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LBO financing includes $5.75bn term loan to be priced early next week
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
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Indonesian garment company Pan Brothers has been downgraded by Fitch Ratings for the third time this year owing to defaults on a dollar loan. -
Chinese textile company Victory City International Holdings’ financial predicament has taken a turn for the worse as it revealed previously undisclosed outstanding debt at its subsidiaries this week.
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Companies unveiled three dividend recap deals this week in a sign that the leveraged loan market remains well bid, thanks to strong CLO formation and a technical shortage of paper so far this year.
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Etrading Software has launched a system to ramp up the efficiency of loan trading, enabling dealers to strip out the motley collection of spreadsheets, emails, instant messages still used in the market and centralise crucial information ahead of executing loan trades.
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Tricor Holdings is planning a return to the loan market to refinance a HK$2.8bn ($360m) borrowing it sealed in 2016 for a leveraged buyout by investment firm Permira.
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Asia’s leveraged buyout loan market is facing a setback after a planned financing to back the acquisition of Mphasis, an Indian IT services firm, was scrapped as discussions between the buyer and seller fell through.
