. But Adaro Indonesia pulled off an unprecedented feat this week, persuading four Asian banks to agree a 10 year loan — the longest maturity yet for an Indonesian corporation.
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Multilateral financial institution African Export-Import Bank (Afreximbank) is waiting for last minute commitments for an already oversubscribed $400m two year loan.
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Chinese budget hotel chain Home Inns & Hotels Management has agreed to acquire rival Motel 168 International — and bankers are now preparing to syndicate a $300m loan to support the deal.
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Indonesia rubber and palm oil producer Bakrie Sumatera Plantations (BSP) has approached bankers with a $250m loan that it wants to use to refinance a bond falling due later this year. But the borrower will not be away from the bond market for long: loans bankers think the company will attempt a bond issue over the next 12 months.