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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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VFS Global, the visa and passport services division of Kuoni, allocated its euro and sterling loan refinancing package this week, after increasing the euro offering and tightening pricing on both tranches. -
Panama severed diplomatic ties with Taiwan this week in favour of supporting China, leaving syndicated loans bankers in Taiwan divided about how the move will affect their business, as several Panamanian institutions have tapped Taiwanese bank liquidity for funds in the past. Shruti Chaturvedi reports.
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Dutch musical theatre group Stage Entertainment, producer of shows including The Lion King and Mamma Mia!, debuted in the leveraged finance market this week for a €355m term loan to pay a dividend recapitalisation to sponsor CVC, after the latter’s majority investment in the firm in 2015 was unusually an all equity deal.
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Chinese firm Essence International Financial Holdings has approached lenders for a HK$1bn ($128m) borrowing.
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French laundry services firm Elis has signed a bridge facility with two relationship banks for its £2.2bn acquisition of UK competitor Berendsen, having announced it will fund the 63% cash portion of the deal through third party debt.
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ING Bank has relocated a leveraged finance banker from London to Singapore to head structured acquisition finance and sponsor coverage in Asia.
