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With inflation expected in the coming months, investors are set to allocate more cash to floating rate instruments – tipping the scales toward loans in leveraged buyout financings.
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Grünenthal, the German opioid maker, has signed a €400m revolving credit facility, less than a month after making its postponed debut in the high yield bond market.
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Citi has replaced the former head of its EMEA alternative assets group with a promotion from within, Theo Giatrakos, who will work alongside a newly hired chairman, Didier Denat, the former head of corporate banking at Credit Suisse.
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The UK's High Court delivered a ringing endorsement of the country's new restructuring regime this week in a landmark ruling on gym chain Virgin Active, showing that companies have a new route other than CVAs to cut their debts to landlords. Silas Brown and Owen Sanderson report.
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Finnish healthcare provider Mehiläinen increased the size of its ESG-linked refi loan from €300m to €1.06bn, refinancing not just the second lien loan, as originally intended, but the company’s entire first lien capital structure. Leads HSBC and Jefferies also tightened the margin range from launch levels.
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Commercial landlords in the UK are angry about gym chain Virgin Active’s restructuring plan, and with good reason. Many of them have lost out heavily, while senior secured creditors got away with little more than an amend and extend.