High Yield Bonds

Springleaf Announces $500M HY Drive-By

Subprime consumer finance lender Springleaf Finance Corp on Tuesday announced a drive-by offering of $500 million in five-year senior notes to repurchase notes from a bondholder as well as build capital reserves for further debt repurchases or acquisitions.

CDW, MGM Price $675M In Bonds

CDW Corp. and MGM international Resorts priced bond deals on Monday, including MGM’s $100 million add-on to an upsized notes issue last week that sold above par.

CDW, MGM Plan $675M in Drive-By HY Notes

CDW’s $575 million, 10-year notes proposal is expected to price today through an bookrunning effort led Barclays. MGM is offering a $100 million in 6% senior notes that will be added on to the company’s existing $1.15 billion in 6% senior notes maturing in 2023 issued through Bank of America Merrill Lynch.

B/E Aerospace, KLX Complete $4B in Debt Offerings

B/E Aerospace and its spin-off KLX on Friday completed and priced $4 billion in loans and notes launched to fund capital and a dividend for the aircraft cabin manufacturer as it splits into two separately run firms.

Investors Pull Money from Loans Funds for 19th Straight Week

According to Lipper, investors withdrew $373.7 million from loan funds in the week ended Nov. 19, down slightly from $397.8 million the previous week; it was the lowest amount of weekly withdrawals in more than two months.

Moody’s: Liquidity Improvement Encouraging

Corporate speculative-grade liquidity improved to its best mark in over 18 months, with the Moody’s Investors Service Liquidity-Stress Index easing to 3.2% in mid-November from the 3.5% level at the end of October.

Bucking a Trend: Covenants Improving in Certain Sectors

While analysts have mostly noted the growing number of covenant-lite structures of loans and high-yield bonds, there are certain sectors that have recently moved toward increasing investor protections.

Equinix Plans $1B Notes Drive-By

Data center operator Equinix today plans a drive-by offering of $1 billion in senior unsecured notes that will be used to redeem an existing $750 million notes issue.

KLX Kicks Off $1.2B Notes Proposal

KLX Inc., a spin-off from B/E Aerospace, has a launched a five-day road show looking to price $1.2 billion in unsecured notes to fund its initial operating capital as well as a dividend to B/E.

Actavis Plans to Stay Investment-Grade

Specialty pharmaceutical giant Actavis has received bridge financing commitments as well as long-term financing flexibility to support an investment grade rating in its proposed $66 billion cash-and-stock takeover of Botox manufacturer Allergan Inc. announced today.


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