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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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Leveraged finance lenders are assessing the structure and leverage of Bestway, the UK food wholesaler that is buying Co-op Pharmacy’s owner, after a bank meeting on Friday to market a £725m loan for the acquisition. -
Vedanta subsidiary Sesa Sterlite opened a $500m refinancing loan into general syndication on September 12, following a senior phase that saw National Bank of Abu Dhabi and CTBC Bank join original mandated lead arrangers and bookrunners ICICI Bank and Standard Chartered at the top level.
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Hong Kong listed China Resources Enterprise (CRE) is back in the market for an HK$8bn ($1bn) dual tranche facility to refinance existing debt. The company is expected to wrap up the fundraising as a club loan, with a consortium that will feature most of its relationship lenders.
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UK clothing company FatFace has launched a £210m refinancing loan that it will use to extend its loan maturities, refinance debt and repay shareholder funds.
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German automotive engineering company Amtek has endured a torrid time since launching its €305m leveraged loan last July amid unkind markets.
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European leveraged loan issuers expect the good times to keep rolling this autumn. But issuers considering cross-border transactions should be cautious. Domestic supply is building in the US and this could mean lenders push back on margins.
