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Major sectors in leveraged loans are trading down, making shrewd credit selection vital
William Liu joins from K&L Gates
Buyers line up €11bn of debt and equity financing
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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Ineos Styrolution released price talk on its €623m term loan ‘B’ refinancing following a bank meeting on Wednesday — less than six months after signing the facility to be redeemed.
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It has taken just two US companies to bring seven tranches of new bonds to the European market this week, with the two year floating portion of each multi-tranche transaction gaining the most affection from investors.
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Hong Kong-listed Singamas Container Holdings has reached out to lenders for a $250m borrowing with one bank at the helm. Although the company posted a loss for the six months to June 30, 2016, its strong balance sheet due to low debt is expected to see the deal through, said bankers.
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Air India is set for a quick return to the loan market, launching a request for proposals (RFP) for a $250m deal that is divided into a senior and a junior piece.
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French pharmaceuticals firm Ethypharm increased the sterling tranche in its term loan package on Tuesday, as it seeks to acquire UK-based Martindale Pharma.
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Indian non-bank lender Dewan Housing Finance Corp is back in the loan market with a $125m three year refinancing via two leads.