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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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Bank lenders will attempt to renegotiate the terms of corporates’ revolving credit facilities when the first extension options come up for discussion early next year.
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Australian commodities company Arcadia Energy signed a $280m loan at the end of last week, after finding $35m of demand in syndication. The bookrunners found commitments from four banks, allowing them to increase the deal above the $245m launch size.
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Lenders to Premier Foods, owner of bread maker Hovis, have agreed to defer a financial covenant test from December 31 this year to March 31 next year as the company continues discussions with its bank group over extending the maturity of its £1.27bn of loans beyond December 2013.
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Whitbread, the UK’s largest hotel and restaurant group, has signed a new £650m five year syndicated loan to replace outstanding bank deals of £930m.
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Turkish oil refiner Tupras has completed a $2.1bn financing package, split between a term loan and export credit agency (ECA) backed loans.
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Renaissance Services subsidiary, Topaz Energy and Marine, has launched a $380m refinancing deal.