The controversial coal mining producer is preparing to launch a $250 million first-lien term loan and a $125 million asset-based revolver to finance its forthcoming emergence from Chapter 11 bankruptcy.
The Atlantic City casino retained Moelis & Co. and White & Case; it also doubled the size of its first-lien credit agreement to $150 million.
Energy Future Holdings has avoided bankruptcy by making a planned interest payment, a company representative confirmed.
The next default cycle may have a lower default rate than the last cycle, but may see higher investor losses, according to Moodys Investors Service.
Moodys Investors Service has issued a credit negative on IASIS Healthcore Corp.s move last week to distribute a $115 million dividend to common stockholders, but said the move would have no effect on the companys ratings.
Lenders led by GE Capital, CIT Corp., RBS Citizens and Salus Capital Partners have committed to provide a $585 million asset based revolving line of credit and a $250 million term loan.
Moodys issued a mid-month Liquidity-Stress Index (LSI) showing a decline of 10 basis points since the end of September. Moody's Covenant-Stress Index (MCSI) remained flat at 2.7% in September.
Defaults by U.S. nonfinancial companies declined in the third quarter, breaking a three-quarter streak, according to Moodys Investors Service.
Completed distressed debt and bankruptcy restructuring activity totaled $99.6 billion for the first three quarters of the year, according to Thomson Reuters.
Stress on the liquidity of high yield bonds increased a second consecutive month but is still below its historic average, according to Moodys.