Latest News

CAA Launches $610M Loans Offer

– Creative Artists Agency (CAA) is pursuing a $610 million first-loan loan proposal to raise proceeds for the majority-stake takeover of the talent agency by TPG Capital that was announced in October.

Cognizant Details $1.75B in Acquisition Loan Commitments

– IT and business process services consultant Cognizant Technologies on Thursday completed a $2.7 billion acquisition of healthcare software firm TriZetto Corp., for which it has obtained $1.75 billion in loan commitments from a consortium of banks led by JPMorgan.

Moody’s: Liquidity Improvement Encouraging

– Corporate speculative-grade liquidity improved to its best mark in over 18 months, with the Moody’s Investors Service Liquidity-Stress Index easing to 3.2% in mid-November from the 3.5% level at the end of October.

MGM Resorts Upsizes to $1.25B in HY

– The offering of senior unsecured notes due 2023, originally sized at $1 billion, was assigned a coupon of 6% and priced at par

Investors Pull Money from Loans Funds for 19th Straight Week

– According to Lipper, investors withdrew $373.7 million from loan funds in the week ended Nov. 19, down slightly from $397.8 million the previous week; it was the lowest amount of weekly withdrawals in more than two months.

Price Talk Set on C&J’s $1.28B Loan Offer

– Price talk has emerged for the term loan portions of a $1.28 billion debt package proposed by C&J Energy Services Ltd., a firm whose recent merger with an oilfield services competitor will make it the fifth-largest global completion and production services provider.

HD Supply Sells $1.25B HY in Drive By

– The maintenance and repair products firm will use proceeds to redeem its 8.125% first priority notes due April 2019; interest cost savings will be limited by the need to pay a "make whole" price.

JPMorgan Chase Talks Price on KLX's 8-Yr Notes

– Price guidance has emerged on $1.2 billion of unsecured notes being offered by KLX Inc., a spin-off from B/E Aerospace, to fund its initial operating capital as well as a dividend to B/E.

MGM Offering $1B in Notes

– MGM Resorts International announced today it would propose $1 billion in new senior unsecured notes to raise funds that will be used toward a pair of resort projects and to repay some existing debt maturing next year.

Bucking a Trend: Covenants Improving in Certain Sectors

– While analysts have mostly noted the growing number of covenant-lite structures of loans and high-yield bonds, there are certain sectors that have recently moved toward increasing investor protections.

Owens-Brockway Leads Eight Issuers Pricing $3.35B HY

– Other issuers included auto parts supplier Lear Corp., pulp manufacturer Mercer International, transportation services company Penske Auto, MarkWest Energy, homebuilder Lennar, and defense contractor MOOG.

How the Volcker Rule Will Stir Up the CLO Market

– The market for collateralized loan obligations hit an all-time high in 2014 — but the onset of a number of regulatory requirements, including the Volcker Rule, mean the good times may not last long.

Compuware Sets Launch for $2B in LBO Loans

– Compuware is preparing a $2 billion loan launch this week to fund its $2.5 billion buyout by private equity firm Thoma Bravo announced in September.

Price Talk Set for RentPath’s $725M Loan Proposal

– The multi-tranche loan package includes a $475 million first-lien facility with price talk of Libor plus 475 bps and a 99 cents on the dollar original issue discount, per KDP. A $200 million second-lien loan has talk of Libor plus 850 bps with a 98-cent OID.

Great Wolf Prices $214M Add-On

– Great Wolf Resorts Holdings has finalized a $214 million, first-lien term loan add-on that has priced above initial talk after being upsized to fund a property loan repayment as well as a dividend.

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