By Jakema Lewis
Justices are being asked to decided whether a loan with a secondary lien on a debtors asset can be "stripped down" to the value of the collateral securing it even if that value is zero.
March 31, 2015 – Leveraged loan issuance fell 35% in the first quarter, to only $126 billion despite a pickup of buyout activity that could not offset the slowdown in refinancing, according to a quarterly syndicated lending report issued Tuesday by Thomson Reuters LPC.
March 31, 2015 – The specialty chemicals provider will a portion of the proceeds to pay or redeem its 8.375% sinking fund debt due 2016.
March 31, 2015 – The company will use the proceeds to fund concurrent tender offers for its 8% senior notes due 2017, 8% senior notes due 2020, and 7.375% senior notes due 2021.
March 31, 2015 – In a report compiling the companies rated B3 with negative outlooks or lower in its ratings, Moodys said the list of 184 firms is the highest level the quarterly list has seen in the last two years. That was a net addition of 10 companies from the December 2014 list
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.
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.