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Investors eye 2028, 2031, 2032 as big years for loan maturities
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
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Two banks are due to join Indonesian palm oil producer Royal Industries’ $500m dual trancher. The loan has had a long run in syndication, with the deadline for commitments extended twice already.
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UK nursery and early education provider for under-fives, Busy Bee is closing books on its £210m loan on Wednesday, with lenders expecting pricing to finish tight.
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On Tuesday, SIG Combibloc tried to slash the margin of its €2.1bn leveraged loan, which only closed in February. The packaging company wants to cut pricing by 100bp.
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Chinese online gaming company Perfect World has lined up two banks to help fund its take-private by chairman Michael Yufeng Chi. It is still unknown whether the $900m loan will go into a wider syndication, but if it does then a turn in sentiment on China and toned down Taiwanese participation could weigh on its prospects, writes Shruti Chaturvedi.
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Corporate bond issuance resumed in force on Wednesday after a quiet few days, as market sentiment around Greece’s debt negotiations improved.
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Strategic Value Partners, the distressed investment firm, has hired Ian Guthrie, formerly of Lloyds Banking Group, to its advisory council.