Michelle Sierra' s stories
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Market welcomes another mega bridge loan
Nuclear power producer Exelon Corp has launched a US$7.221bn fully committed unsecured bridge loan to back its US$6.83bn purchase of Pepco Holdings, which willl create the biggest electric and gas utility in the Mid-Atlantic states.
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Barclays fights to hold business as Lehman bankers flee
Barclays is hoping the forest fire burning through the executive suite in its US business will clear the way for new talent to step up in a very different environment.
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Out of the Gates
Private equity firm Blackstone is set to launch a US$4.2bn financing to back its US$5.4bn acquisition of auto parts maker Gates Global. The deal is the second-largest US leveraged buyout financing of the year, according to Thomson Reuters data, and is also the largest private equity buyout of an industrial company in more than four years.
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Avago's US$5.1bn acquisition loan cheers market
Hungry for paper, loans investors last week welcomed a US$5.1bn financing backing Avago Technologies’ US$6.6bn acquisition of LSI Corp. The added debt, however, resulted in a ratings downgrade for the borrower, formerly an investment-grade name, into the junk territory.
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Actavis's US$7bn deal a tonic for lenders
US bankers starved of opportunities to lend to America’s top companies are welcoming a US$7bn financing package backing generic drugmaker Actavis’s acquisition of Forest Laboratories.
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Sycamore levers up apparel brands
Private equity firm Sycamore Partners, in conjunction with its takeover of The Jones Group, is preparing for the potential sale of some of the apparel company’s brands by splitting up divisions and raising debt at those segments.
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Chrysler seeks US$4.7bn refinancing
Chrysler Group has launched syndication of a US$2bn term loan that forms part of a bigger US$4.7bn refinancing, following the completion of Italian vehicle-maker Fiat’s acquisition of the US auto manufacturer.
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Risky business
Banks are becoming increasingly selective about which highly-leveraged US company loans they are willing to underwrite as they start to heed regulators’ warnings to curb looser lending practices.
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Debt markets braced for Charter test
Charter Communications will test the capacity of the high-yield bond and leveraged loan market the way Verizon did in investment-grade if it is successful in its attempted takeover of
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Controversial gun-maker agrees debt deal
Some creditors of Freedom Group, maker of the Bushmaster rifle used in the Newtown, Connecticut school massacre, have provided the company with more debt, despite the fact many of its private equity fund investors want out.
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