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Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
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JP Morgan has hired Patrik Czornik to lead its M&A team for Germany. Czornik used to work for the bank in the past but then joined Goldman Sachs. -
Two subsidiaries of Taiwan’s Formosa Plastics Corp have closed their offshore borrowings at bigger sizes.
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Michael Collinson has joined Houlihan Lokey as a managing director to lead its consumer products efforts in Europe. He comes from William Blair.
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Inalfa Roof Systems Group, a Netherlands-based car roof system supplier owned by Beijing Hainachuan Automotive Parts, is tapping Asian liquidity for a €200m loan.
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UBS has hired Régis Turrini as head of France for corporate client solutions.
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Galapagos, the German heat exchanger manufacturer, unveiled a restructuring plan on Friday afternoon that it said was backed by all the lenders in its revolver and more than 79% of the senior secured notes. Unsecured creditors, represented by Gleacher Shacklock, now have to decide whether to back the plan — which offers them little cash, but a chance of equity upside.
