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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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Indonesian telecom tower operator Tower Bersama aims to raise as much as $375m in the international loan market after securing commitments from lead arrangers for $250m.
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Is this the beginning of the end of the syndicated loan market for certain types of borrowers? It’s a question being whispered around European financial centres as companies increasingly ask their bank lenders about putting bilateral loan facilities in place.
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UK food group Premier Foods has extended the maturities of its existing £733m term loan and £500m revolving credit facility from December 31, 2013 to June 30, 2016 after coming to an agreement with its banking syndicate, swap counterparties and pension schemes. The company has also delayed all amortisation payments until June 30 2014 — and got agreement from lenders for a big easing of its required debt to Ebitda ratio.
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Bain Capital’s credit arm, Sankaty Advisors, this week acquired a £500m portfolio of 26 leveraged loans from Lloyds at what bankers said was a deep discount, as some loan managers expressed hope that European bank deleveraging would attract investors into the leveraged loan asset class.
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Soho China is in discussions with bankers about a return to the international loan market, adding to the supply of Chinese property companies in this year’s tepid borrowing market. But some bankers are being forced to weigh up the different deals, knowing their credit committees will not allow them to take all of them at once.
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Vista Equity Partners has agreed to pay £1.27bn for UK banking software company Misys, and will use $1.775bn of loans alongside equity to complete the takeover if the bid is accepted.