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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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Corporate bond spreads have widened in the past fortnight, and there have been some rough days in the stockmarkets. New issue premiums have risen, and some new deals have widened in the aftermarket. Yet the market feels strong — deal flow is busy and most transactions are finding plenty of demand.
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Scout24 has received sufficient re-commitments from lenders to raise a €595m term loan, having cancelled the loan’s original issue discount late last week.
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Institutional investors trumping banks is becoming a mantra for the leveraged loan market after Dutch firm Ziggo came to the market with the biggest test for institutional investors in just over five years — a €3.7bn-equivalent term loan ‘B’. The deal's success or failure will determine just how reliant on this financing approach corporates can become.
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Electra Partners has agreed to buy the fiduciary services business of the Ogier Group for £180m, backed in part by new debt.
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Seadrill, the Oslo-listed offshore drilling company, has launched a $1.7bn term loan ‘B’ and $100m revolver.
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Scout24 has priced its new term loan ‘B’ at the tight of guidance and cancelled the loan’s original issue discount, after early commitments left the deal heavily oversubscribed on Friday.