Capital Structure News
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Ally Financial Inc. moved closer to repaying a U.S. bailout as the auto lender reached agreement with creditors of its bankrupt mortgage unit.
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Commerzbank AG, Germany’s second- biggest bank, is seeking 2.5 billion euros ($3.25 billion) in the fifth capital increase in four years to repay debt from a government rescue. The shares fell to a record low.
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Arcapita Bank BSC, an Islamic- compliant fund manager, will consider a revised offer for a bankruptcy-exit loan from Fortress Credit Corp. to compete with a proposal from Goldman Sachs International.
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Sales of payment-in-kind notes, the riskiest, highest-yielding debt, are surging at a record pace in Europe as junk-rated borrowers take advantage of investors’ appetite for yield in a market paying the lowest-ever rates.
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ICU Medical Inc., the maker of intravenous medical equipment that surged to a record this week after Bloomberg News said it’s considering a sale, could fetch 21 percent more in a takeover.
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Investors seeking mortgage bonds outside recession-plagued Europe are heading to Australia, the world’s fastest-growing major developed economy, boosting issuance to the highest in almost two years.
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Cerberus Capital Management LP is entering the booming market for single-family homes to rent, planning to lend billions of dollars to investors too big for government programs and too small to get Wall Street funding.
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Ferro Corp., a U.S. chemical company that rejected an unsolicited takeover offer, agreed to concede two board seats to dissident director nominees who have criticized the company’s performance.
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OGX Petroleo & Gas Participacoes SA, which has the worst-performing bonds in emerging markets this year, holds off-balance-sheet obligations tied to its sister- company that could swell liabilities by as much as 39 percent in the event of insolvency, according to Covenant Review.
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Statkraft AS, Norway’s biggest utility, said it has sold its 4.2 percent stake in EON SE, Germany’s largest power producer, for 8.5 billion kroner ($1.5 billion) to boost its investment capital.
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