By Glen Fest
Rather than wait and see whether deals otherwise grandfathered can be refinanced after December 2016 without triggering compliance, it is issuing new deals with shorter non-callable periods.
April 24, 2015 – Prestige Brands is putting a new $853 million term loan facility to refinance and retire a pair of existing loans, according to sources close to the deal.
April 24, 2015 – Construction and heavy equipment leasing firm Ahern Rentals is heading to the high yield bond market with a $500 million second-lien notes offering, according to KDP Investment Advisors.
April 24, 2015 – As with the previous week, exchange traded loan and bond ETFs saw most of the love, while mutual funds were out of favor.
April 24, 2015 – Education publisher Houghton Mifflin Harcourt Publishers has launched a $500 million, six-year term loan B that will help fund its acquisition of the education technology and services unit (EdTech) of Scholastic Corp., according to reports.
April 17, 2015 – Worried about the impact of falling oil prices, they are pushing borrowers to name chief restructuring officers and imposing additional reporting requirements, according to Bracewell & Giuliani partner Kristen Campana.
April 10, 2015 – EU regulators are considering tightening existing risk-retention rules, potentially complicating matters for U.S. managers as they contemplate expansion into European markets.
April 2, 2015 – It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.
April 9, 2015 – If the Financial Stability Oversight Council was hoping for any kind of consensus on whether and how it should regulate asset management companies, the feedback it has received on its request for comment is likely disappointing.
April 2, 2015 – The high yield corporate bond market shrugged off concerns about the earning of energy companies and rising interest rates in the first quarter, as issuance picked up from the fourth quarter of 2014.
March 27, 2015 – A case that has made its way to the U.S. Supreme Court has justices reconsidering whether second lien debt should be stripped when the collateral is underwater.
March 26, 2015 – Moody's and S&P expect to assign investment-grade ratings to a proposed merger between Kraft and H.J. Heinz, despite an excess of more than $33 billion in legacy and new debt.
March 20, 2015 – Even as their bonds sell off in the secondary market, exploration and production companies are issuing new, more expensive term debt in order to pay down their revolving lines of credit, whether by choice, necessity, or both.
March 19, 2015 – The central bank's clarification means that foreign banks don't have to sell their holdings of CLOs that don't comply with the rule, but the impact is likely to be minor, as U.S. banks will continue to divest or amend terms of such deals.
March 13, 2015 – Prolonged trade settlement times are a thorn in the side of the leveraged loan market, and the problem has only worsened over the past several years, but there are some recent signs of improvement.
March 10, 2015 – Many would love to do more multi-currency deals, which would make it easier, and cheaper, to source collateral. But theres not much demand for sterling tranches.
March 6, 2015 – For high yield bond issuers, there are no drawbacks to SEC's new allowance for abbreviated tender offers, Stuart Morrissy, partner with law firm Milbank, Tweed, Hadley & McCloy, says.
Firm: Eagle Point Credit Management