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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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A refinancing deal with an extended two year tenor is on the cards for South African bank Investec, according to loans bankers. The borrower has begun discussions with lenders to refinance a Eu479m 18 month loan signed in June 2010.
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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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National Bank of Fujairah has joined a growing number of Middle East financial institutions in refinancing its outstanding loan. It is seeking a $250m two year bullet loan with an all-in margin of 187.5bp, according to loans bankers.
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Turkey’s Garanti Bankasi has signed a Eu1bn one year refinancing facility with a group of 42 banks. The new loan is split between a Eu782.5m piece and a $304.5m piece. The all-in margin for the deal is 110bp, matching that set earlier this year by Akbank.
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Dutch soft drink producer Refresco has placed a Eu75m revolving credit facility with its relationship banks. Bankers had told EuroWeek last week that the size of the facility would depend on the appetite from the relationship banks, which are also Dutch.
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UK payment processing business WorldPay is to lower the margins on its £970m senior loans and will raise a further £60m to finance acquisitions.