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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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Five years ago, it was one of the most high profile symbols of leveraged finance’s burst bubble. Now, Alliance Boots has provided a handsome exit for its sponsor, KKR. But the euphoric reaction to this week’s news that US pharmacy chain Walgreen is to buy a 45% stake faded, as lenders realised the deal was no guarantee of a repayment, writes Olly West.
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Indian Oil Corp has received proposals for a planned $300m loan, after approaching lenders just one month after closing its last international deal. Bankers are hoping for a mandate next week.
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Power Finance Corp (PFC) has obtained a $10m commitment to its planned three year loan and has now pushed back the deadline by a week to give more banks time to consider the deal.
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Project finance loans bankers are hailing Abu Dhabi National Energy Company’s (Taqa) $1.4bn-equivalent 16 year deal signed this week as one of the clearest examples yet that the long term lending product is not on its last legs, in spite of incoming Basel III regulations.
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Private equity firms BC Partners and Blackstone may join forces to bid for Permira’s frozen food business Birds Eye Iglo, according to bankers. If they do, they are likely to bring their respective bank advisers together to form the bookrunner group that would finance the deal.
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French petrol pump equipment manufacturer Tokheim has signed a new senior refinancing loan of €203m with eight banks after its owner Motion Equity Partners and Fonds Stratégique d’Investissement, a new minority shareholder, injected more than €80m of additional equity.