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Wall Street Wins One Against Shadow Banks in $450 Million Deal

  • BofA-led group edged Owl Rock out of loan to TransPerfect
  • Translation company lowered its interest expense by 40%
RF Manhattan NYC

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Some of the biggest U.S. banks are rushing to lend to a company that a year ago they found too risky.

The firms -- Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. -- agreed to lend $450 million to TransPerfect Global Inc. to help it refinance a loan that the language- and translation-services provider got from an alternative lender last year, according to Chief Executive Officer Phil Shawe. To clinch the deal, they agreed to slash the company’s interest rate by more than 3 percentage points from what Owl Rock Capital Partners had provided.