Caesars Entertainment announced today that it has entered negotiations with its first-lien bank loan holders for new terms to reduce some of the $20 billion debt throughout the companys subsidiary operations. This action follows talks that Caesars began a month ago with bondholders of the unsecured debt holdings of its Caesars Entertainment Operating Co. (CEOC).
In Standard & Poor's quarterly speculative-grade ratings report, the ratings agency noted that downgrades outnumber upgrades 57 to 46 to continue a year-long trend.
Price talk has emerged for a $350 million term loan that is part of a planned $1.03 billion debt offering by Essar Steel Algoma in a recapitalization plan.
Essar Steel Algoma has launched a US$975 million debt offering of loans and notes pieced together for a refinancing and recapitalization plan arranged by an Ontario superior court for the struggling Canadian integrated flat carbon steel producer.
Houston energy firm Endeavour International filed for Chapter 11 bankruptcy protection Friday, in a move that includes a debt-for-equity swap that eliminates $568 million in debt.
Investors retreated from RadioShack Corp.s high yield bonds Monday, after the market digested details of a recapitalization agreement announced late Friday that is expected to hand over control of the nationwide retailer to two hedge funds in the coming months.
Reports say RadioShack Corp. has reached an agreement with its largest hedge fund investor to refinance almost $590 million of loans to free up cash and restock inventory for the holiday shopping season.
Moodys Investors Service raised J.C. Penneys outlook to stable from negative, and affirmed the companys Caa1 corporate family rating, stemming from the retailers recent closing on $400 million in senior unsecured notes to partially fund a tender offer for other existing bonds.
The global speculative-grade corporate default rate tracked by Moodys Investors Service remained unchanged in August, and is expected to remain low over the next 12 months, according to an agency report issued Monday.
Debt-laden gaming and casino giant Caesars Entertainment said it is in restructuring talks with bondholders. The company said it was clearing the path to start formal discussions with first-lien creditors.