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Leveraged Loan Market Sees Second Pulled Deal in Two Days

  • CM Group withdrew its $590 million loan offering on Friday
  • Debt was meant to help finance merger with Cheetah Digital

Digital marketing company CM Group has become the second company to withdraw a U.S. leveraged loan sale in as many days as some investors that buy the risky debt become more selective amid a year-end deal surge.

The four-year-old company, which owns Campaign Manager and other email marketing platforms, shelved a $590 million seven-year offering that was meant to help finance its merger with Cheetah Digital Inc. and refinance existing debt, according to people with knowledge of the matter.