International

Seven Energy Plans $500M Bond Sale

Nigerian oil and gas exploration and development company Seven Energy is offering $500 million in senior secured notes due 2021.It will use the proceeds to pay down existing debt.

Distressed Deal Volume Drops 11.4% from 2013

Complete distressed debt and bankruptcy restructuring activity totaled $59.2 billion in the first half of the year, a decrease of 11.4% from the first half of 2013, according to Thomson Reuters.

Pramerica Preps €416.7M European CLO

Dryden 32 Euro CLO 2014 is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds; however the manager can purchase non-euro-denominated obligations subject to an asset swap

LBO Loans Reach Second Largest All-Time Volume

Global leveraged sponsor related loan volume reached $353.2 billion in the first half of 2014, the second highest first half year on record, only falling behind 2007’s $634.1 billion.

More European HY Issuers Come to Market

Iceland Foods, Dufry Finance and THOM Europe have put offers on the high yield primary market that would add $2.8 billion to the junk bond new issue total.

Iglo Prices €500M in Floating-Rate Notes

Iglo Foods sold €500 million ($683 million) in floating-rate notes due 2020. The deal was upsized from €350 million after a concurrent fixed-rate tranche was scrapped.

Prudential Adds Portfolio Manager for Europe

Prudential Fixed Income added a portfolio manager to its European leveraged finance team. Arvinder Chowdhary joined the group as a portfolio manager and principal.

First Trust Launching Actively Managed HY ETF

Canadian fund manager First Trust is launching an actively-managed high yield bond exchange traded fund, the Toronto-based firm said.

Wind Plans $5.5B Bond Sale

Italian telecom company Wind Telecomunicazioni SpA is on the market with a $5.5 billion three-part, dual-currency bond deal that is expected to price this week.

Valeant Deal Has Pledge of $12B in HY

Banks financing Valeant Pharmaceuticals International’s deal to take over Allergan have pledged $12 billion in high yield bonds to help finance the transaction. Such a deal would make it the second-largest junk bond on record.

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