Latest News

Moody’s: Liquidity Worsens to Five-Year High

– Corporate liquidity worsened in September, as energy sector problems continued to escalate last month, according to the latest Liquidity Stress Index report from Moody’s Investors Service.

HY Investor Net Redemptions Increase in Loans, Bonds

– It was a 10th consecutive week of investor net withdrawals from loan mutual and exchange traded funds, as a mass exodus hit high-yield bond funds as well.

Quincy Newspapers Seeking $280M in Loans

– Quincy Newspapers, a family-owned media company based in Illinois, is seeking a $250 million seven-year term loan B to finance a pending acquisition of the television assets of Granite Broadcasting. The regional media chain is also seeking to take a $30 million first-out revolver due 2020.

Affinion Downgraded on Distressed Exchange

– Affinion Group Holdings’ plan to offer up a distressed exchange of up to $600 million of debt for common stock has prompted ratings agency downgrades by Standard & Poor’s and Moody’s Investors Service that each says is tantamount to a default.

Price Talk Out for SunOpta’s $330M Bonds

– Canadian non-GMO specialty food company SunOpta, Inc.’s high yield bond offering is expected to price with a yield of 8% next week, according to KDP Investment Advisors.

B&G Foods Proposes $500M TLB for Green Giant Purchase

– The seven-year leveraged loan will be combined with borrowings under the company's revolver to finance

SBA Preps $4.5B Securitization to Repay Revolver

– The communications company will use the proceeds from the securitization to repay borrowings under its $1 billion junk-rated revolving credit facility.

Sucampo Launches $250M Acquisition Loan

– Sucampo Pharmaceuticals, a Bethesda, Md.-based pharmaceuticals development and research firm, has launched a $250 million, six-year loan proposal to fund its announced tender offer to acquire the Asian drug company that manufactures its primary product.

JPMorgan Holds On To Top Spot in HY League Tables

– It led $24.52 billion in deals, representing an 11.3% market share among banks and firms syndicating leveraged loans and high-yield bonds, according to Thomson Reuters. That was a gain of 0.3 percentage points on the year.

Concordia Healthcare Expected with Nearly $1B Junk Bond Issue

– The Canadian pharmaceutical company will be issuing high yield bonds, alongside multi-currency loans, to help finance its $3.5 billion acquisition of Amdipharm Mercury Limited.

Guggenheim Securities Pushes to Expand Energy Practice

– Mark Bentley has joined the firm as a senior management director for its power, energy, and renewables investment banking group in Europe. He was most recently with Greenhill & Co. where he advised on the energy and natural resources sectors.

Concordia Healthcare Launches $1.86B M&A Loan

– Concordia Healthcare has launched a cross-border multi-currency loans proposal totaling a U.S.-dollar equivalent $1.86 billion to help funds its acquisition of Amdipharm Mercury Ltd.

Getty Images Less than Picture Perfect

– The stock photo agency corproate credit rating has been downgraded by Standard & Poor’s following a “less than adequate liquidity assessment". Last month, Moody's Investors Service warned that it was considering similar action.

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Gary Wolfe

Loan Syndications and High Yield Capital Markets Group

Firm: Wells Fargo Securities

In the news: Wells Fargo Makes Key Changes for Loans, HY Efforts

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