LightSquared Launches $1.75B Ch.11 Exit Loan

The loan will be for exit financing as well as refinancing an existing debtor-in-possession loan, according to reports and KDP Investment Advisors. A lender’s meeting through bookrunner is scheduled for Wednesday through bookrunner Credit Suisse.

Yellen Wary of Reach-for-Yield Behavior Amid Low Interest Rates

Federal Reserve Board Chair Janet Yellen said Wednesday she is seeing some riskier lending taking place because of the Fed's zero interest rate policy (including leveraged loans), but noted that the boost in leverage and credit that typically accompany a financial bubble have not yet materialized.

U.S. Bond Defaults Give Rise to Distressed Rates

U.S. high-yield bond defaults jumped significantly in the first quarter, fueling a slight rise to 2.3% of the trailing 12-month global speculative-grade corporate default rate to the start of 2015, according to a monthly default report from Moody’s Investors Service.

Longview Nears Closing on Ch.11 Exit Plan

Commitments are due Monday for a $275 million bankruptcy-exit loans proposal that Longview Power is syndicating through Morgan Stanley and private equity sponsor Kohlberg, Kravis & Roberts.

B3’ Negative and Lower Count Hits 2-Year Peak

In a report compiling the companies rated ‘B3’ with negative outlooks or lower in its ratings, Moody’s said the list of 184 firms is the highest level the quarterly list has seen in the last two years. That was a net addition of 10 companies from the December 2014 list

Price Talk Emerges on Longview's $275M Bankruptcy Exit

Longview Power met with lenders Wednesday, and set price talk on its $275 million loans proposal through bookrunners Morgan Stanley and KKR at L+ 625-650. T he electricity generator is seeking a term loan and a revolver to exit a Chapter 11 bankruptcy it filed in August 2013.

U.S., Global Defaults Rise Slightly in February

Radio Shack's bankruptcy isn't the only reason; corporate troubles in Latin America also had an impact, according to Moody's Investors Service.

Spec-Grade Default Rate Unchanged in January

The global corporate speculative-grade default rate from Moody’s Investors Service held steady at 2.0% in January, with three defaults during the month including the bankruptcy filing by Caesars Entertainment Operating Co.

S&P: Corporate Defaults Edging Up

In a monthly report issued Monday, the ratings agency stated the trailing 12- month rate rose to 1.8% in January from 1.5% in December after the seven default events during January.

Citgo Plans $2.5B Debt-Funded Dividend

Although it’s corporate and debt ratings were downgraded last week due to sovereign debt concerns regarding Venezuela, Citgo Petroleum is planning a $2.5 billion debt package through a subsidiary company to finance a distribution to its state-owned parent firm.


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David Heilbrunn

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