Aug 22, 2014 – Reddy Ice Corp., a victim of the cooler-than-usual summer that brought out fewer customers for ready-to-go bags of ice, has negotiated an amendment on its $275 million in first-lien credit facilities to avoid a third-quarter step-down provision that would have placed it in breach of a leverage covenant.
Aug 22, 2014 – Although leveraged loans have seen outflows for 17 of the past 18 weeks, Barclays says it expects to see a turnaround in loan pricing, thanks to the record-setting creation of collateralized loan obligations.
Aug 22, 2014 – Junk bond investors put $2.2 billion into high yield bond funds this week, making it the largest weekly inflow for junk bonds this year. Leveraged loan funds continued to see outflows.
Aug 22, 2014 – Dynegy Inc. plans to sell $5 billion in bonds and raise another $950 million in revolver debt to help finance its $6.25 billion purchase of energy assets from Duke Energy and Energy Capital partners (ECP).
Aug 22, 2014 – Junk bond trading volumes on the secondary market remained low this week, falling below the year-to-date average and last week’s average.
Aug 22, 2014 – UK-based Premier Oil revealed Thursday in an earnings statement that it has increased its debt capacity to US$2.5 billion following a refinancing of existing debt in July.
Aug 21, 2014 – Citing anti-trust concerns, Family Dollar Stores today rejected an unsolicited $9.7 billion all-cash takeover bid from Dollar General and reaffirmed its commitment to a $9.2 billion merger agreement with Dollar Tree both companies announced in July.
Aug 21, 2014 – Nearly half of all the world’s rated credit issuers are speculative-grade, with the majority of U.S. and Emerging Market issuers in the junk-rated category, according to Standard & Poor’s.
Aug 21, 2014 – Yingde Gases Group is selling U.S. dollar denominated bonds in a private, 144A sale and use the proceeds to refinance debt and for capital expenditures.
Aug 21, 2014 – Five tranches of bonds issued by Caesars Entertainment are among the biggest losers in weekly secondary trading, according to a weekly report from MarketAxess.
Aug 21, 2014 – Aristocrat Leisure, an Australian game machine manufacturer, has launched a $1.3 billion term loan offer to finance its planned acquisition of U.S.-based Video Gaming Technologies (VGT).
Aug 21, 2014 – Golden State Medical Supply has pulled a $160 million loan proposal to seek other financing options, according to reports. Golden State’s is the 17th such deal that has retreated from the loan market this year.
Aug 20, 2014 – According to reports, the final price on a $220 million term loan B and a $35 million revolver for the business process outsourcing firm is Libor plus 500 bps.
Aug 20, 2014 – SFX Entertainment is offering add-on 9.625% senior secured second-lien notes due 2019. The live entertainment company is selling the notes in a private offering.
Aug 20, 2014 – Emerging Markets (EM) Debt Capital Markets (DCM) has reached a year-to-date record high with China taking the lead in new deal flow. Emerging market debt capital issuance reached $836.2 billion year-to-date.