Latest News

Moody’s Raises Penney’s Outlook

– Moody’s Investors Service raised J.C. Penney’s outlook to stable from negative, and affirmed the company’s ‘Caa1’ corporate family rating, stemming from the retailer’s recent closing on $400 million in senior unsecured notes to partially fund a tender offer for other existing bonds.

Toys ‘R’ Us Price Talk Emerges

– Toys “R” Us and bookrunner Goldman Sachs have established wider-than-average price-talk spreads for the struggling retailer’s $1.38 billion secured loans launch this week–indicative of the company’s longstanding weak credit profile.

JMP Group Closes on Second CLO Post-Crisis

– The $370.5 million JMP Credit Advisors CLO III will increase the firm's assets under management by roughly 50%, to over $1 billion, once the funds are fully deployed.

Team Health Proposes $300M Loans Upsizing

– Team Health, a physician staffing and administrative outsourcer to hospitals and healthcare providers, is shopping a $300 incremental increase to a pair of term loan and revolver facilities, according to Moody’s Investors Service.

Zebra Technologies to Price Bonds; Loan Talk Widens

– Zebra Technologies set price talk on $1.25 billion in senior notes, according to KDP Investment Advisors, with the expectation the bonds would price today via bookrunners Morgan Stanley and JPMorgan.

Grocery Outlet Launches $725M Loan Package

– Grocery Outlet is preparing a $725 million, first- and second-lien loan offering to finance its buyout by San Francisco-based Hellman & Friedman from Berkshire Partners of Boston, according to sources close to the deal.

Two Companies Pulls $350M of HY Bond Offerings

– General Cable Corp. has pulled a $250 million high yield bond offering citing “uncertain and weak” market conditions: Rooster Energy also pulled a $100 million deal.

TIBCO Obtains Commitments for $4.3B Buyout

– JPMorgan and Jefferies have committed debt financing for the $4.3 billion buyout of software firm TIBCO by private equity firm Vista Equity Partners.

Mattress Firm Revises Price Talk, Adds Step-Down

– Beddng retailer Mattress Firm has settled on the wide end of price talk on its on its $845 million loan offering that will provide funds for its acquisition of West Coast mattress-store chain The Sleep Train.

Alpha Natural Resources Amends Senior Credit Facility

– Existing lenders have reduced total availability on Alpha’s credit facility by 25% to $894 million while increasing the interest rate.

Sensata Discussing $600M Loan

– Sensata Technologies is scheduled to meet with lenders Tuesday to discuss terms on an incremental $600 million term loan to partially fund its planned $1 billion acquisition of Schrader International, according to sources.

Investors Playing Nice with Toys ‘R’ Us

– According to Markit, three existing loans and a notes issue that are being refinanced took a major pricing leap after the company outlined plans in a Sept. 23 registration filing to issue new term loans of up to $1.025 billion in addition to a new $350 million revolver tranche.

Bill Gross Departs PIMCO for Janus Capital

– William Gross, perhaps the world’s best-known bond investor, is leaving PIMCO to join Janus Capital Group. Gross founded PIMCO in 1971 but come under fire lately.

FINRA Pushes for More HY Trading Transparency

– An increasing share of corporate bond trades are taking place on electronic venues, and the Financial Industry Regulatory Authority (Finra) wants them to start disclosing more information. The push for more disclosure comes as electronic trading platforms siphon off an increasing share of trading activity.

Fitch Raves on Revolver Recoveries

– With the exception of “highly cyclical” commodities businesses or an occasional instance of fraud, secured lenders of revolvers and asset-backed loans have largely experienced full recoveries in bankruptcy proceedings over the past nine years, as detailed in a new report by Fitch Ratings.

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