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LevFin CLOs

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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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  • Norway’s Höegh LNG has agreed a €250m senior secured loan to finance the delivery of floating storage and regasification unit (FSRU) for the Klaipedos Nafta FSRU project in Lithuania.
  • Mobile telecommunications company Zain Saudi has extended the maturity of the outstanding Sr9bn ($2.4bn) on a Sr9.75bn murabaha financing for three weeks — the fourth payment deferral it has obtained from bank creditors. The new due date is December 19.
  • Justin Crane is going to join Standard Chartered next year, working alongside Cristian Jonsson, who has been picked to become the bank’s next global head of loans. Crane, who left Credit Suisse last week, will become the head of loan distribution at the firm.
  • CCM Pharma, the new pharmaceutical company that private equity group Cinven is forming by merging two of its recent acquisitions, has set price talk on its new £160m-equivalent euro-denominated term loan ‘B’ at 525bp-550bp.
  • Lending officials from more than 20 different banks attended a meeting held by Indonesian power company Pertamina this week, giving bankers on the deal a lot of confidence that they will be able to cover the loan before the end of the year.
  • Rural Electrification Corp allocated a $250m three year loan earlier this month, and this week the bookrunners confirmed the final allocation splits between the nine banks that contributed to the deal.