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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
Liquidity event at American manager comes at fraught time for industry
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The top lending group for a dual-tranche borrowing by Vedanta Group has shrunk after one bank dropped out of the syndicate to tie up its portion of the financing bilaterally.
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Indian lender Axis Bank has promoted its international loan syndications head to lead the operation globally, according to sources.
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Tikehau Capital has appointed a new head of its London operations.
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A strange and, until recently, rare phenomenon has been witnessed in the leveraged loan market — pricing widening on deals. On Thursday Micro Focus chose only the minimum amount for the euro tranche within its $5.5bn loan package, prompting whispers among some observers that this hitherto red-hot market may have found its floor, and even rebounded off it.
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HCP Global has distributed its $540m facility among 17 banks, with mostly Taiwanese lenders receiving an allocation.
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UK forecourt operator Euro Garages held a lender call this morning for a repricing request on its £250m and €585m term loans, a deal one investor on Thursday said was a potential barometer of where market pricing now is.