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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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Commodities trading firm Mercuria held a bank meeting on Thursday for a new $1.25bn multicurrency revolver to refinance a deal of the same size arranged in June last year.
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Middle East loan volumes this year will be heavily dependent on M&A activity, say loans bankers, warning that if borrowers continue to cancel deals or use cash to fund takeovers, the loan market will remain subdued.
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An amend and extend for Merlin Entertainment is to wrap up imminently, after receiving a strong response from lenders, bankers said.
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Funds managed by Apollo Management, TowerBrook Capital and York Capital, the largest shareholders in the Monier Group, have bought back around Eu93m of PIK and senior loans from the group’s lenders following a tender offer.
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Polish oil firm PKN Orlen has signed a Eu2.625bn five year one plus one refinancing loan. The size was increased following an oversubscription from a group of 14 banks. The initial margin is 135bp based on a leverage grid.
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Gala Coral, the UK gambling company that finalised the restructuring of its £2.5bn debt in June 2010, launched a £1.55bn refinancing on Thursday following a bank meeting. The debt comprises £900m of leveraged loans and £650m of high yield bonds.