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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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International Service System received consent from lenders to make all its desired amendments to its loans to give it more flexibility. Some 96.5% of lenders approved the Danish cleaning company’s proposals to extend the maturities of certain tranches of its debt by two years.
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Commerzbank, Crédit Agricole, Deutsche Bank and HSBC are underwriting Eu465m of senior loans to support KKR’s take-private LBO of German telecoms operator Versatel.
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A loan fund has hired banks to run a bids-wanted-in-competition (Bwic) auction for a portfolio of 66 loans totalling Eu280m. Traders said the Bwic, which was presented to the market on Wednesday, was the largest of the year so far, and that it may be a sign that investors think secondary loan prices have reached a peak.
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Indonesian TV operator Trans Media signed a $450m loan on Tuesday after getting commitments from nine banks in syndication. But the company decided not to increase the deal — and instead scaled back the underwriters to meet demand.
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Commodities trading firm Gunvor Group has increased its revolving credit facility from $1.1bn to $1.55bn after it was oversubscribed in syndication, although lenders on the deal will still see their commitments scaled back.
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Raiffeisen Bank Romania (RBRO) is seeking a European Bank for Reconstruction and Development A/B syndicated loan of up to Eu160m.