Latest News

Regulators Delay CLO Compliance With Volcker Until 2017

– As expected, federal regulators are delaying implementation of the Volcker Rule's prohibition on banks holding collateralized loan obligations, giving institutions an additional two years to comply.

Fourth Straight Week of Withdrawals for Junk Bond Funds

– Investors pulled money from high yield mutual funds and exchange traded funds for the fourth-straight week amid concerns about the impact of sliding crude oil prices, according to Lipper.

Equinix Closes on $1.5B Senior Credit Facility

– Data center operator Equinix closed on a $1.5 billion, five-year senior secured credit facility with a syndicate of eleven financial institutions.

Pattern Energy Group Upsizes Revolver to $350M

– The revised facility has a term of four years; it will be used for general corporate purposes, which include financing future asset acquisitions.

Global Cash Access Prices $700M in 1st Deal of Week

– The notes along with borrowing of a new $500 million, six-year senior secured term loan and a $60 million, give-year revolver, will be used to finance the purchase of Multimedia as well as repay some of the existing debt of GCA and Multimedia.

Three Speculative Grade Issuers Price Over $1B of Loans

– Dealer Tire sold $615 million to fund its buyout; Caraustar issued $345 million to fund and acquisition and Amneal Pharma priced $250 million to finance a dividend payment.

Sankaty Advisors Prepping €364M European CLO

– Rye Harbour CLO is the investment manager's third European collateralized loan obligation; it also manages 11 U.S. CLOs.

CLOs Have Relatively Low Exposure to Oil & Gas: S&P

– Based on a review of about 700 U.S. CLOs rated by S&P, the average exposure to energy companies is only about 3.3%; that’s a much lower concentration than these companies have in overall junk bond and leveraged loan markets, at 17%.

Willbros Refinances Term Loan with Private Lender

– The specialty energy infrastructure contractor said the new $270 million facility, expected to fund today, gives it more flexibility to meet near term obligations than its previous term debt.

CIFC Preps Fifth CLO of 2014

– CIFC Asset Management is in the market with its fifth collateralized loan obligation of the year, according to Fitch Ratings.

Chesapeake Energy Obtains $4B Revolving Line of Credit

– The new facility replaces an existing one the same size that was scheduled to mature in December 2015.

Fitch Ratings Cuts Caesars Entertainment to Single-C

– Regardless of whether a missed interest payment on second lien notes is made, the rating agency "believes that a default of some sort is inevitable."

PetSmart Being Taken Private for Record $8.7B

– The Phoenix-based retailer has agreed to be acquired by a consortium led by BC Partners for $83 a share, or approximately $8.7 billion.

Kindred Healthcare Ups Asset-Based Revolver to $900M

– The increase will be effective upon completion of the company’s merger with Gentiva Health Services, which is expected in the first quarter of 2015. The pricing and other terms of the facility were not changed.

CLOs with Energy Exposure See Mezzanine Trade Wider

– The impact of falling oil prices has extended beyond the debt of exploration and production companies to some of their biggest creditors - collateralized loan obligations.

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