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Lpc barings vistra buy backed with $700m leveraged loan


Hong Kong-based Baring Private Equity Asia's acquisition of a majority stake in trust and custodial services provider Vistra Group will be backed with a $700 million cross border leveraged loan financing, banking sources said on Tuesday. Baring agreed to buy a majority stake in Vistra in May from IK Investment Partners, for an undisclosed sum, with management holding a significant stake.

Goldman Sachs is leading the financing, alongside Credit Suisse, Jefferies and DBS Bank. Bank meetings are scheduled to take place in London on July 8 and New York on July 9 to show the deal to investors, the sources said. The loan market has been caught in the volatility brought by the Eurozone crisis, with a number of repricings withdrawn in recent weeks. However, loan investors say they still have appetite for strong credits and for event-driven financings, so long as they are launched at the right pricing and terms.

The Vistra financing comprises a $515 million first-lien loan and a $185 million second-lien loan, both denominated in euros and dollars, with the exact split still to be determined. There is also a revolving credit facility. Pricing will emerge at the bank meetings, the sources said.

Baring declined to comment. Vistra Group employs over 1,300 employees in 46 offices across 35 jurisdictions.

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Money market funds fell by $255 billion in latest week ici


The Investment Company Institute on Thursday issued the following money market mutual fund assets report:"Total money market mutual fund assets decreased by $2.55 billion to $2.571 trillion for the week ended Wednesday, August 29, the Investment Company Institute reported today. Taxable government funds increased by $3.96 billion, taxable non-government funds decreased by $3.76 billion, and tax-exempt funds decreased by $2.75 billion. Retail: Assets of retail money market funds decreased by $850 million to $886.86 billion. Taxable government money market fund assets in the retail category increased by $110 million to $186.90 billion, taxable non-government money market fund assets increased by $180 million to $511.68 billion, and tax-exempt fund assets decreased by $1.13 billion to $188.28 billion.

Institutional: Assets of institutional money market funds decreased by $1.70 billion to $1.684 trillion. Among institutional funds, taxable government money market fund assets increased by $3.85 billion to $677.29 billion, taxable non-government money market fund assets decreased by $3.93 billion to $925.49 billion, and tax-exempt fund assets decreased by $1.62 billion to $81.48 billion.

ICI reports money market fund assets to the Federal Reserve each week. Revisions are due to data adjustments, reclassifications, and changes in the number of funds reporting. Weekly money market assets for the last 20 weeks are available on the ICI website."