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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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US based credit manager CIFC has hired four executives from leveraged credit firm Logen Asset Management to expand the firm’s distressed debt offering. -
Nep Group, a US producer of broadcast programmes, gave price talk below 400bp for all first lien loans in the financing for its buyout by Carlyle, a further sign that margins have tightened in the leveraged loan market.
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A weak term that was built into the bonds backing Blackstone’s leveraged buyout of Refinitiv last week has also been included in a $1.625bn high yield bond being marketed this week for KKR’s buyout of Envision Healthcare.
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Indian electricity utility firm Tata Power has mandated five banks to lead a $245m borrowing, ending a two year hiatus from the offshore loan market.
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Europe’s leveraged finance issuance is fast catching up with last year’s record volumes, as investors open deep pockets. But the reverse side of this exuberance are weaker terms and more vulnerable issuers, said market watchers.
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Luxury auto dealership China Zhengtong Auto Services is seeking an up to $150m three year loan, offering banks margin and fees that are identical to a borrowing sealed in January.
