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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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The UK’s RPC Group is in talks with two private equity firms for a potential sale, with the plastics packaging company’s pre-acquisition leverage well below covenant breaching levels. -
Taiwan-listed agro-chemical maker Rotam Global Agrosciences is tapping the loan market for $100m to refinance debt.
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China’s drug developer Luye Pharma Group has launched a $300m loan into general, to back the acquisition of two antipsychotic medical products.
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On Friday, AkzoNobel and Suse announced new deals in the already bustling European markets for high yield bonds and leveraged loans, bolstering expectations of record volume for September.
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India’s JSW Steel has launched a $140m dual-tranche loan into general syndication, with the funds to go towards its acquisition of US-based steel plant Acero Junction Holdings.
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Chinese technology giant Xiaomi Corp, which recently floated in a landmark IPO in Hong Kong, is seeking lenders’ approval to slash the price on a $1bn loan closed last year.
