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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 Thomas Cook have agreed to extend the maturities and relax financial covenants on the company’s £1.4bn of loans to give the UK travel agency more flexibility to resurrect its business.
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The collateralized loan obligation market is seeing increasing frequency of deals from repeat issuers such as Silvermine Capital Management and new managers entering the space.
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Barclays and Goldman Sachs are arranging £525m of debt to finance the acquisition of the UK’s largest independent care home provider, Four Seasons Healthcare, by Guy Hands’ private equity company, Terra Firma. The deal ensures that the lenders in the company’s £780m of CMBS loans, due to mature in September, will be repaid in full.
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Turkish financial institutions pulled $2.7bn out of the market this week after both Yapi Kredi and Garanti Bankasi closed their annual refinancing deals.
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Lenders to French paper group Sequana have agreed to adjust the covenants of its loans and extend their maturity by two years to June 2014 after it emerged that two branches of the group breached net debt to Ebitda covenants in December 2011.
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Saudi construction company Al-Khodari Sons has agreed SR200m ($53.33m) of Islamic credit facilities with Saudi British Bank. Al-Khodari will use the money to provide bonding commitments and fund working capital needs.