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Sole bookrunner Morgan Stanley gets deal multiple times covered
Trade was oversubscribed in under 20 minutes
In highly concentrated book, top 20 investors take 90%
The relaunched IPO was cancelled after leads attempted to reduce the transaction to around €300m
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While the high yield bond pipeline has yet to reveal its first roadshow of 2018, two leveraged loan borrowers announced new deals on Friday. They are trailer supplier Dexko Global and Planasa, the Spanish berry producer.
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The visible deal pipeline of the European high yield bond market is expected to end the week empty, but the list of potential new borrowers keeps growing. Speciality paper manufacturer Fedrigoni is the latest.
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Refresco’s $1.25bn acquisition of Cott’s drinks bottling business raises monopoly concerns, the UK Competition and Markets Authority (CMA) said this week. But market sources see a quick fix ahead.
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Sweden-based EQT has provided funding to Abac, a private equity firm in Catalonia, to invest further in local portfolio company Metalcaucho, which makes spare parts for cars. This was despite political unrest in the region.
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Dealogic could be one of the last leveraged loan deals to close in 2017. With allocations of its dividend recapitalisation loans due on Friday, the deal is likely to cap what has been an all-time record year of issuance in the European leveraged loan market.
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Lowell, the UK-German debt collector, will seek funding for its northern European expansion in the high yield bond market, as it buys Intrum’s branches in the Scandinavia region, Finland and Estonia.