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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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UK biscuit maker United Biscuits has given guidance on the currency split of the £760m-equivalent term loan ‘B’ slice of its leveraged buyout by Yildiz. -
Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company.
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Dividend recapitalisations are picking up in Asia, with a number of private equity firms tapping the loan market in recent months. Asian lenders have traditionally been reluctant to lend for such purposes, but have become more familiar with PE sponsors and more comfortable with the structure. It helps that such deals are offering juicy margins at a time when top tier credits are paying peanuts, writes Shruti Chaturvedi.
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Fresenius Medical Care, the US subsidiary of Fresenius SE, is closing books on a $4.2bn refinancing loan today, offering margins at a level more familiar to investment grade borrowers than double-B credits like Fresenius.
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CVC Capital Partners-owned internet service provider Hong Kong Broadband Network (HKBN) is sounding out banks for a loan of around HK$4.5bn ($580m), according bankers.
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Europe’s corporate bond market is in overdrive. The pace of issuance is frenetic, and the diversity of issuers startling.
