news

Banks Cutting Credit Lines to Energy Cos

By Jakema Lewis

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.


Sign up today for access to member-only content -- unique and timely industry insight that only Leveraged Finance News can deliver.
  • LeveragedFinanceNews.com one-month trial subscription
  • Free e-newsletters
  • Latest market data and statistics

Latest News

Heinz-Kraft Likely To Be Invesment Grade

– 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.

Tenet Lines Up $2B Bridge Facilities for JV Deal

– Tenet Healthcare Corp. has received $2 billion in bridge financial commitments backing a joint venture with private equity firm Welsh Carson Anderson & Stowe that will give it control of a fellow Dallas-based ambulatory surgery center operator, United Surgical Partners International(USPI). A lender call is slated for Friday.

Over $3B Added to Domestic HY Totals

– Ally Financial, CONSOL Energy, Cliffs Natural Resources, Credit Acceptance, Navient Corp., and OUTFRONT Media all added to U.S. high yield deal totals.

American Tire Flexes on $720 Refi Loan

– American Tire Distributors had a reverse flex to L+425 Wednesday when setting final terms on a $720 million term loan that will be used to replace existing facilities with about $714 million in outstanding principal. Price talk on the offer was 450 to 475 bps over Libor.

LFN People Database

Exclusive data on top players in capital markets

Scott Roberts

Co-Head of High Yield Team

Firm: Invesco Fixed Income

In the news: Banks Cutting Credit Lines to Energy Companies

Search the People Database

Data Snapshot