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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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The leveraged loan market has hosted some atypically big M&A deals over the last few months, including most recently €7.5bn for DE Master Blenders. But these attention-grabbing deals cannot hide the continued paucity of deals in the mid-market. -
UK bookmaker William Hill has signed a £540m-equivalent five year revolving credit facility.
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A $150m loan to back the leveraged buyout of Minacs, the business process outsourcing unit of Indian company Aditya Birla Group, has opened into general syndication with pricing on the deal starting at 475bp over dollar Libor based on a leverage grid.
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Bharat Petroleum Corp’s syndicated loan for $300m has closed, with the three year deal allocated between 12 lenders.
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Chinese company Hilong Holding has wrapped up only its second syndicated loan, increasing the four year deal to $100m from the launch size of $80m.
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It has been slow going but Giant Interactive’s $850m five year leveraged buyout financing is gaining traction in general syndication with commitments from three Taiwanese lenders, one of which has joined at the highest ticket level.
