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Crabtree & Evelyn Files For Bankruptcy

Kelly Holman
Crabtree & Evelyn has filed for bankruptcy, citing debt pressures and the decline in consumer spending as reasons behind its Chapter 11 filing in New York...

Four Issuers Kick Off July with $1.46B in HY

Matthew Sheahan
Four companies started July off by issuing a total of $1.46 billion in high yield bonds Wednesday. And another company plans to price $275 million today...

Lenders Syndicate Lear DIP

Richard Kellerhals
Lear Corp., a Southfield, Mich.-based automotive parts supplier, is gearing up to file for bankruptcy, and its lenders have syndicated a $500 million debtor-in-possession loan for the company...

BofA Syndicates QVC's TLB After Yanking It From Primary

Richard Kellerhals
Just days after pulling the deal off the primary market, Bank of America has syndicated a $500 million term loan B for QVC to a group of investors...

Corp. Default Rate Reaches 9.2%

Matthew Sheahan
The U.S. speculative-grade corporate default rate reached 9.16% in June, a year-to-date high, according to a report issued by Standard & Poor’s today...

E*Trade Financial Makes Exchange Offer Progress

Matthew Sheahan
Financial services company E*Trade Financial has met with early success following the launch of an exchange offer, the company said today. The company will exchange approximately $1.7 billion in convertible debentures for about $1.83 billion in senior notes...

Citi Goes Green with a $250 Million TLB for Terra-Gen

Richard Kellerhals
Citigroup is shopping a $250 million term loan B for Terra-Gen Power, a New York renewable energy company focused on geothermal, wind and solar power...

Fool Me Once, Shame on the Covenants

Richard Kellerhals
Imagine a lender somewhere rocking out to The Who’s “Won’t Get Fooled Again.” That person is probably thinking back to the covenant-lite era, when borrowers...

Some Secured Liens More Equal Than Others

Matthew Sheahan
Spanish-language broadcaster Univision Communications was one of the many companies to successfully issue bonds in June. What distinguishes the New York-based company from its peers is the fact that the intercreditor agreement puts the bondholders at a disadvantage to the company’s secured loan holders...

Huntsman, Banks Settle Lawsuit

Richard Kellerhals
The struggle between Huntsman Corp. and the two banks that committed to fund the merger between the Texas-based chemical company and Apollo Management’s Hexion Specialty Chemicals has come to an end...

European Loan Prices Up 40%

Richard Kellerhals
The average leveraged loan price in Europe has risen 40% so far this year...

Cos. to Price More than $1.7B in HY

Matthew Sheahan
Five companies plan to price $1.76 billion in new high yield bonds today to kick off the second half of the year. Companies are on pace to issue more than $3.2 billion in new junk bonds this week...

Hecla Mining Cuts Debt, Amends Agreement

Matthew Sheahan
Hecla Mining made a prepayment on its term loan and amended its credit agreement to reduce borrowing costs and gain greater flexibility, the company announced...

Not All Buyers Avoid Union Lable

Danielle Fugazy
In a stretched economy, it's easy to see the tightrope many unions walk. In its most basic form, a 'successful' union negotiation yields few concessions, and seizes as many benefits and as much remuneration for workers as possible...

Deutsche Combines HY Bond and Loan Teams

Carol J. Clouse
Deutsche Bank has integrated its high yield loan and bond sales, trading and research effort and appointed Rich Byrne to lead the new noninvestment grade debt team, according to an internal memo obtained by leveragedfinancenews.com...