Country Singer Michael Ray Bestop Custom Jeep Wrangler JK

For those of you who aren’t hip to the country music scene, the cat pictured here is Michael Ray. The 31-year-old, Florida-born singer has been riding high on a hit single entitled “One That Got Away,” and has been hitting the road hard as a star act on this year’s “CMT On Tour.” When not on tour, you can find Ray exploring Tennessee’s many off-road trails in his custom 2013 Jeep Wrangler JK; a vehicle that has just received a massive amount of upgrades via the help of Bestop Premium Accessories Group and Micahel Ray’s preferred Nashville tuning shop, Music City 4×4. While Ray’s Wrangler had previously received a mild lift and fender flares to accommodate 35-inch Firestone Destination mud-terrain tires and 20×9-inch black-milled Cali Offroad Twisted alloy wheels, it was far from being a full-blown build. So founder Brian Creten and his team of specialists at Music City 4×4 kicked-off a fresh round of mods, with their first priority being suspension performance enhancements. In order to improve off-road wheel travel while still retaining asphalt cruising comfort, a Rock Krawler 3.5-inch Flex system was brought on board. Permitting plentiful amounts of clearance for 35-inch tires...

Banks face losses on Evonik’ methacrylates unit buyout loan

LONDON, June 5 (LPC) – A €1.785bn leverage loan backing private equity firm Advent’s €3bn acquisition of German chemicals group Evonik’s methacrylates plastics unit, Madrid has been offered at a steep discount implying a potential loss for underwriting banks, banking sources said. Both the euro and dollar denominated term loans will price at 500bp over Libor, the wide end of the 475bp-500bp range set last month and will come at a 95-96 OID, from an original launch guidance of 99 OID. Soft-call protection of 101 has also been extended to 12 months from six months, alongside a number of other document changes. Flex arrangements between banks and sponsors vary on a deal-to-deal basis and some riskier-perceived deals can come with generous flex terms. On Evonik, banks have got very close to the flex terms and losses are implied, according to several banking sources. Banks have struggled to hit budget this year amid low deal flow that reached a 10-year low, according to LPC data. Event-driven underwrites are one of the few profitable trades left in the market, however, they are highly competitive as banks agree to extremely tight terms that can backfire in the event a deal str...