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Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
Pharmaceuticals and energy transition also ripe sectors for M&A
The US bank has emerged from its restructuring to record impressive market share gains following a reboot of its financial sponsor and leveraged finance businesses
Firm has added to its London team with seventh partner hire this year
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The board of BCA Marketplace, a UK secondhand car dealer, announced on Wednesday that it would recommend a £1.9bn offer from TDR Capital to take the company private. The deal marks a coup for Jefferies, which is lead financial adviser to BCA, a role it won following the hire of a UK M&A team from HSBC last year led by Philip Noblet.
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Hexion, an Ohio-based speciality chemicals company, has raised $1.65bn in financing across loans and bonds, giving it a new capital structure and allowing it to repay its debtor-in-possession loan as it emerges from Chapter 11 protection. Dollar investors proved stronger supporters than euro buyers for the firm, as it cut down the planned euro tranche.
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Leveraged credit investor group the European Leveraged Finance Alliance, which started this year supported by the Association for Financial Markets in Europe, has parted ways from the larger organisation, following a six month trial period.
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The board of BCA Marketplace, a UK second hand car trading website, announced on Wednesday that it would recommend a £1.9bn offer from TDR Capital to take the company private. BCA owns the WeBuyAnyCar.com website.
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Shanghai Shangshi (Group), part of Chinese state-owned Shanghai Industrial Investment Holdings, is tapping the offshore loan market for $190m.
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The US Commodity Futures Trading Commission and the UK’s Financial Conduct Authority have added regulatory pressure to the credit default swap market, pledging to clamp down on manufactured credit events.