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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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Gazprom Marketing & Trading has mandated Barclays Capital, ING and Royal Bank of Scotland to syndicate a new $400m, 364 day multi-currency revolver.
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Spain’s Iberdrola launched a Eu3bn deal on Thursday morning, refinancing a facility signed last summer to take advantage of the tighter margins now on offer. But bankers said that other credits that resisted the temptation to come to the market in 2010 for early refinancing of loans maturing in 2012 might have chosen the wiser strategy.
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Turkish banks Isbank and Alternatifbank signed refinancing loans this week, with Isbank securing the same margins as its rivals, and Alternatifbank raising its largest ever loan.
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UK oil and gas services provider Lamprell has arranged $305m in loan facilities to back its Nkr1.869bn ($336.1m) acquisition of Maritime Industrial Services (MIS). The acquisition will be funded through a mix of the new debt, existing cash reserves and a rights issue. The firm announced a fully underwritten three for 10 rights issue on Thursday, at a price of 232p per share, to raise around £132m (see separate story in equity section).
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Charlotte Hurley has joined the Lloyds Bank Corporate Markets trade finance team. She will join as assistant manager in global financial institutions, working on the bank’s small and medium enterprise clients.
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If you’re tired of London, you’re tired of life, or so thought Samuel Johnson. Loan Ranger was tired of London this week but not quite ready to give up on life, so headed to Dubai to see if the Middle East loans market would be invigorating.