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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 Dutch plastic pipe maker Wavin have agreed to amend and extend the company’s debt for a second time in 2-1/2 years, pushing out the maturities on the €440m loan by two years to April 2015 and relaxing covenants.
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Bookrunners DnB Nor, Nordea and SEB have underwritten a $500m revolving credit facility for oil exploration firm Det Norske Oljeselskap (listed on the Oslo Stock Exchange as Detnor). The loan, alongside a $91m equity raise carried out in August, will be used to finance Detnor’s field developments, beginning with the Jette, Atla and Krafla fields.
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Highland Capital Management is said to be teaming up with three Brazilian firms-- Plural Capital, Banco Pine and Quata Investimentos—to originate loans as the investment manager enters the collateralized loan obligation market in the South American country.
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Munich Airport’s Terminal 2 has secured a 10-year amortising term loan of €725m for capital expenditure and general corporate purposes.
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Alstom, the French engineering group rated Baa1/BBB, has completed a €1.35bn five year revolver with a syndicate of 18 banks, increasing the deal from a planned €1bn after oversubscription.
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Swedish appliance firm Electrolux has signed a €500m multi-currency facility after all 11 of the banks invited into the deal joined the five year transaction.