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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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French gases firm Air Liquide, rated A/A, has signed a €1bn revolving currency facility with 17 banks, having previously launched the deal at €850m. The new loan — the first in Europe to include a first draw utilisation fee — is replacing a €1.2bn seven year deal signed in July 2004 that was set to mature in July 2012.
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Syndication of the €240m of senior loans backing Axa’s buyout of French night vision component manufacturer Photonis has allocated fully subscribed to bank and institutional lenders, said bookrunners IKB, ING and Société Générale.
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Parking facility provider Q-Park has secured a multi tranche €1.1bn refinancing loan from 11 European banks. The loan is split into three tranches; a €650m five year term loan, a €275m five plus one plus one term loan and a €175m five year revolver.
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Bankers working on a $240m loan from China’s Home Inns & Hotels Management plan to allow banks to commit to the deal until the end of November, and are considering allocating some of the deal in December to banks who have already shown interest.
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Mongolian conglomerate MCS Holdings has opted to boost a planned $125m loan by another $25m, after sole arranger Standard Bank managed to draw demand from three lenders during syndication.
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Loans bankers have long recognised that the offshore renminbi loan market needs an interbank fixing rate before it can really grow.