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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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Cairn India is speaking to banks for a loan that will refinance borrowings that are due to mature over the next few years, bankers said this week. The company is looking to borrow through a Scotland incorporated subsidiary.
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Micro Focus, a UK software firm, is poised to offer up $1bn-equivalent in euros to the European leveraged loan market as it looks to close its reverse merger with Hewlett Packard’s software business.
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The latest syndicated loan for ZhengTong Auto Services, a luxury auto dealership, has wrapped up at $409m, racing past the launch size of $300m as Chinese lenders came in with big commitments. -
The Carlyle Group promoted 62 staff to senior positions on Wednesday — 13 of them to partner, 17 to managing director and 32 to principal.
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In the leveraged loan market, where pricing has plummeted, it was inevitable that issuers would push their luck with the terms of their deals. Investors must push back.
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Aggressive leveraged loan borrowers are pushing investors to breaking point. Sponsors have milked buyers’ desperation for yield with ever looser covenants to the extent that one investor said, this week, that the situation was worse than at any point since the financial crisis.
