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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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Brandon Bradkin, formerly a partner at Park Square Capital, has joined CVC Capital Partners as a partner.
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The books closed for the €1.3bn term loan ‘B’ supporting CVC Capital Partner’s buy-out of German metering company Ista International on Wednesday afternoon, following an accelerated syndication after the terms of the deal were tightened.
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The high yield bonds to finance the buyout of German metering business Ista by CVC were cut by €150m on Wednesday. This makes the senior secured bond debt €350m instead of €500m. Ista's loan package was increased by the same amount.
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Portuguese paper maker Portucel has released guidance in the 5.5% area for its seven year high yield deal — following a spate of tightly priced issues in the market.
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The leads working on Chinese hotel chain 7 Days Group Holdings’ $120m loan are inviting only three banks to join as participants, in an attempt to keep the syndication small. The deal is already oversubscribed at the top level with no plans for a general launch, said a banker close to the deal.
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Dongfeng Yueda Kia Motor is close to sending out mandates for its $400m loan. Four or five Chinese banks are in the running after pitching with margins in the low 100bp range.