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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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Books were filled this week for a covenant-lite loan being syndicated on a best-efforts basis for the refinancing of Norit, a water purification company owned by Doughty Hanson. Bankers said they were surprised by the appetite shown for the loans, with some further commitments still expected.
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Privately-owned Kazakh rail freight operator Eastcomtrans has launched syndication of a $100m five year amortising loan. BNP Paribas is bookrunner on the fully underwritten transaction. The loan is to finance the acquisition of 1,000 new Ukrainian freight wagons.
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Private equity firm Gilde Buy Out Partners has raised Eu170m in a club deal for its leveraged buyout of Dutch holiday park operator RP Group, commonly known as Roompot.
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A five year pre-export financing for Russia’s Rusal could raise even more than the $4.75bn that its board of directors has approved if the 10-strong lending club agrees to larger tickets. The deal is already much bigger than the $4bn refinancing originally envisaged.
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Banks are in discussions with Russian oil producer TNK-BP for a $1bn four year loan, according to bankers close to the borrower.
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Russian oil firm Tatneft has signed a $550m three year bullet loan with a fixed rate margin of 350bp. The borrower asked its lending group for a facility which had an in-built hedge against anticipated increases in the Libor rate.