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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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Sweden’s Volvo Treasury and Austria’s Porsche Holdings have completed refinancings, signing a Eu2bn multi-currency revolver and fully drawn Eu500m five year club, respectively.
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Leveraged loan investors are finally showing signs of resisting an overheating market. This week saw French food services company Elior withdraw an amend and extend request after failing to get the required agreement from lenders.
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The gently-does-it recovery in lending to Middle East financial institutions is becoming more robust with several deals launched into the market recently and a number of borrowers firming up new money and refinancing plans.
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Turkey’s Garanti Bankasi has signed a Eu1bn one year refinancing with a group of 42 banks. The new loan is split between a Eu782.5m tranche and a $304.5m piece. The all-in margin is 110bp, matching that set earlier this year by Akbank.
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Engineering group and steelmaker Hill & Smith Holdings has completed a new multicurrency £210m facility to refinance lines set to mature next year.
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South African bank, Investec, is in talks with lenders to refinance a Eu479m 18 month loan signed in June 2010 that will be extended for two years.