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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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Leveraged loan arrangers are calling for European investors to clarify their ambivalence towards covenant-lite loans after petrochemicals company Ineos received the first euro commitments on a $1.5bn dual-currency refinancing even before Thursday’s bank meeting.
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Collateralized loan obligation issuance in April hit $2.58 billion with the pricing of a $307.86 million CLO from NXT Capital Investment Advisers, making April already the biggest month for CLO issuance since the crisis.
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THL Credit Advisors’ announcement Wednesday that it is set to acquire Alternative Credit Strategies Group, the senior debt credit management unit of McDonnell Investment Management, makes it the latest affiliate of a private equity firm to snap up a collateralized loan obligation manager.
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Swedish Steelmaker SSAB has increased the size of its revolving credit facility to €440m after the three year plus one plus one facility was oversubscribed in syndication.
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The mandate to finance the buy-out of UK packaged and frozen food business Birds Eye Iglo from Permira will be the most sought-after in a very barren year for LBOs, warned bankers. Credit Suisse is advising on the sale, with first-round bids due in early May.
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Indonesian telecom tower operator Tower Bersama has launched a dollar loan that will be worth as much as $325m into general syndication, despite getting senior level commitments that covered the deal even before the bookrunners’ pledges are taken into account.