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Eighteen year facility backed by EIFO comes as interest in energy infrastructure mounts
New facility smaller than the original but 20% larger than the launch amount
In Europe loans are the key to opening ancillary business while in the Middle East relationships should cap premiums
Market stress so far confined to consumer credit and SMEs across region
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ADT Korea has refinanced a W1.35tr borrowing it raised for its buyout by Carlyle in 2014. The original five year facility was raised at a leverage of 7x Ebitda and helped Carlyle clinch a hotly contested bid for the Korean security company. ADT Korea refinanced the facility amid lower interest rates and a general paucity of deals out of Korea, said bankers.
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CVC — Moto-Pfohe — Afreximbank — National Grid — Konecranes — Merz
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Exeltium, the French electricity company consortium, has agreed a €1.4bn senior debt refinancing in the largest power project financing in France this year. The deal has a novel financing structure to negotiate better terms from creditors.
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Metsa Fibre, the Finnish pulp producer, has signed €1.2bn of loans including €750m that will be used to build a wood-fired energy mill.
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A flurry of borrowings by companies from Hong Kong and China has revitalised the sluggish syndicated loan deal flow in the region. Bankers expect more activity out of the area with a clearer view on the renminbi, bond investors’ skittishness on high yield and access to a diverse banking group luring borrowers to syndicated loans, writes Shruti Chaturvedi.
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BNP Paribas has shaken up its London high yield sales effort with several staff moves, in an efficiency drive and attempt to align cash and derivative coverage more closely.