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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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Giant Investment pushed the play button on its fundraising this week, launching an $850m loan on Wednesday to back the going-private of New York-listed online game developer Giant Interactive. The deal will shine a light on the comfort level of lenders for gaming credits — and if all goes well it is likely to set a precedent for other names to follow, writes Rashmi Kumar.
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Indonesian telecommunications company Tower Bersama Group is seeking a club loan of up to $300m, and sent out a request for proposals to banks last week, joining a raft of other Indonesian borrowers in the market.
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Though it is only the first chunk of Numericable’s debt for the takeover of mobile phone operator SFR, the €5.6bn-equivalent term loan 'B' launched on Wednesday is already breaking post-crisis records.
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Monier has amended the structure of the €565m of debt it is seeking to raise. The French roof tiles maker has increased its term loan and scrapped plans to issue a senior secured fixed rate bond.
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Chinese company Giant Investment, which is taking private online game developer Giant Interactive, has opened up its $850m leveraged buyout loan to the market, with a starting margin of 450bp over dollar Libor.
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Arena Group, the Italian swimwear firm, has raised €80m to support its takeover by Swiss private equity firm Capvis.