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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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CVC and Ardian charged up the leveraged loan deal pipeline with new buyouts of European businesses in Ireland, Greece and Spain this week. A strengthening European economy is likely to attract more, said market participants. -
Borrowers repricing and refinancing their debt are taking an ever bigger share of overall issuance in European leveraged finance markets. This week, Salt Mobile and Gates added to the already large list of names taking advantage of borrower-friendly conditions.
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A rush of consolidation has swept through Europe’s payments processing industry in the past six months and the financing for two of the deals, the acquisitions of Nets and Paysafe, hit the leveraged finance market this week.
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Dalian Wanda Commercial Properties (DWCP) has chalked up a three-pronged plan to address problems related to one of its offshore borrowings. The deal was in danger of being accelerated after the company was downgraded by two credit rating agencies in September.
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UK telecoms firm Virgin Media increased its sterling loan offering on Friday, as recovering leveraged finance issuance in the currency seems to be leaving Brexit strains behind.
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Hong Kong Airlines, which last visited the international syndicated loan market in 2015, is working with a bank to refinance that facility.
