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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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US banks may have been happy to stump up a $5.4bn bridge loan for beleaguered California to ride out the capital markets chaos risk as the US flirted with default, but loans bankers revealed in a EuroWeek survey that such a solution would be unlikely to work for states hit by the eurozone crisis.
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The problems of the European leveraged finance market’s reliance on CLOs from the boom were again underlined in Fitch’s half year leveraged credit review. Creditor forbearance — probably leading to default and restructuring — may be required if the market does not develop enough non-bank lending capacity to address the maturity wall, the rating agency said.
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Russian aluminium producer Rusal has expanded the bank group for its $4.75bn five year refinancing and is set to launch the loan into syndication this month.
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UK plumbing firm Wolseley has signed revolving credit facilities of €750m and $270m, reducing the cost of its financing by replacing outstanding credit facilities.
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The €565m of leveraged loans backing CVC’s takeover of French rail equipment manufacturer Delachaux have broken the flexing trend in the European market by issuing the institutional loans at par.
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Two courts have batted down separate Hail Mary passes thrown by the minority lending party in the GSC Partners bankruptcy case.