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 26, 2015 – 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.
March 26, 2015 – Ally Financial, CONSOL Energy, Cliffs Natural Resources, Credit Acceptance, Navient Corp., and OUTFRONT Media all added to U.S. high yield deal totals.
March 25, 2015 – 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.
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.
February 25, 2015 – Moodys Investors Service, for one, is skeptical of how much free cash flow earnings the combined companies will have through 2016. It thinks that plans for reducing leverage within a year of closing are in need of a makeover.
February 25, 2015 – "Obviously we are going to look for the best opportunity upon the market conditions to get the best financial outcome, CFO Bob Gunderman told analysts during a conference call.
February 13, 2015 – Another wall of maturing speculative-grade corporate debt is in sight. In its annual report on refunding risk and needs for spec-grade corporations, Moodys Investors Service tallied $791 billion of loans and bonds coming due through 2019. That is the largest amount of five-year debt maturity in six years.
February 13, 2015 – The Securities and Exchange Commission used to have a double standard when it came to tender offers: now speculative-grade issuers and investment grade issuers can hold tender offers as short as five days.
February 6, 2015 – Falling oil and gas prices have had a near-calamitous effect on high-yield bond prices and loan spreads, yet many below investment grade companies are still able to borrow money without promising to maintain certain financial metrics