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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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Indonesian television broadcaster MNC Sky Vision has cut its latest fundraising to $170m — the second time it has reduced the deal size. The loan, which had been in general syndication since late June, attracted three commitments from retail lenders. -
Asset manager Pemberton has closed a €1.2bn European mid market debt fund, as the direct lending market becomes more appealing for larger deals, according to a Deloitte report.
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Finnish packaging firm Powerflute has extended the deadline on its €400m leveraged buyout by Madison Dearborn to this Friday, as has BMI Healthcare for its £285m refinancing.
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Nine banks have been mandated to arrange the financing for the leveraged buyout of Polish online marketplace Allegro, and a senior loan will be launched into syndication later this month.
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HNA Group affiliate Avolon Holdings has wrapped up a $8.5bn debt financing for the acquisition of the aircraft leasing business of CIT Group, with five lenders joining the trade.
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Leveraged buyout activity in Central and Eastern Europe is gaining momentum, driven by a few jumbo deals pushing for terms and pricing more commonly seen in Western European markets. For some local banks, the conditions are too tough to compete.
