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).
Loan mutual funds and ETFs saw $945.7 million walk out the door in the week ended Oct. 15, according to Lipper.
Nearly half the high-yield bond issues that hit the market in September had something in common for investors: major exposure. It's all due to a trend toward fewer covenant protections in issued spec-grade notes, reports Moody's.
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.
Regulators will unveil a long-awaited final rule next week that requires lenders to retain some of the risk for loans they securitize, a critical part of the Dodd-Frank Act that the agencies have struggled to implement.
In its monthly report on Moodys Covenant Quality Index, the average covenant quality score was an all-time low of 4.43 thanks to a post-summer surge in issuance that saw a record 21 high-yield lite bonds, according to Moodys vice president Evan Friedman.
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.
Dynegy priced $5.1 billion to fund purchases of assets from Duke Energy; Lundin priced $1.0 billion to finance a stake in Chilean mines, and Metaldyne priced $600 million to refinance debt.