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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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Poultry feed producer Charoen Pokphand Indonesia is talking to the lenders on two of its offshore borrowings sealed in 2014 and 2015, to cut pricing, several bankers said this week.
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A parade of deals and jumbo offerings marched through the European leveraged finance markets this week, matching a buoyant mood among investors. -
BMC Software, the US IT firm, has revealed the loan leg of the funding for its leveraged buyout by KKR, a $4.4bn facility in dollars and euros. It is the first multi-billion leveraged loan deal for four weeks, after a battery of large offerings early in May.
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Macau’s casino operator MGM China and subsidiary MGM Grand Paradise have amended and extended credit facilities signed in 2012 for the second time.
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UK car parts maker TI Group Automotive Systems, owned by Bain Capital, wants out of the high yield bond market and is planning to redeem its only issue by increasing its term loans.
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S&P Global Ratings knocked a notch off pet food retailer PetSmart’s corporate credit rating on Thursday, citing the firm’s ‘unsustainable’ capital structure and the increased risk of a distressed debt exchange after a portion of its subsidiary Chewy was transferred to private equity sponsors.
