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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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PARIS PRIVATE DEBT ROUNDTABLE European private debt markets are developing fast and diversifying — although many market participants would rather they became standardised. The Euro Private Placement market, founded in France, has not blossomed into a rival to the US PP. Many French issuers now travel to Germany’s larger Schuldschein market.
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Patrick Drahi’s BidFair USA vehicle has agreed to take auction house Sotheby’s private for $3.7bn, a premium of 61% to Sotheby’s closing share price on Friday. BNP Paribas has provided committed debt financing for the all-cash deal, with Morgan Stanley joining as financial advisor. -
Germany’s Rodenstock has agreed €415m of bank debt, as the eyeglasses company’s financial metrics show sharp improvement following a recent strategic restructuring.
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Citigroup is in the market with a refinancing of metals waste management company Befesa, following Triton Partners’ exit from the 18.6% stake it held in the company earlier this month through a block trade. The company is raising a €526m loan to refinance its existing 2022 loan of the same amount.
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Packing company Dynapack Asia is tapping the loan market for the first time, seeking a S$250m ($182m) borrowing.
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Tata Capital Housing Finance has launched a $75m debut borrowing into the market, as another subsidiary of the Tata Group also seeks a separate maiden facility.
