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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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B&M Retail’s term loan ‘B’ traded up on Tuesday, after arrangers finished syndication of the oversubscribed buy-out loans on Monday. Its good performance — along with Iceland’s successful repricing of its loans and Douglas’s senior and subordinated LBO financing signed in December — are all positive signs for the cyclical retail sector and could lure more to the market, said bankers.
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Nigeria’s Fidelity Bank is due to sign a $100m syndicated loan in the next two weeks. This will make Fidelity the first of a trio of Nigerian banks to borrow money since they began approaching the international loan market in late October.
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The largest deal since the crisis is about to hit the European leveraged finance market — not from a local company, but a $2bn chunk of the finance for the buy-out of Heinz, write Nina Flitman and Stefanie Linhardt.
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Swiss tax-free technology firm Global Blue sweetened the requested repricing of the €462m loan backing its purchase by Silver Lake Partners after discussions with investors, but has not scrapped the 100bp price cut it is seeking.
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With a risk of eurozone volatility after the Italian election and the demands of Basel III looming, European firms such as BASF and Vivendi are harnessing the strong market conditions to replace loans maturing next year. At the same time, emerging market credits are rushing for replacement facilities in the wake of Rosneft’s $31bn jumbo.
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Spanish tin-can maker Mivisa is set to bring some action to the leveraged loan market. The Blackstone-owned business, which reverse-flexed its last loan transaction twice, could be one of the next names to approach the market, said a banker close to the company.