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‘Portable capital structures’ avoid need to refinance in tough environment for corporate takeovers
Lower demand for risky corporate debt could threaten companies’ ability to refinance
Deal to help fund satellite operator’s takeover edged out a competing loan offer from Wall Street banks
Investors approached to purchase stock at $54.20 buyout price as social media company bleeds cash
Making large equity investments in a single company can be a risky strategy
Investment by group comes weeks after it spent $1bn buying junk bonds tied to its takeover of Citrix
Investors are keeping a close eye on areas ranging from US Treasury market illiquidity to Japanese government debt
Investors nibble on debt of companies less exposed to economic slowdown but avoid riskier groups
2021 was a record year for US collateralised loan obligations
The CLO whale is on a diet
Deep discounts to offload bonds and loans in software maker’s LBO cost banks $600mn
Deal reflects difficulties raising funds as the economy turns and interest rates climb
Low demand for bonds and loans is Wall Street ‘canary’ as inflation risks rock capital markets
Leveraged lending risks are spelling themselves out but it remains an attractive business
Wall Street lenders expected to generate significant losses after agreeing to fund deal before economic slowdown
US telecom company’s market worth has fallen to under $100mn, squashed by $3bn of debt
Some movers just don’t have the appetite for storage
Barclays and BofA take losses in shifting debt backing the takeover of Worldline’s terminals business
Many loan term sheets lack definitions for ebitda allowing corporates to avoid breaching covenants
Apollo and Blackstone are among participants in $750mn financing for connected fitness company
Judge allows test case on issue in lawsuit against mattress maker Serta Simmons Bedding
NAV lending is part of proliferating range of products that apply financial engineering to financial engineers
Banks no longer retain a monopoly on financing blockbuster leveraged buyouts
Oil price surge and supply chain disruptions could add to pressure on rising prices
Corporate debt piles swelled during the pandemic with credit extended even to riskiest borrowers
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