Post on 06-Jul-2020
UK & DACH Quarterly SnapshotQ2 2018
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UK & DACH Quarterly Snapshot
1
Section I
UK Mid-Market Quarterly Snapshot
Q2 2018 ReviewUK Mid-Market Quarterly Snapshot
UK Senior Loan Volume and Pricing iTraxx Europe Cross-Over
3
Issuance remains high driven by increased M&A activity
Key Themes
UK leveraged loan volumes were €5.4bn in Q2’18, 29.5% higher than the same period last year as strong issuance levels continued in 2018. The significant decrease in UK volumes from the previous quarter was driven by several large landmark deals closing in Q1’18
These high issuance levels were driven by a marked increase in M&A activity which began towards the end of 2017 and then delivered consistent deal flow throughout H1’18. 84% of total loan deal activity in Q2’18 was driven by M&A, the highest proportion since Q3’11
Although total European leveraged loan volume has fallen to €26.9bn in Q2’18 from €35.2bn in Q1’18, the volume of deals funding buyouts and acquisitions is up to €22.6bn from €21.2bn
The prevalence of M&A activity has driven slightly wider pricing, reflecting greater lender negotiating power on new money transactions as opposed to opportunistic repricings and refinancings
The quarter has seen continued market volatility due to political uncertainties, with the iTraxx Crossover reaching its highest level since December ‘16
200
250
300
350
400
450
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18
US election/ expectations of fiscal stimulus
Brexit vote
French Presidential Election
Equities sell off2.2
3.1
5.24.2
4.7 4.9
13.9
5.4
200bps
250bps
300bps
350bps
400bps
450bps
500bps
550bps
€0bn
€2bn
€4bn
€6bn
€8bn
€10bn
€12bn
€14bn
Q3 Q4 Q1 Q2
Quarterly Volumes Prior 12m Quarterly Volumes
Wtd. avg. Inst. Spread Prior 12m Wtd. avg. Inst. Spread
Deal Tracker Q2 2018UK Mid-Market Quarterly Snapshot
4
Sponsor-backed deals with debt in the range of £20m - £250m (or € equivalent) over the last six months
Transaction
Ope
n G
I
Key
Tra
vel
IVC
SLR
Kar
ro F
ood
Gro
up
Envi
sion
Pha
rma
Aud
ioto
nix
Law
yers
on
Dem
and
PEI
Med
ia
Rig
ht C
hoic
e In
sura
nce
Old
Mut
ual G
loba
l Inv
esto
rs
Nat
iona
l Bui
ldin
g Sp
ecifi
catio
n
Inst
ant O
ffic
es
Etc
Ven
ues
Cov
ersu
re
Bul
litt G
roup
Com
plEA
T F
ood
Gro
up
Pul
sant
Love
holid
ays
Cad
ogan
Tat
e
The
Fou
ndry
NES
Glo
bal T
alen
t
PIB
Gro
up
Lain
es
Vita
Gro
up
Tra
vel C
ouns
ello
rs
Rew
ard
Gat
eway
Pro
cess
Sen
sing
Tec
hnol
ogie
s
Allo
cate
Sof
twar
e
Vet
Par
tner
s
Rec
onom
y
Dat
ix
Act
ive
Ass
istan
ce
Den
tal P
artn
ers
Man
ufac
turi
ng D
eal
Kin
apse
UK
Pow
er R
eser
ve L
td
Thi
nk M
oney
Cla
rion
Eve
nts
Sout
hern
Com
mun
icat
ions
Piz
za H
ut
Huw
s Gra
y
Hel
ping
Han
ds
Big
Han
d
Nin
tex
Glo
bal L
imite
d
Gre
en H
ighl
and
Ren
ewab
les
Bel
fast
City
Air
port
Lim
ited
A-P
lan
Law
Bus
ines
s Res
earc
h
GL
Educ
atio
n
Oco
rian
Ebur
y
Aqu
atri
ne
Px
Gro
up L
imite
d
CM
Dow
nton
Can
opiu
s
WH
P
Wat
erlo
gic
Soho
Hou
se
SHL
Por
tals
De
La R
ue
Par
tner
ship
in C
hild
ren'
s Ser
vice
s
Caw
ood
Scie
ntifi
c
Cap
ital E
cono
mic
s
Ask
4
Tim
e In
c. U
K
Ker
ridg
e C
omm
erci
al S
yste
ms
Kisi
mul
Hyd
ro I
nter
natio
nal
Tho
mas
Int
erna
tiona
l
Mon
eyco
rp
Wir
eles
s Log
ic
Cla
rion
Eve
nts
Scot
ts M
irac
le-G
ro
Bec
k &
Pol
itzer
Libe
rty
Vet
part
ners
Glo
bal R
isk P
artn
ers
Insp
ired
The
Reg
ard
Gro
up
JLA
Oco
rian
Will
iam
s Lea
Tag
UK
Pow
er R
eser
ve
Kel
ling
Cen
turi
on G
roup
Transaction Q2-'18 Q1-'18
HSBC ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● HSBC 15 19RBS ● ● ● ○ ● ● ● ● ● ● ● ● ● ● ● ● ● RBS 8 9Ares ● ● ● ● ● ● ● ● ● ○ ● ● ● ● Ares 7 7Lloyds ● ● ● ● ● ● ● ● ● ● Lloyds 7 3SMBC ● ● ● ● ● ● ● ● ● ● ● SMBC 4 7Barings ● ● ● ● Barings 4 0Bank of Ireland ● ● ● ● ● ● ● Bank of Ireland 3 4Guggenheim ● ● ○ ● Guggenheim 2 2Santander ● ● ● ○ Santander 2 2LGT European Cap. ● ● ● LGT European Cap. 2 1Bain ● ● Bain 2 0ING ● ● ING 2 0MeDirect ● ● MeDirect 2 0AIB ● ● ● ● ● ○ ● ● AIB 1 7Barclays ● ● ● ● Barclays 1 3Permira ● ● ● ● Permira 1 3CVC ● ● ● CVC 1 2Alcentra ● ● Alcentra 1 1Credit Agricole ● ● Credit Agricole 1 1Crescent ● ● Crescent 1 1Macquarie ● ● Macquarie 1 1Pemberton ● ● Pemberton 1 1BlackRock ● BlackRock 1 0Proventus ● Proventus 1 0Siemens ● Siemens 1 0Wells Fargo ● Wells Fargo 1 0AIG ● ● AIG 0 2Clydesdale ● ● Clydesdale 0 2EQT ● ● EQT 0 2GSO ● ● GSO 0 2Hermes ● ● Hermes 0 2M&G ● ● M&G 0 2Apollo ● Apollo 0 1HPS ● HPS 0 1Investec ● Investec 0 1TPG ● TPG 0 1
Date Total Deals 44 42
Sponsor
Mon
tagu
Elys
ian
Cap
ital
EQT
Par
tner
s
Cha
rter
hous
e
Cap
Ves
t
Ard
ian
Ast
org
Bow
mar
k
BD
C
LDC
TA
Ass
ocia
tes
LDC
Bow
mar
k
Gen
com
Livi
ngbr
idge
Expo
nent
Equi
ston
e
Oak
Hill
Cap
ital
Livi
ngbr
idge
H2
Equi
ty P
artn
ers
Hg
Cap
ital
AEA
Car
lyle
Pat
ron
Cap
ital
SVP
Glo
bal
Vitr
uvia
n
Gre
at H
ill P
artn
ers
Bat
tery
Ven
ture
s
Vist
a Eq
uity
Aug
ust P
riva
te E
quity
EMK
Five
Arr
ows,
TA
Mon
treu
x C
apita
l
Aug
ust P
riva
te E
quity
EMK
Cap
ital
Hg
Cap
ital
Infle
xion
, Equ
iston
e
Alc
hem
y P
artn
ers
Bla
ckst
one
Livi
ng B
ridg
e
Rut
land
Infle
xion
Livi
ng B
ridg
e
Bri
dgep
oint
Tho
ma
Bra
vo
Sim
ec G
roup
3i
HgC
apita
l
Levi
ne L
eich
tman
Levi
ne L
eich
tman
Infle
xion
Vitr
uvia
n
Anc
ala
Blu
ewat
er
Emer
geV
est
Cen
terb
ridg
e
Equi
ston
e
Cas
tick
Yuc
aipa
Expo
nent
Epir
is
Sove
reig
n
Infle
xion
Pho
enix
Bow
mar
k
Epir
is
Acc
el-K
KR
Ant
in I
nfra
stru
ctur
e
Agi
litas
Pal
amon
Bri
dgep
oint
CV
C C
apita
l Par
tner
s
Bla
ckst
one
Expo
nent
Gra
phite
Blu
eGem
Cap
ital
Aug
ust P
riva
te E
quity
Pen
ta C
apita
l
TA
Ass
ocia
tes/
Oak
ley
AM
P C
apita
l
Hg
Cap
ital
Infle
xion
Adv
ent
Equi
ston
e/In
flexi
on
Alin
da
SCF
Par
tner
s
Sponsor Q2-'18 Q1-'18
Source: Lender submissions to Marlborough Partners● : Underwriter / MLA○ : Participant
Q1-'18Q2-'18
Mar 2018 Feb 2018 Jan 2018Jun 2018 May 2018 Apr 2018
Section II
DACH Mid-Market Quarterly Snapshot
Q2 2018 ReviewDACH Mid-Market Quarterly Snapshot
6
The German-speaking LBO market showed a strong level of issuance in Q2
Type of Deals in DACH Market
Increasing Popularity of Debt Funds in DACH
Key Themes
Observations from the second quarter in 2018 Q2 2018 showed a high level of issuance with a total of 30 deals in the
German-speaking LBO market. This was higher than both Q1 2018 issuance (27 deals) and Q2 2017 issuance (18 deals)
The share of LBOs in Q2 2018 was in line with the previous quarter (67%) while the share of add-on financings was significantly higher (17% vs. 4%) as sponsors executed their buy-and-build strategies
The share of recaps and refinancings in Q2 2018 compared to Q1 2018 was lower with 17% vs. 30%. This is compares to a 4-year average (2014-2017) of 36% for recaps and refinancing
Role of debt funds With 14 out of 30 deals, the share of Unitranche financings in the DACH
market has increased further. 14 deals reflect a share of 47%, compared to 33% in the previous quarter as well as 30% for 2017 and 18% for 2016
Of the 14 unitranche financings in Q2 2018, 12 were provided by debt funds while two unitranche financing were provided by Credit Suisse and Goldman Sachs
The most active funds in Q2 2018 were Alcentra with 3 deals as well as Aresand BlueBay with 2 deals each. For H1 2018, the most active fund wasPemberton with 4 deals
18%
30%
40%
2016 2017 H1 2018
% of deals involving debt funds
67%
10%
17%
7%
LBO Recap Add-on Refi
Deal Tracker Q2 2018DACH Mid-Market Quarterly Snapshot
7
Sponsor-backed deals with debt in the range of €20m - €350m
Transaction
Deu
tsch
e P
flege
grup
pe
Pre
fere
Res
ins
GA
LA K
erze
n (J
ewel
Can
dle)
GA
LA K
erze
n (K
oron
a C
andl
es)
Art
emis
Pro
spita
lia
Fina
nzen
.de
Mag
ix
Doc
tari
von
Pol
l
GEV
Gro
up (L
F)
vwd
grou
p
Kaf
fee
Par
tner
IPA
N /
Del
egat
e
Com
pute
rKom
plet
t
Alta
no
Pha
rmaZ
ell
Dav
aso
TEU
FEL
Gro
up
Deu
tsch
e In
tens
ivpf
lege
Med
ifox
KLI
NG
EL
ESIM
Che
mic
als
Saut
er F
eder
n
Bah
r M
odul
tech
nik
Life
brai
n
Wee
ner
Pla
stic
s (P
roen
far)
Am
ann
Gir
rbac
h
Got
haer
Fa
hrze
ugte
chni
k
Vitr
onet
TransactionQ2
2018Q1
2018
Type
LBO
LBO
Add
-on
Add
-on
Add
-on
LBO
LBO
LBO
LBO
LBO
Add
-on
Rec
ap
Rec
ap
LBO
LBO
Ref
i
Rec
ap
LBO
LBO
Ref
i
LBO
LBO
LBO
LBO
LBO
LBO
Add
-on
LBO
LBO
LBO Type
Commerzbank ● ● ● ● ● Commerzbank 5 5LBBW ○ ○ ○ ● ● ● LBBW 6 5SEB ● ● ● ● ● SEB 5 4IKB Deutsche Industriebank ○ ○ ○ ● ○ ● IKB Deutsche Industriebank 6 3BKB Bank ○ ○ ● BKB Bank 3 3DZ Bank ○ ○ ● DZ Bank 3 3Unicredit ● ● ● ● Unicredit 4 3BayernLB ● ● BayernLB 2 3Nord/LB ● Nord/LB 1 3Raiffeisen Bank International ○ ○ ○ ● ● Raiffeisen Bank International 5 2NIBC Bank ● ● ● ● NIBC Bank 4 2HSH Nordbank ○ ○ ● ○ HSH Nordbank 4 2Sparkassen ○ ○ ● Sparkassen 3 2Investec ● Investec 1 1Goldman Sachs ● Goldman Sachs 1 1ABN Amro ABN Amro 0 1Credit Suisse Credit Suisse 0 1HSBC ● ● ● HSBC 3 0ING ● ● ING 2 0SMBC ● ● SMBC 2 0Berenberg Bank ● ● Berenberg Bank 2 0BNP Paribas ● ● BNP Paribas 2 0Bank of Ireland ○ ● Bank of Ireland 2 0Deutsche Bank ● Deutsche Bank 1 0Société Générale ● Société Générale 1 0Credit Agricole ● Credit Agricole 1 0UBS UBS 0 0Other ○ ○ ● ● ● Other 5 5
Alcentra ● ● ● Alcentra 3 0Ares ● ● Ares 2 1
Bluebay ● ● Bluebay 2 0
Pemberton ● Pemberton 1 3
Permira ● Permira 1 1
Capzanine ● Capzanine 1 0
Ardian ● Ardian 1 0
EQT ● EQT 1 0
Idinvest Idinvest 0 2
CVC CVC 0 1
Muzinich Muzinich 0 1
Crescent Crescent 0 0
HayFin HayFin 0 0
BlackRock BlackRock 0 0
Barings ● Barings 1 0
Quarter Total Deals 30 27
Sponsor
Bre
gal
Silv
erfle
et
Equi
ston
e
Equi
ston
e
Mon
tagu
Nor
dic
Cap
ital
Eli G
loba
l
Cap
iton
Vitr
uvia
n
DB
AG
Riv
ersid
e
Car
lyle
Cap
vis
Cas
tik
Find
os
Ufe
nau
DP
E
Mon
tagu
Nax
icap
Ergo
n
HgC
apita
l
IK
Sun
Cap
ital
Pin
ova
IK
Inve
stin
dust
rial
3i
Cap
vis
Fina
tem
DB
AG
Source: Lender submissions to Marlborough Partners● : Underwriter / MLA○ : Participant 'Other' includes both banks and funds that are not shown individually
Sponsor
Ban
ks
Ban
ks
Fund
s
Fund
s
Q2 2018
Deal Tracker Q1 2018DACH Mid-Market Quarterly Snapshot
8
Sponsor-backed deals with debt in the range of €20m - €350m
Transaction
Elat
ec
CO
NET
Hal
ex
Cor
ius
Schr
oth
Secu
ra
Indu
stri
ebet
eilig
unge
n
coeo
Ink
asso
Uni
vers
al-In
vest
men
t
Alb
rech
t + D
ill
Pun
ker
VT
U E
ngin
eeri
ng
Car
efor
ce
Obe
r Sc
harr
er
BFC
Fah
rzeu
gtei
le
GS
Star
Mon
ta
diva
-e
svt (
Rol
f Kuh
n)
Kau
tex
QM
S M
edic
osm
etic
s
GA
LA K
erze
n
Uni
cept
a
Lead
ec
com
pass
io
E. W
inke
man
n
Swyx
Sol
utio
ns
WD
M
TransactionQ1
2018Q4
2017
Type
LBO
LBO
LBO
LBO
LBO
LBO
LBO
Rec
ap
LBO
Rec
ap
LBO
LBO
Rec
ap
LBO
LBO
Rec
ap
Rec
ap
Add
-on
Ref
i
LBO
LBO
LBO
Rec
ap
LBO
LBO
LBO
LBO Type
Commerzbank ● ● ● ● ● Commerzbank 5 9LBBW ● ● ● ● ○ LBBW 5 4SEB ● ● ● ● SEB 4 8Unicredit ● ● ● Unicredit 3 10IKB Deutsche Industriebank ● ● ○ IKB Deutsche Industriebank 3 9BKB Bank ● ● ● BKB Bank 3 5DZ Bank ● ○ ● DZ Bank 3 4BayernLB ● ● ● BayernLB 3 3Nord/LB ● ● ● Nord/LB 3 1Raiffeisen Bank International ● ● Raiffeisen Bank International 2 8HSH Nordbank ● ○ HSH Nordbank 2 5NIBC Bank ● ○ NIBC Bank 2 4Sparkassen ● ● Sparkassen 2 2Investec ● Investec 1 3ABN Amro ● ABN Amro 1 1Credit Suisse ● Credit Suisse 1 1Goldman Sachs ● Goldman Sachs 1 1Bank of Ireland Bank of Ireland 0 7HSBC HSBC 0 5ING ING 0 4SMBC SMBC 0 4Berenberg Bank Berenberg Bank 0 2Deutsche Bank Deutsche Bank 0 2Société Générale Société Générale 0 2UBS UBS 0 1Credit Agricole Credit Agricole 0 0BNP Paribas BNP Paribas 0 0Other ● ● ● ● ● Other 5 6
Pemberton ● ● ● Pemberton 3 0Idinvest ● ● Idinvest 2 0Permira ● Permira 1 2Ares ● Ares 1 0CVC ● CVC 1 0Muzinich ● Muzinich 1 0Bluebay Bluebay 0 3Alcentra Alcentra 0 1Crescent Crescent 0 1HayFin HayFin 0 1BlackRock BlackRock 0 1Ardian Ardian 0 1EQT EQT 0 1Capzanine Capzanine 0 0Barings Barings 0 0
Quarter Total Deals 27 35
Sponsor
Sum
mit
Par
tner
s
H.I
.G.
Ben
cis
Ufe
nau
Per
usa
Per
usa
Wat
erla
nd
Mon
tagu
ECM
Cro
ss E
quity
DP
E
Find
os
Nor
dic
Cap
ital
Tri
ton
Auc
tus
Find
os
EMER
AM
Ergo
n
UIA
G
Blu
eGem
Equi
ston
e
Par
agon
Tri
ton
Wat
erla
nd
Cat
hay
Cap
ital
Wat
erla
nd
Cro
ss E
quity
Source: Lender submissions to Marlborough Partners● : Underwriter / MLA○ : Participant 'Other' includes both banks and funds that are not shown individually
Sponsor
Q1 2018
Ban
ks
Ban
ksFu
nds
Fund
s
Section III
Mid-Market Leveraged Lending: A Pan-European Market?
Mid-Market Leveraged Lending: A Pan-European Market?
10
The leveraged lending landscape in Europe’s largest markets UK and Germany is characterised by both pan-European and local players. While debt funds are mostly pan-European, the banking landscape is diverse with domestic banks playing an important role
Bank deals: Concentrated market in the UK and fragmented market in Germany
In the UK, the banking market is highly concentrated with only 6 banks (thereof 3 UK banks and 3 foreign banks) accounting for c. 80% of all participations in mid-market bank deals for LTM June 2018
The German-speaking banking landscape in the mid-market is more fragmented with German banks and foreign banks competing with each other. As a result, 17 banks (thereof 9 German banks and 8 foreign banks) represent c. 80% of the participations
There is little overlap between the banks representing c. 80% of participations in the UK and Germany (2 banks only), reflecting the strong position of domestic players in both markets
Fund deals: Pan-European funds active in the UK and Germany
In the UK mid-market, fund deals are the most popular source of financing, with debt funds being involved in 102 out of 170 deals (60%) for LTM June 2018. Germany is slowly catching up with debt funds being involved in 37% of all deals for LTM June 2018 (42 deals out of 112)
Contrary to bank deals, concentration is similar for the fund market in Germany and UK. In the UK, 12 funds account for c. 80% of all fund deals LTM June 2018, whereas in Germany 9 funds represent c. 80% of all fund deals
There is an overlap of 7 funds accounting for c. 80% of all mid-market fund deals in the UK and German-speaking market, highlighting a pan-European debt fund market
12
9
UK
Germany
Number of Funds representing c. 80% of fund deals
Number of Banks representing c. 80% of all participations
9
3
8
3
Domestic Foreign
6
17
UK
Germany
2 Banks overlap
7 Funds overlap
Note: Domestic banks are defined as headquartered in the UK/Germany Based on Marlborough Partners’ Quarterly Tracker Database
Section IV
Marlborough Partners
LTM Deal Track RecordMarlborough Partners
12
Advised
£ UndisclosedAugust 2017
Holdco Staple Financing
Acquisition Financing
Advised
SEK UndisclosedAugust 2017
Refinancing
Advised
€236mJuly 2017
Refinancing
Advised
DKK UndisclosedJuly 2017
Acquisition Financing
Advised
€ UndisclosedJuly 2017
Project Galeno
Acquisition Financing
Advised
€ UndisclosedJuly 2017
Advised
c. €2bnJuly 2017
Acquisition Financing & Refinancing
Advised
£150mAugust 2017
ABL Refinancing
Acquisition Financing
Advised
€ UndisclosedJuly 2017
Acquisition Financing
Advised
€ UndisclosedAugust 2017
Covenant Reset
Advised
£ UndisclosedAugust 2017
Financial Sponsor
Consumer Retail
Staple Financing
Advised
€ UndisclosedOctober 2017
Advised
€ UndisclosedOctober 2017
Acquisition Financing
Acquisition Financing
Advised
€ UndisclosedOctober 2017
Advised
£ UndisclosedOctober 2017
Tap Financing
Advised
€ UndisclosedOctober 2017
Acquisition Financing
Advised
SEK UndisclosedOctober 2017
Add-on
Advised
€105mOctober 2017
Acquisition Financing
Advised
€ UndisclosedDecember 2017
Growth Financing
Acquisition Financing
Advised
€ UndisclosedDecember 2017
Advised
€ UndisclosedDecember 2017
Acquisition Financing
Refinancing
Advised
£ UndisclosedDecember 2017
Advised
€ UndisclosedMarch 2018
RefinancingUndisclosed Financing
Advised
£ UndisclosedApril 2018
Asset financing
Advised
£ UndisclosedDecember 2017
Acquisition Financing
Advised
€ UndisclosedJanuary 2018
Acquisition Financing
Advised
€ UndisclosedJanuary 2018
Refinancing
Advised
£ UndisclosedJanuary 2018
Refinancing
Advised
€ UndisclosedJanuary 2018
Refinancing
Advised
€ UndisclosedJanuary 2018
Acquisition Financing
Advised
$ UndisclosedMarch 2018
Advised
£ UndisclosedMarch 2018
Staple & Add-on
Financial Sponsor
Software Company
Acquisition Financing
Advised
CHF UndisclosedMay 2018
Refinancing
Advised
£ UndisclosedMay 2018
Refinancing
Advised
€ UndisclosedMay 2018
Covenant Reset
Advised
£ UndisclosedJune 2018
Refinancing
Advised
€ UndisclosedJune 2018
Financial Sponsor
Business Services
Acquisition Financing
Advised
£ UndisclosedMay 2018
£ UndisclosedJune 2018
Add-on
Advised
Refinancing & Acquisition Lines
Acquisition Financing
€ UndisclosedJune 2018
€ UndisclosedJuly 2018
AdvisedAdvised
Refinancing & Add-On
£ UndisclosedJuly 2018
AdvisedAdvising
€ UndisclosedAugust 2018
Acquisition Financing
Advised
£ UndisclosedJuly 2018
Acquisition Financing
Nothing on this document constitutes or forms a part of any investment advice and nor should it be relied upon in connection with any contract or commitment. The information in this document is a communication made, or approved for communication in the UK by Marl Partners LLP which is authorised and regulated by the Financial Conduct Authority for the conduct of designated investment business in the UK and registered in England and Wales with limited liability. Marl Partners LLP does not conduct investmentbusiness in the United Kingdom with retail clients and accordingly services and products mentioned or referred to in this document are not available to such persons. Please note that the provision of investment services may be restricted in certain jurisdictions. You are required to acquaint yourself with any local laws and restrictions on the usage of this document and the availability of any services described therein. The information in this document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution would be contrary to local law or regulation.
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