Loan Repricings on the Rise Again

By Glen Fest

Tightening spreads combined with above-par secondary trading prices on a majority of spec-grade loans have spurred a rebound in recently dormant repricing activity. Year-to-date, more than 35 issuers have returned to lenders seeking new terms on more than $40 billion in loans -- including some obtained as recently as February.

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Dollar Tree Seeks $3.95B Repricing

– Dollar Tree has caught the repricing wave and will meet with lenders next week to discuss new terms for a $3.95 billion term loan B, including splitting up the borrowings between floating and fixed-rate tranches.

Investors Add to HY Loan, Bond Funds

– Investors added to bank loan mutual funds for second consecutive week, while bond funds returned to favor after suffering four consecutive weeks of withdrawals.

Red Lobster Seeking New ABL

– Red Lobster has lender consents due today on a loan amendment proposal permitting the seafood restaurant chain to open a new $175 million asset-backed revolver.

Plantronics Prices Eight-Year HY Bonds

– The proceeds will be used for general corporate purposes and to repay a credit facility and revolver.

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