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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
More robust growth expected in 2026
German promissory notes come into their own in times of stress
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London-listed Pharos Energy has withdrawn from talks to buy Egyptian assets from Royal Dutch Shell, as the historic rout in oil prices overnight took its first M&A scalp.
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US entities of two of the Big Four accounting firms have entered the private placement market. KPMG sold US private placements in early April, according to market sources, while Deloitte is looking to follow suit.
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The UK’s DFS Furniture is in talks with its lending group for an additional credit facility of up to £70m to sit alongside the sofa seller’s main bank line, as companies continue to lean heavily on their lenders to get them through the worst of the coronavirus pandemic.
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ArcelorMittal, the steel company headquartered in Luxembourg, has signed a $3bn new loan facility with four banks.
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US banks this week reported stellar returns from trading and underwriting in the first quarter, even as the bottom line was hit by gigantic writedowns and reserves for credit losses, as the economic and financial disruption from the coronavirus crisis took its toll.
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Banks have been building their financial sponsor coverage teams on a record period of deal making. Now they have a different fight on their hands, but bankers are playing down the threat of a 2008-style meltdown, writes David Rothnie.