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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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US data centre firm Equinix has doubled the size of its euro term loan offering to €1bn, as it looks to acquire 29 data facilities from Verizon for $3.6bn, even as one investor noted an unusual 50% collateral cap on the firm’s secured debt. -
Fitch has hired the former head of loan capital markets within Commerzbank’s leveraged finance team, who joins the agency’s corporate rating operation.
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Tata International Singapore has mandated one bank to supply a $110m loan, which will be used to make payments to bondholders.
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Bridgepoint launched a dividend recapitalisation term loan of its restaurant firm the Azzurri Group with a lender call on Thursday afternoon, the private equity firm's second since October.
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It is commitments week in the European leveraged loan market this week, after a busy December packed with deals. Nine transactions are due to be priced, with several, including Morpho’s €2.1bn term loan, having already been completed.
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French e-security and biometrics firm Morpho tightened guidance on its €2.1bn-equivalent buyout term loan this week, as the strength of the leveraged loan bid is still squeezing prices.
