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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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Iceland Foods’ £550m equivalent term loan ‘B’ has gone free to trade after investors recommitted to the euro tranche of loan at the reduced margin of 500bp. The sterling portion of the term loan ‘B’ has also been increased for a second time — by £15m to £265m — with a corresponding decrease in the euro piece from €371m to €353m.
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GoldenTree Asset Management priced its $526.8 million collateralized loan obligation—upsized from its original $419.1 million—with the $313 million in top-rated notes beating recent tights by 10 basis points at 130 bps over LIBOR
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French food services company Elior has raised a €200m term loan from over 15 institutional lenders to fund its acquisitions of Gemeaz Cusin and Groupe Ansamble. Bookrunner Nomura allocated the facility, which was bought by new and existing lenders, on Tuesday morning with a margin of 500bp and an OID of 98.
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Twenty-one banks signed into a €1.2bn five year multi-currency revolving credit facility for Volvo Treasury last week after the deal, co-ordinated by Citi, DNB Bank, HSBC and Svenska Handelsbanken, was oversubscribed.
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Bank of Tokyo-Mitsubishi UFJ has increased its exposure to Afreximbank for the second time this year by agreeing a $100m export credit line alongside the Japan Bank for International Cooperation.
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Asian loans volumes fell to $44.5bn over the first quarter of 2012, more than 48% down from the level raised during the same period last year. Loans bankers blame the frenzied activity in the bond market for stealing much of the business, but some syndicate officials see signs that things will improve over the next six months.