Latest News

Varsity Brands Launches $1.21B Buyout Loan

– Varsity Brands Holding Co. is shopping $1.21 billion in loans for fund the proposed buyout of the former Herff Jones Inc., a market leader for school-affinity products like cheerleader uniforms, yearbooks, and class rings.

ION Media Completes $150M TL Add-On

– Broadcast and cable network operator ION Media Networks finalized a $150 million term loan add-on Tuesday that will be used toward funding a shareholder dividend.

Wells Fargo's Forecast for U.S. CLO Issuance in 2015: $90B

– Wells Fargo expects Issuance of collateralized loan obligations is to moderate in 2015, to $90 billion; that compared with $105 billion in the first 10 months of 2014.

Springleaf Announces $500M HY Drive-By

– Subprime consumer finance lender Springleaf Finance Corp on Tuesday announced a drive-by offering of $500 million in five-year senior notes to repurchase notes from a bondholder as well as build capital reserves for further debt repurchases or acquisitions.

CDW, MGM Price $675M In Bonds

– CDW Corp. and MGM international Resorts priced bond deals on Monday, including MGM’s $100 million add-on to an upsized notes issue last week that sold above par.

STG-Fairway Acquisitions Offering $705M in Loans

– STG-Fairway Acquisitions Inc., which does business as background screening firm First Advantage, is seeking to issue $705 million in term and revolver loan to refinance existing term loans as well as fund a dividend to private equity sponsor Symphony Technology Group.

Seagate Prices $500M Notes Issue

– Seagate Technology on Monday priced an upsized 5.75%, $500 million notes offering that helped push the hard-drive manufacturer and data storage firm into an investment-grade rating with Moody’s Investors Service.

B/E Aerospace, KLX Complete $4B in Debt Offerings

– B/E Aerospace and its spin-off KLX on Friday completed and priced $4 billion in loans and notes launched to fund capital and a dividend for the aircraft cabin manufacturer as it splits into two separately run firms.

REIT Conversion Won’t Save Caesars, Fitch Says

– Caesars disclosed last week that it discussed plans with creditors to turn one of its biggest units into a real estate investment trust. The plan's disclosure came after two key lien holders reportedly walked away from the table.

CDW, MGM Plan $675M in Drive-By HY Notes

– CDW’s $575 million, 10-year notes proposal is expected to price today through an bookrunning effort led Barclays. MGM is offering a $100 million in 6% senior notes that will be added on to the company’s existing $1.15 billion in 6% senior notes maturing in 2023 issued through Bank of America Merrill Lynch.

LSTA Challenges 'Arbitrary' Risk Retention Rule in Court

– The Loan Syndications and Trading Association filed a petition against the Federal Reserve Board and Securities and Exchange Commission, asking a D.C. Court of Appeals to suspend the final risk retention rule approved by regulators last month.

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.

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.

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.

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