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Direct lenders take the initiative as banks step back
In recent weeks, private credit and direct lenders have brought more certainty to borrowers as capital markets were roiled by tariff chaos
Banks already working on deals in the industrials and chemicals sectors
As Ares raises the largest direct lending fund, Goldman Sachs reorganises to serve the trend
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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. -
The leveraged finance market suffered an unpleasant shock this week, when $5.6bn of loans and bonds for the Carlyle Group’s acquisition of Veritas Software had to be pulled. Bankers were left blaming market sentiment, an aggressive structure — and each other, write Max Bower and Victor Jimenez.
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Avago Technologies, the US semiconductor components maker, has increased the €500m tranche of its term loan ‘B’ to €900m on strong demand, in another sign of the European leveraged loan market’s competitiveness.
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Bankers and investors on Wednesday said the failure of Veritas Technologies' $2.5bn bond deal — which was pulled along with an accompanying $3.3bn loan package on Tuesday — showed evidence of familiar weaknesses and errors in the European high yield market.
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UBS has further strengthened its leveraged finance business, hiring an ex-Credit Suisse banker for a new role focusing on private equity and corporate clients.
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Veritas Technologies, the Californian data storage company, has increased its high yield bond issue to make up for a disappointing loan financing. But initial price talk has yet to emerge.
