High Yield Bonds

Samson Downgraded Again on Default Fears

Moody’s Investors Service on Monday downgraded the ratings of Samson Resources Corp.’s operating subsidiary for the second time in four months on fears the oil and gas exploration and production company may be on the path to defaulting on its rated debt obligations totaling $3.25 billion.

Lions Gate Preps $250M Second-Lien Refi

Film and television studio company Lions Gate Entertainment is putting together a $250 million second-lien term loan offer through which it plans to repay its existing second-lien loan as well as a portion of its first-lien revolver, according to ratings agency reports.

Ineos Plans Lender Meetings for €750M Cross-Border Offer

UK-based petrochemicals firm Ineos Group Holdings has launched a €750 million cross-border loan package to refinance existing notes, according to sources familiar with the deal.

Investors Resume Selling Bank Loan Funds

These funds saw $118.1 million walk out the door in the week ended Feb. 25, according to Lipper, nearly offsetting the $129 million they took in the previous week. All of the withdrawals came from mutual funds, as opposed to ETFs.

Valeant Lines Up Commitments for $14.5B Salix Merger

Valeant Pharmaceutical’s announced $14.5 billion acquisition of Salix Pharmaceuticals (including debt) will be financed with a combination of bonds and loans. The Canadian pharmaceutical giant has lined up financing with a consortium of lenders led by Deutsche Bank.

Moody’s: Energy Drives Up Spec-Grade Liquidity Stress

Moody’s stated that its Liquidity Stress Index through mid-February has shot up to 4.3%, continuing a trend in January that saw weakening liquidity in the volatile energy sector.

Investors End 31-Week Streak of Loan Fund Withdrawals

According to Lipper, investors added $129 million more to loan fund assets than they withdrew for the week of Feb. 18. The last time the market saw a net flow of investments into funds was the week of July 9 when investors poured in $49 million more to loan funds than they took out.

PetSmart Completes $6.2B LBO Offering

PetSmart closed on a $4.3 billion term loan with a final price of Libor plus 400 bps and sold at par $1.9 billion in senior unsecured notes with a coupon of 7.125%.

National Mentor Raising $55M Through Loan Add-On

The $55 million tack-on to its existing $595.5 million term loan B maturing in 2021 will be used to refinance the outstanding amount of 12.5% senior unsecured notes, which are due in 2018.

PetSmart Flexes Again; Commits Due Tuesday

According to reports, the cov-lite term loan B now has talk of Libor plus 400 bps – narrowed from 425 bps over Libor – with a 99.5 cents on the dollar original issue discount. The proposal had previously flexed from a range from 450-475 bps over Libor.

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Bob Gunderman

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Firm: Windstream Holdings

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