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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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Almost everyone in the European corporate bond market admits they were wrongfooted by the storm of demand that has overwhelmed issuers this year. But the weather has changed again, as unexpectedly. From last week to this, the temperature is cooler and new issue premiums are, in most cases, back. -
Retailer Sports Direct has offered to buy Debenhams for around £61.4m in cash, though the companies disagree on whether Mike Ashley’s firm will be able to deal with the department store’s immediate debt servicing requirements.
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Chinese pharmaceuticals company WuXi Biologics has launched a debut offshore loan of $200m through sole lead Standard Chartered.
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Holders of Inmarsat’s 6.5% 2024 high yield notes are recommended to take profits, as the board of the UK-listed satellite company recommended an LBO offer from a consortium of investors. Barclays, Bank of America, and UBS are arranging a $3.625bn term loan and a $600m-equivalent multicurrency revolver to fund the deal.
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Global alternative investment firm Castlelake is tapping the offshore loan market for $685.1m to support its purchase of aircraft from Malaysia’s AirAsia.
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Bank Rakyat Indonesia has closed its $700m offshore syndicated loan, with 15 participants joining during syndication.
