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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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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.
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Omani financial institution Bank Muscat has signed a $250m one plus one refinancing agreement, reducing its take from the original $370m loan signed in May 2008.
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A consortium of private equity firms has hired HSBC, Morgan Stanley and Société Générale to underwrite more than Eu1bn of debt to support a buyout of French engineering group Spie. The deal is the largest European LBO deal of 2011, surpassing the Eu985m raised for BC Partners’ acquisition of Gruppo Coin.
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Commodities company Olam International has approached banks with a $1.25bn loan. But unlike most other companies in the sector, Olam wants to raise long term funding and is marketing a three and five year term facility.
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Funding officials at State Bank of India face a welcome choice: how much money do they want to raise in the loan market? The bank has easily got enough interest to boost its $300m loan by another $100m, but bankers now think it could boost the deal even more to accommodate heavy demand.
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Banca IMI, BNP Paribas and UniCredit have wrapped up syndication of Eu650m of senior loans backing First Reserve Corporation’s purchase of 45% of Ansaldo Energia from Finmeccanica. Bookrunners said the loans, which were syndicated to bank lenders, were twice oversubscribed.