Finastra refinance effort stalls as US sell-off pressures hit loan market

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The story "Finastra refinance effort stalls as US sell-off pressures hit loan market" was covered 2 weeks ago by Financial Times, a news publisher based in United States.

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Financial Times 2w ago

Finastra refinance effort stalls as US sell-off pressures hit loan market - Financial Times

Quick Summary:

Bankers initially pitched the senior loan with an interest rate just 3.75 percentage points above the floating rate benchmark, to yield more than 8 per cent.

While that is far below the 7.25 per cent premium currently on Finastra’s $4.8bn private credit loan, other financing costs deterred Vista from going forward with the sale.

They were offering extra discounts on the $1bn junior loan, alongside a juicer interest rate that would pay between 6 and 7.5 percentage points above the floating rate benchmark, one person briefed on the matter added.