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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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  • Lenders to troubled UK music retailer HMV Group have agreed to extend the maturity of the firm’s credit facility by one year to September 2014 after completing the sale of entertainment venue Hammersmith Apollo for £32m.
  • Tognum, the German engine manufacturer, has agreed a new credit line of €300m from a syndicate of eight banks. The revolver has a five year maturity.
  • Fitch Ratings said today that the European leveraged loan market needed to follow its US sister’s lead on transparency if it is going to attract the non-bank capital necessary to support the market when the CLO and bank bid deteriorates by 2014.
  • Chinese construction machinery maker XCMG has had a blow-out response to a dollar loan that it will sign next week, finding around $600m of demand for a deal that will now be worth $280m, a big increase from what the company originally planned.
  • Indonesia’s finance ministry has sent a request for proposals to bankers for three separate loans, which the country will use to bolster its military spending, asking for around $628.3m of financing.
  • Indonesian car company Indomobil has got $194.8m of commitments, including those from the bookrunners, after a delayed syndication that gave lenders extra time to consider its latest dollar deal. The leads are still deciding how much to sell down.