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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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Dutch utility Eneco has reduced the size of its revolving credit facility and its bank group, signing a €1.25bn transaction this week with a syndicate of nine banks.
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A refinancing deal for Metinvest will be smaller than the loan of up to $1.2bn the Ukrainian steelmaker initially sought. It has raised over $950m but has not decided whether to sign at that level or take $850m and allow the senior group to scale back their commitments.
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Syndication of the €205m of leveraged loans backing 3i’s buy-out of building fasteners manufacturer Etanco from IK Investment Partners is set to close and fund on Thursday, said bankers close to the deal.
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Six banks are providing debt of €220m to support Carlyle’s takeover of Spanish cable firm Telecable de Asturias, which will be financed as a club deal. But banks backing the unsuccessful sponsors had put underwrites on the table, as leveraged loan bankers said they were still willing to underwrite deals on the right terms.
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With banks more reluctant to lend and growing investor appetite for corporate bonds, European companies are turning increasingly to the bond market for funding in the style of their US counterparts, according to a report issued by Fitch on Wednesday.
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British steel company Stemcor has closed a $205m syndicated loan, attracting six banks in syndication after building a 11-strong team of mandated lead arrangers that helped the company raise well above its $150m target.