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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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A spate of aggressively structured acquisition loans arranged by Chinese banks, dubbed ‘Chinese TLB’ sent ripples through the syndicated loan market this year. Foreign banks, unable to match terms offered by their Chinese counterparts, are having to deal with shrinking opportunities to finance offshore Chinese M&A, writes Shruti Chaturvedi.
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The deadline for replies on NGA Human Resources’ £320m seven years term loan ‘B’ passed on Thursday, in a deal that will help the company fully pay down existing debt.
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New York Stock Exchange listed Trina Solar is the latest Chinese company to announce plans to go private, and has picked Industrial Bank as the financial adviser and arranger of the debt financing.
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Syndication for a $145m loan backing the Blackstone Group’s acquisition of business process outsourcing assets in India is close to winding up.
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David Lloyd Leisure, the UK gym and spa firm, has final replies due at close of business on Monday for its £380m loan recapitalisation.
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The loan market brought in the Christmas period in style at the Loan Syndicate Managers' Forum carol service last Wednesday. The singing was angelic, the mulled wine delicious and the sermon inspired some intriguing ideas.