December 10, 2013 – Sprint drove by the bond market Monday to sell $2.5 billion in 7.125% senior notes due 2024 in a deal upsized from $1 billion. The bonds priced at par and in line with price talk.
December 10, 2013 – Advertising media services company Extreme Reach is offering a $495 million loan package to fund an acquisition that will build the company into the largest provider of distributed content to TV stations in the U.S.
December 10, 2013 – Aquilex Holdings, the Houston-based parent firm of HydroChem International, has launched a $300 million credit facility to help finance its November acquisition of another Gulf Coast industrial cleaning company.
December 10, 2013 – Final price talk has been set for the fast-food franchise operator's $478 million loan refinancing efforts.
December 10, 2013 – Crown Castle Corp. International has today launched a $500 million term loan B offer, the first since the cell phone tower operator announced in October a $4.85 billion deal with AT&T to sublease, operate or acquire more than 9,700 cell towers.
December 5, 2013 – Recent reports that Tradeweb was in talks with several banks to develop a trading platform for both investment grade and below investment grade corporate bonds has prompted a good deal of discussion about the potential for more widespread electronic trading. The general view is that it is both possible and overdue.
December 5, 2013 – Lenders beware: you could be fighting things out with preferred shareholders in court if a creditor declares bankruptcy. The bankruptcy case of Park Cities Banks holding companies offers a clue of what lies ahead of investors with trust-preferred securities in struggling banksand its not an appealing option.
December 5, 2013 – Las Vegas Sands is spending heavily on development projects and shareholder dividends, but lenders are still comfortable enough with the strength of its balance sheet to allow for some more financial flexibility.
November 26, 2013 – The dual trends of step-up coupons and the small pool of buyers both illustrate the extent of the influence of this small group of investors and increase the probability that they will continue to wield this power over the growing CLO market.
November 26, 2013 – An increase in covenant-lite structures and payment-in-kind issuance have chipped away at investor protections, and continued historic lows in interest rates have led to spreads dangerously thin for default and inflation risks.
November 26, 2013 – Companies that pull their bonds from the high yield bond market might describe their experience as one of disappointment. Eric DeMarco, President and CEO of Kratos Defense & Security Solutions, describes it as an act of discipline.
November 22, 2013 – The Hartford Investment Management CompanyHIMCO is a big investor with approximately $115.7 billion under management. Its the investment arm of The Hartford, a Hartford, Conn.-based insurance giant that traces its origins back 200 years.
November 21, 2013 – In the increasing complexity of second-lien debt, the leverage, priority and even the nomenclature is becoming relative to an issuers total debt structure, according to a new analysis of the second-lien debt market by Fitch.
November 21, 2013 – While it might clash with a healthy California lifestyle, the goal for Pacific Premier in acquiring a specialty lender to fast food operators is clear: strengthen its net interest margin by adding higher-yielding loans.
November 21, 2013 – One might think that after raising one of the largest junk bond deals of the year, T-Mobile might have taken a rest for a while. But instead it drove by the junk bond market on Nov. 18 to sell $2 billion in notes. That brings the total amount of junk bonds the company raised this year to $8.1 billion.
November 14, 2013 – When an acquisition veers off course, it also runs planned debt transactions off the road. Thats whats happening in the case of the $2.5 billion acquisition of Cooper Tire & Rubber by Indian tire company Apollo Tyres.
November 14, 2013 – Leveraged loans are changing hands in the secondary market at a record pace, according to trade study data compiled by the Loan Syndication and Trading Association.
November 14, 2013 – Like its larger, well-fed American cousin, the European high yield bond market has seen record issuance this year. Momentum is starting to slow, however, in the face of increased competition for investors dollars from the loan market.
November 7, 2013 – Just because macroeconomic concerns have abated doesnt mean investors should stop worrying about the health of the high yield bond and leveraged loan markets, according to Standard & Poors.
November 7, 2013 – Its looking increasingly likely that Caesars Entertainment Corp. is planning a distressed debt exchange sometime in 2014 in an effort to avoid filing for bankruptcy if it runs out of cash the following year.
October 31, 2013 – Weve seen this movie before and didnt like how it ended. Leverage levels on buyout deals are trending upwards and in the direction of the levels they were during the frothy times of the buyout boom seven years ago.
October 31, 2013 – The inner circle of second-lien lenders is getting more crowded as it draws more equity funds, CLOs and credit opportunity funds into the arena.
October 31, 2013 – The Small Business Administration is suspending fees on its smallest loans in an effort to spur more lending to startups and other companies banks see as risky.
October 31, 2013 – When the next wave of defaults hits the high yield bond market, expect a longer cycle that will see investors lose more money than they did the last time around, according to Moodys.
October 24, 2013 – Halloween could usher in several seasons of legal and financial pain if Energy Future Holdings files for bankruptcy to avoid a $270 million bond interest payment looming on All Souls Day (Nov. 1).
October 24, 2013 – The market relief over the Oct. 16 deal to end the federal government shutdown, and avert a breach of the U.S. Treasury debt ceiling, failed to reverse the pessimism of credit portfolio managers.
October 24, 2013 – Caesars Entertainment Corp.s secured bondholders are up in arms, once again, about just how secure their claims on the assets of the casino operators parent company really are.
October 17, 2013 – Companies are generally expected to make good on their obligations over the next year, even as some very large, troubled companies struggle to manage the debt loads they took on during the buyout boom.
October 17, 2013 – Darling International is seeking a $1.2 billion term loan to help finance its acquisition of Vion Ingredients, a division of Vion Holding N.V. in The Netherlands, for approximately 1.6 billion.
October 17, 2013 – Market participants remain at peace with covenant-lite loans, judging from responses of attendees at the Loan Syndication and Trading Associations annual conference.
October 10, 2013 – When the Fed suggested that it would taper its bond buying program, it hit the high yield bond market, but bonds in the belly of the curve, with maturities of three to six years, held up relatively well.
October 10, 2013 – European corporate borrowers continue to turn to the regions growing bond market as banks curtail lending, and this is especially true of riskier credits, which account for a growing share of Europes market.
October 10, 2013 – Bank regulators found material widespread weaknesses in how large institutions are underwriting syndicated loans to highly leveraged borrowers, three federal agencies said.
October 3, 2013 – The third quarter started off on a steady note as issuers continued to take advantage of low interest rates to refinance both leveraged loans and high yield bonds.
October 3, 2013 – The risks from rising interest ratesincluding the pain already being felt by banks in their debt-securities portfoliosare now on a collision course with the Basel III rules that take effect next year.