Cengage, Payless and Synarc-BioCore each completed final terms of loan offers Thursday.
Caesars Entertainment is selling four casinos to an affiliated company for $2.2 billion, fuelling speculation about a distressed debt exchange.
Deteriorating credit quality among new issuers and a continuing rise in dividend recapitalizations are raising worries over long-term pitfalls in the leveraged loan market, according to Standard & Poors. Still, manageable maturities and stable-issuer outlooks should protect investors in 2014.
With no defaults reported among the companies that Moodys rates, the trailing 12-month global speculative-grade default rate ended last month at 2.5%, down from a revised 2.8% rate in December and below Moodys year-ago prediction of 2.8%.
The distressed ratio decreased slightly to begin the year and has come close to its post-crisis low, according to Standard & Poors.
YRC Worldwide is returning to market with a $700 term loan refinance offer after a weekend collective bargaining agreement appeared to steer the trucking giant away from filing for bankruptcy.
Moodys downgraded the pipeline firm for the second time in seven months, noting that a number of expiring contracts could create upcoming liquidity problems.
Textbook publisher Houghton Mifflin Harcourt is on the market looking to reduce the price of its $246 million senior secured loan, currently priced at Libor plus 425 bps with a Libor floor of 1%.
While it is in the midst of longstanding and contentious union negotiations, YRC Worldwide is shopping a $700 million term loan, according to KDP Advisors.
LightSquared Inc. is reportedly shopping a $2 billion term loan B that will help the speculative wireless network operator pay off creditors and re-emerge from Chapter 11.