Latest News

Dollar Tree Financing $9.5B in Family Dollar Takeover

– Dollar Tree will be using a mix of loans and bonds in its $9.5 billion debt commitment in its plans to acquire Family Dollar Stores, according to regulatory filings detailing the deal announced Monday.

Kosmos Energy Sells $300M in Bonds

– Kosmos Energy sold $300 million in senior secured notes due 2021 Friday and plans to use the proceeds to refinance debt.

Spec-Grade Maturity Wall Pushed to 2020

– The U.S. speculative-grade maturity wall has been pushed to 2020, and junk-rated debt is the most likely to experience refinancing stress.

Mallinckrodt Selling $900M in Bonds

– Mallinckrodt plc is on the market with a $900 million bond offering to help finance its $5.6 billion acquisition of Questcor Pharmaceuticals. It is also on the market with a $500 million loan.

Jupiter Resources Offers $1.125B in HY

– Jupiter Resources is on the market with an offering of $1.125 billion in senior notes due 2022. The company will use the proceeds to finance an asset buy.

Osum Pricing Revised for $210M Loan

– Updated pricing on a $210 million first-lien term loan for Canadian oil sands company Osum Production Corp. have raised the margin but widened the original issue discount, according to sources.

Four Issuers Plan $1.16B in HY Deals

– NRG Yield Operating, NCSG Crane & Heavy Haul Corp., PaperWorks Industries and Harland Clarke are offering bonds on the high yield primary market.

Visant Launches $875M Refi Loan Package

– School yearbook and affinity publishing firm Visant Holding Corp. is going to market with an $875 million loan refinancing package, as part of a deleveraging strategy aided by a recent sell-off of one of its divisions.

United Airlines Adding $835M in Loan Debt

– United Airlines has entered into talks with lenders on the launch of a proposed $500 million term loan B and an upsized $1.35 billion revolver, both of which will go towards refinancing existing debt

Summer Selloff Puts HY Managers On Alert

– The conflagrations in the Middle East and Eastern Europe have certainly put investors on edge. For the last two weeks, investors have been pulling money from junk bonds at the fastest pace in almost a year. High yield bonds were probably due for a small correction after the strong performance of the first half of the year.

ETFs Lead $2.4B Exodus from HY Funds

– High yield bond funds saw the largest weekly outflows in more than a year with exchange-traded funds taking a large share of the money out of the asset class. Leveraged loan funds saw outflows as well.

Alliance Prices Upsized HY Deal for $600M

– Alliance Data Systems sold $600 million in 5.375% senior notes due 2022. Clearwater Paper issued $300 million in 5.375% senior notes due 2025. Capsugel sold $415 million in 7% PIK Toggle notes due 2019.

Albertson’s/Safeway Planning $4.5B in Loans

– With Safeway shareholders expected today to approve the proposed merger with the Albertson’s, the new combined company is prepping a $4.5 billion loans offering that will launch Tuesday, according to sources.

Credit Managers Maintain Positive Outlook

– The outlook for credit spreads in the coming three months remains slightly optimistic for high-yield investors, despite expectations of growing corporate defaults, according to the latest quarterly member survey from the International Association of Credit Portfolio Managers.

HY Trading Volumes Slip Below YTD Average

– Trading in high yield bonds on the secondary market slipped below year-to-date average volumes this week as the market experienced a wide selloff.

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Firm: AllianceBernstein

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