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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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United Biscuits drew a flock of lenders to the bank meeting on Friday for its £985m-equivalent loan for its acquisition by Yıldız of Turkey. Banks in particular are eager to gain a relationship with a new company in the European leveraged finance market. -
Siemens Audiology Solutions, the hearing aid maker, has launched the €1.06bn bond and cov-lite loan package that will back its buyout by EQT.
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Syndication for the $3.2bn portion of Tata Steel’s $5.6bn borrowing is progressing well, with the deal already receiving $750m worth of commitments, said a banker. Nine banks have committed so far and a handful more are expected to join before close.
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Yildiz Holding, the Turkish food manufacturer, has announced details of the debt package that will back its buyout of United Biscuits, in advance of a London bank meeting on Friday.
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Fresenius Medical Care, the US subsidiary of German global healthcare group Fresenius, is closing books on a $4.2bn refinancing loan this week, offering margins at a level more familiar to investment grade borrowers than those in the double-B pocket.
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Pulsant, the UK IT business services company, has syndicated leveraged loans backing its buy-out by Oak Hill Capital Partners.
