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Laureate Demands Loan Premium; Pramerica Marks Europe CLO Return

April 10, 2013

Laureate Education Inc. is asking a premium from lenders if they want to join a $310 million loan it’s seeking to refinance debt, while Pramerica Investment Management Ltd. sold the second collateralized loan obligation in Europe this year.

Investors who want to buy portions of Laureate’s loan would have to pay 100.5 cents on the dollar, according to a person with knowledge of the deal, who declined to be identified because the information is private. The debt was earlier offered at par. Pramerica’s 300 million-euro ($390 million) CLO includes 90 million euros of fixed-rate notes with the remainder floating rate, according to four people with knowledge of the matter. The transaction was sold in nine parts including 169.5 million euros of AAA-rated debt, the people said.

Delta Air Lines Inc. (DAL:US), the world’s second-biggest carrier, is seeking to reduce the rate it pays on $1.49 billion of loans. The interest paid on a $1.097 billion B1 portion, due October 2018, will be reduced to 3.25 percentage points more than the London interbank offered rate from 4 percentage points, according to a person who asked not to be identified because the information is private.

First Data Corp., the credit card processor owned by KKR & Co., will sell a $1.01 billion term loan that comes due in September 2018 at 99.375 cents on the dollar.

OAO Mechel (MTLR), Russia’s second-most indebted mining company, expects to agree on a loan of more than $1 billion with Vnesheconombank, Chief Financial Officer Stanislav Ploschenko said in interview in New York today. The company is also seeking to refinance $2 billion of its loans.

The price of loans rose 0.03 cent to 98.37 cents on the dollar, according to the Standard & Poor’s/LSTA U.S. Leveraged Loan 100 Index. That’s the most since July 2007.

To contact the reporter on this story: Sridhar Natarajan in New York at

To contact the editor responsible for this story: Faris Khan at

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