Latest News

Berry Plastics Prices $700M Senior Notes

– The proceeds will be used to fund a tender offer for its 9.75% 2nd lien notes 2021. Bookrunners on the SEC-registered deal were Citigroup, Barclays, Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs and Wells Fargo

Wendy’s Can’t Match Dunkin Brands In Whole Business Securitization

– Wendy’s Company's this week priced a $2.275 billion securitization of its franchise fees via WEN Series 2015-1. While its yields may be slightly higher than similar tranches of the previous whole business securitization by Dunkin Brands in January, but its whole business deal is still less expensive than the single-B rated company's corporate debt.

Plantronics Prices Eight-Year HY Bonds

– The proceeds will be used for general corporate purposes and to repay a credit facility and revolver.

Dollar Tree Seeks $3.95B Repricing

– Dollar Tree has caught the repricing wave and will meet with lenders next week to discuss new terms for a $3.95 billion term loan B, including splitting up the borrowings between floating and fixed-rate tranches.

Paramount Resources Upsizes to Issue $450M

– The 6.875% eight-year bonds priced at 99.553% of par, to yield 6.95%.

U.S. Shipping Seeks Placement of $255M in Loans

– Long-haul marine transportation operator U.S. Shipping has launched a $255 million first- and second-lien loans proposal, and will meet with bankers next week through bookrunner RBC.

Red Lobster Seeking New ABL

– Red Lobster has lender consents due today on a loan amendment proposal permitting the seafood restaurant chain to open a new $175 million asset-backed revolver.

CVS Acquisition Poses No Downgrade Risk

– Despite plans to raise $13 billion of new incremental debt through the transaction, CVS Health Corp. is not expected to face a downgrade from its investment grade status following its agreement to purchase Omnicare Inc. for $12.7 billion.

Berry Plastics Issuing 2nd Lien Notes to Fund Tender Offer

– Berry Plastics has launched an offering of $700 million of new second-lien unsecured notes that will be used to fund the buyback of its $800 million of outstanding 9.75% second-lien notes due in 2021.

Fitch: Energy Continues to Drive Bond Defaults

– After $2.1 billion in HY defaults in April, Fitch Ratings reported Thursday that an additional $1.7 billion of bond defaults are expected in May and June – with a preponderance of them derived from the energy and metals/mining sector.

Investors Add Funds to HY Loan, Bond Funds

– Investors added to bank loan mutual funds for second consecutive week, while bond funds returned to favor after suffering four consecutive weeks of withdrawals.

Hilcorp Energy Prices $500M Senior Notes

– The exploration and production company plans to use the proceeds to redeem its 8% bonds due 2020 and to repay revolver borrowings.

Energy Transfer Issues $1B to HY Investors

– The master limited partnership sold $1 billion in senior notes due 2027. The bonds priced at 98.5% of par.

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David Heilbrunn

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