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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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Knitted fabric manufacturer Victory City International has launched a HK$1bn ($129m) loan into senior syndication, with favourable market conditions allowing the company to pay almost 50bp lower than the last time it tapped lenders.
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Building materials manufacturer China Lesso Group Holdings is tapping the market for a $100m three year loan, in a deal that will mark the company’s debut in the syndicated market. While its strong credit is expected to hold the deal in good stead, there are concerns that pricing will cause a problem.
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Around nine banks have joined Tata Motors’ $500m syndicated loan, collectively committing more than $100m. But with more lenders still eyeing up the transaction, the leads are likely to provide them more time to obtain their final approvals.
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Indonesian company Astra Sedaya Finance is in preliminary talks with lenders to raise a loan of $300m-$500m, with bankers expecting the mandated lead arranger and bookrunner group to be finalised by the end of January.
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Indian Oil Corp has sent out a request for proposals to banks for a one year bridge loan of C$900m ($847m), as it seeks funds to finance an acquisition in Canada.
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Hindustan Petroleum Corp has issued a new request for proposals for a three year loan of $300m, as a separate $500m financing in general syndication nears its closing date. With the old transaction already priced at a generous 150bp over dollar Libor, bankers eyeing the latest fundraising plan are confident of obtaining a similar margin.