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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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Market participants hoping for a surge of large leveraged buyout financings in 2018 have been rewarded already by the arrival of seveal deals. One of them is the funding to finance French engineering services firm Altran's purchase of its peer Aricent.
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A $301m-equivalent five year refinancing for Trans Media Corpora has been launched into general syndication by five mandated lead arrangers and bookrunners.
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With issuers already lining up €6bn of new deals in January, leveraged loan bankers are confident that the European market is set for another booming year in 2018.
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Bosal, the Dutch manufacturer of industrial equipment, is selling its tow bar division to private equity firm TowerBrook. EQT has provided the financing for the acquisition.
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Indian loan activity has got off to a steady start, with a large borrowing for companies under the Tata Group, including Tata Steel, due to be mandated shortly. Lacklustre credit demand from Indian firms may become a thing of the past as market participants are betting on a pick-up in momentum from the country this year. Shruti Chaturvedi reports.
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Private equity firm Sun European Partners is merging its portfolio business Flamingo with Afriflora, the world’s largest exporter of roses to Europe, and funding it with an all-leveraged loan deal.