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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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Ukrainian steel credit Metinvest has launched a $300m three year loan into general syndication. The borrower will mostly look to its relationship banking group for funds, although others have been invited to participate, according to a loans banker familiar with the deal.
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Swiss commodities trading firm Mercuria Energy Trading has launched the syndication of two new revolving credit facilities of $1.3bn and €100m, having mandated nine banks to lead the deal. ABN Amro, BNP Paribas, Crédit Agricole, ING, Natixis, Rabobank, Royal Bank of Scotland, Société Générale and Standard Chartered are acting as the mandated lead arrangers and bookrunners for the facilities, and will hold a bank meeting in London on April 18.
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Nordea and SEB have arranged a senior loan package to finance private equity firm Altor’s takeover of Danish industrial group Haarslev Industries from Odin Equity Partners.
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Oil trading firm Oman Trading International (OTI) has borrowed $480m through its Dubai and Singapore operations to renew and increase a one year borrowing base facility. The facility was bumped up from last year’s $300m as OTI’s financing needs have increased, according to the trading firm’s finance director Amer Al Jabri.
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A €2.5bn facility launched by French drinks manufacturer Pernod Ricard to replace its Vin & Sprit acquisition line from 2008 has already received a strong reception in syndication and is expected to be an "absolute blowout", according to a banker close to the deal.
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Siemens this week wrapped up its €4bn revolving credit facility with a margin of just 30bp, the tightest European loan pricing so far this year. Such is the strength of top notch German corporate borrowers, however, that the loans market barely batted an eyelid. Some 33 lenders piled into the deal.