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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 new fund management business has been formed to lend to small and mid-cap corporates that are unable to access the high yield bond markets and traditional bank lenders.
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Investment Corporation of Dubai (ICD) has reduced its refinancing target from $4bn to $2.8bn. The borrower will pay a much higher margin of 350bp for the new deal, much higher than its previous deal. The all-in margin is 390bp.
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Omani financial institution Bank Muscat has closed syndication on its one plus one year extension agreement for a $370m three year loan that it signed in 2008. The borrower has not decided on the total size for the new loan, although it has raised enough to fully refinance the original $370m facility.
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Steel trader Stemcor has signed a new $1bn multicurrency line, having increased the size of the deal from a planned $650m after oversubscription. The facility comprises a $772.5m 364 day revolver with two one year extension options and a $227.5m three year revolver.
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Hungarian oil credit Mol is in talks with banks for up to Eu1bn in five year money to refinance two outstanding credit lines, according to a loans banker close to the borrower.
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Private equity firm BC Partners has acquired Italian fashion group Gruppo Coin from PAI Partners in deal that is likely to provide the leveraged loan market with its largest buy-out loan of 2011 so far.