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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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Goldman Sachs has launched syndication of the acquisition financing supporting TPG and Beaver-Visitec International’s purchase of PhysIOL Group, with a €450m seven year senior secured first lien on offer. -
ICG said on Friday that it had hired Blackstone’s Vijay Bharadia as chief financial and operating officer and as a director, subject to regulatory approval.
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High yield bonds issued by French pipeline tubing firm Vallourec slid last Friday on concerns that it would struggle to access competitive refinancing terms this year. The company’s shares were down 5.41%, with its bonds down between 1.6 and 3.7 points, according to MarketAxess data.
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Syndicated lending volumes in the EMEA region are down 75% from last year to record their worst January in five years, and senior loans bankers say the rest of the year is unlikely to get much better.
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Getty Images launched a refinancing of its capital structure on Thursday, the company’s first capital markets outing since the Getty family regained control of it last September. An investment vehicle controlled by conservative activists the Koch brothers was willing to commit $500m of preferred PIK equity last year, but the refi of the debt stack had to wait for market conditions to improve.
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S&P expects speculative grade default rates to rise to 2.6% in 2019, from 1.9% at the end of last year, thanks to tightening credit conditions, and slowing economic growth. But new accounting standards could also worsen the credit cycle.
