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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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Brian Good, a veteran of leveraged finance investing and a key figure in implementing ESG factors in investing process, is set to leave First Eagle Alternative Credit in early January, according to people familiar with the matter. Good will remain an ESG consultant at the Boston-based credit manager. -
Nick Jansa, former co-head of corporate finance EMEA and co-head of leveraged debt capital markets at Deutsche Bank, is joining Ontario Teachers’ Pension Plan Board as senior managing director in EMEA, running investment activities and portfolio management in the region.
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Patrick Drahi has raised his offer to take Altice Europe private, responding to legal challenges by hedge funds including Lucerne Capital Management. The revised bid increases the company’s valuation by almost €1bn, and translates to paying minority shareholders an extra €700m — meaning yet more debt piled on one of Europe’s largest levfin issuers, which has more than €30bn outstanding already.
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Travelodge privately placed £65m of 9% four year bonds at 96, according to a statement from the issuer, following Lowell’s similar decision to tap into a firm market ahead of year-end. Shareholders Avenue Capital and GoldenTree are experienced distressed investors, actively seeking other companies wanting to raise cash at double-digit yields, but have opted for third-party money this time.
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Shandong Ruyi Technology Group Co’s dollar bonds fell to a new low this week after it defaulted on two onshore trades, adding to a spate of missed payments from Chinese companies recently.
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Gaming company Wynn Macau benefitted from a revival in sentiment around the casino industry for its bond return on Tuesday. It raised $750m from a tap of its 5.625% 2028 notes.
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