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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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Swissport, the air cargo handling company, has removed the US dollar tranche from its €1bn equivalent (Sfr1.145bn) debt package for its acquisition by HNA, a Chinese private equity firm.
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Groupe Fnac, the French retailer of books, music and electronics, has signed €865m of loans for its €615m acquisition of Darty, the London and Paris-listed French electricals retailer.
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Coopération Pharmaceutique Française, the French pharmaceuticals distributor known as Cooper, has bank meetings scheduled on Wednesday for more than €350m of new debt for its leveraged buyout by Charterhouse.
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Saka Energi Indonesia, a subsidiary of Perusahaan Gas Negara, has hit the market for a financing of up to $600m and is giving banks the option of booking the loan onshore or offshore.
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Birla Carbon and Fiat India have launched their respective dollar loans into syndication, with the former seeking $925m and the latter $250m.
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Azelis, the Antwerp-headquartered speciality chemicals distributor, has commitments due at 5pm today (Thursday) for its seven year euro term loan, having flexed the pricing on all first lien debt.