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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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Moody’s has downgraded the corporate rating of Spie, the French engineering and communications services firm, from B1 to B2 in response to a €2bn refinancing exercise.
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The Spanish and Portuguese electricity businesses of E.ON are teasing the leveraged loan market with a pre-launch glimpse of €315m of loan facilities backing their €2.5bn buyout by Macquarie and Wren House Infrastructure Management, owned by the Kuwait Investment Authority.
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The march of private debt funds into mid-market lending, from which some believe banks are retreating, continued this week.
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United Biscuits has cut the margins and rejigged the structure of the £985m-equivalent loan package it is seeking to finance its takeover by Turkish foods group Yildiz Holding.
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US consumer products conglomerate Spectrum Brands has tightened pricing on the €150m loan slice of a debt bundle that it will use for a planned acquisition and general corporate purposes.
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GTech, the Italian gambling equipment maker, has further reduced its bridge facility for the acquisition of US competitor International Game Technology, down to $6bn.