The deep discounts seen on the buyout loans for UK recruitment business Alexander mann and French roof tiling firm imerys this week are not banks' preferred way of winding down for the summer break; they set an uncertain tone for September's rush. After attracting a weak response from investors, Alexander Mann moved £100m of a £325m Term Loan B into a new dollar tranche and set the discount on both tranches at 96. Imerys also had to move €100m of its €580m Term Loan B to a new €100m second-lien facility, which was offered at 95.
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