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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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Chinese company Giant Interactive has closed its $850m leveraged buyout loan almost three months after it opened into syndication, with eight banks joining the deal.
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Taiwan Cement Corp has re-launched its $1bn loan into syndication, after its going-private deal failed to gather shareholder approval earlier in the year. Now the company has revised some of the terms and changed the final purpose of the fundraising ahead of opening to the market.
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German industrial packaging group Mauser has priced the tranches of its $1.6bn acquisition loan at the tight end of guidance and inside it, while keeping covenant-lite terms on all tranches but one.
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DE Master Blenders, the Dutch coffee company, has shifted €1bn of its €7.5bn acquisition loan out of term loan 'B's and into an extra term loan 'A', as bank demand has proved stronger than expected, even outstripping that from institutional investors.
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UK frozen foods producer Iglo has set guidance on the sizes and prices of most tranches of its €1.3bn refinancing loan, which includes covenant-lite portions.
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German-Swiss steel firm Schmolz + Bickenbach has signed a €450m refinancing loan and extended its €300m asset-backed securities programme until April 2019.