"In the middle of difficulty lies opportunity"
Albert Einstein (1879 - 1955)

Structured Finance Weekly Wrap: DECO-2014...

PRIMARY: Two of the most established players in the European securitisation market priced deals this week: Volkswagen and Obvion. There was no talk of overexposure to the names and the two deals – VCL 20 and STORM 2014-III - priced at remarkably tight levels larger than usual transactions. In the CLO space, two deals breached the 130bps...Read more

Special Situations Weekly Wrap: Codere agrees...

Codere finally agreed a restructuring deal, with holders of 80.2% of the EUR 760m 8.25% 2015 senior secured notes and 88.9% of the USD 300m 9.25% 2019 senior notes entering into lock-ups as well as the controlling shareholders the Sampedro family. The deal will ultimately see bondholders take 78.2% of the restructured business, the Sampedro family...Read more

High Yield Weekly Wrap: GM Financial to hold...

PIPELINE: Automobile finance provider General Motors Financial Company has scheduled European investor meetings for a potential euro-denominated senior note, subject to market conditions. The meetings start on Tuesday 30 September. The existing senior unsecured debt ratings of General Motors Financial Company are Ba1 stable (Moody's) and BB+...Read more

Leveraged Loans Weekly Wrap: UNIT4 out with...

PRIMARY: Dutch software company UNIT4 tabled a repricing request to cut margins on its EUR 50m six-year RCF and EUR 440m seven-year TLB by 50bps to E+400bps and E+425bps respectively. Lenders rolling into the repricing will receive a 10bps consent fee and a new six-month soft call protection has been added to the TLB. Commitments are due 3...Read more

Paris court to rule on Partouche Sauvegarde...

The commercial Court of Paris is due to rule on Groupe Partouche’s Sauvegarde plan on Monday (29 September), one day ahead of the deadline of the extended observation period (30 September). The previous hearing took place on 15 September and it “went well”, noted a company source. In April, Groupe Partouche announced that its...Read more

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CapitalStructure is an independent provider of insightful first-to-market news on and analysis of the European sub-investment grade space. Our emphasis is multi-sourcing to ensure we only publish accurate value-added intelligence to our client base of fund managers, proprietary trading desks, leveraged finance bankers, corporate restructuring advisors and private equity sponsors.

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