Diversified natural resources company Glencore Xstrata hit a rich seam of market liquidity on its US$17.34bn loan, taking advantage of banks’ appetite to lend in a low deal flow environment, as it completed Europe’s largest corporate refinancing since 2006.
German fertiliser and salt producer K+S AG is looking to pay just 40bp over Libor on its €1bn loan refinancing, showing that German borrowers continue to pay less for their financings than their French peers, despite the recent tightening seen on French deals.
Italy’s Snam managed to cut its borrowing cost on €3.5bn of revolving credits by amending existing loans, but bankers said that the highly rated gas distributor could have achieved bigger savings by mandating banks to arrange a new loan.
- Schneider Electric sets new French benchmark
- Funds to continue direct lending despite Northgate refi
- Glencore opts for corporate structure
- Italy: Banks hope for restraint on Snam repricing
- M&A hopes rise
- Spain revives plan for lottery funding
- Italian revival as Snam mulls repricing