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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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Sands China, the owner of the Venetian Macau casino, moved closer to an anticipated $3bn syndicated loan this week, picking 14 mandated lead arrangers and setting up meetings with lenders in Macau and Taipei to drum up support for the deal.
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Indonesia’s Bukit Makmur Mandiri Utama (Buma) has refinanced a $600m loan that it agreed just six months ago and has pushed its lenders to increase the deal to $800m. At the same time it has shaved 100bp off the margin and extended the maturity to seven years.
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Indian Railway Finance Corp last week asked banks to pitch for a $400m loan. The state-owned lender has given bankers until the end of the month to bid for the new deal, which is likely to have a five year tenor.
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Omani financial institution Bank Muscat raised more than its refinancing target of $370m on its one year agreement but the borrower will sign the deal at a reduced total. It is also in talks with lenders for a new $250m three year syndicated loan.
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A $1.1bn revolving credit facility for commodities trading firm Gunvor Group has been oversubscribed in syndication, with more than $1.5bn in commitments received. The borrower has not yet decided whether it will increase the size of the deal.
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The $800m six year transportation loan secured by toll road revenues for Dubai-based SPV Salik 1 has been 1.5 times oversubscribed and will close over soon.