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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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Bond specialists in the US and Europe are braced for what could be the biggest ever corporate issue, as Anheuser-Busch InBev finances its takeover of SABMiller.
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Banks on Euro Garages' £745m acquisition debt package have set price talk, with bank meetings taking place on Tuesday.
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Indonesian car rental service provider Indorent has raised $100m from its debut international syndicated loan. The borrowing came with a greenshoe of $50m, which was not exercised.
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Infinitas, the educational publisher, will hold bank meetings on Thursday for a €435m senior secured debt package backing its acquisition by Compass Partners from Bridgepoint.
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B&B Hotels, France’s third largest budget hotels group, launched a covenant-lite senior term loan to early birds this week, backing its €800m buyout by PAI Partners from the Carlyle Group and Montefiore Investment.
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Webhelp, the French call centre operator, was one of three companies who held bank meetings on Tuesday for leveraged loans. The €640m of first lien debt finances Webhelp’s acquisition by KKR from Charterhouse Capital Partners.