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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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Private equity firm LBO France is to raise Eu141m of senior and mezzanine loans to support its buy-out of French online travel agent and tour operator Karavel-Promovacances.
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The municipality of Istanbul has signed a Eu240m 9-1/2 year loan to finance the expansion of the city’s Kadikoy-Kartal metro line.
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Belgium’s Tessenderlo has amended its debut syndicated line agreed in February last year, slashing the margin by almost 200bp. However, bankers warned that the rally on pricing might be coming to an end.
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At least one borrower has turned to the loan market for M&A funding. Russian food retailer Dixy has secured a Rb4.5bn ($160m) bridge loan from UniCredit to part-finance its acquisition of Victoria Group.
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German railway wagon maker VTG has signed a new Eu450m syndicated loan which will, along with US private placements completed at the end of March, extend the maturity of its funding. The US PPs will be used as long term core financing, while the credit line will fund investments. The debt raising exercise, which totals Eu930m, also increases the company’s flexibility.