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Despite the allure of lower loan prices, CLO managers should print deals cautiously
Software loan sell-offs and the Iran war have caused US and European loans to price differently
Leveraged loans in stressed sectors like software carry refinancing risk
LBO financing includes $5.75bn term loan to be priced early next week
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BNP Paribas is preparing a reorganisation of its leveraged finance and high yield teams, as part of the reordering of its corporate and institutional bank that has taken place since Yann Gérardin took over as its head in October. Market participants believe some job cuts are possible. -
Four Seasons Health Care — Gazprom — Angola — Addnode Group
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The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies.
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KKR-sponsored precision engineering company MMI International is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid.
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Succeed Venture is looking to raise a $300m secured loan. In addition to offering security based on a hotel building in Shanghai, the fundraising comes backed by provisions related to the loan-to-value ratio, using the hotel’s valuation as a basis, said a banker.
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Taiwanese cable television operator China Network Systems (CNS) is in the market with a NT$46.742bn ($1.53bn) seven year multi-tranche loan. CNS’s sponsor MBK had originally picked Taiwan’s Wei family to acquire the company in August last year but subsequent scandals surrounding the buyer prevented the deal from going through.
