Leveraged Loans

RadioShack Seeking Hedge Fund Rescue

Struggling RadioShack is reportedly in talks with a hedge fund on a financial rescue package that would include refinancing existing debt. The plan could help jump-start renewed negotiations with creditors and allow it avoid bankruptcy.

Global M&A Volume Reaches YTD High

Global merger and acquisition volumes have reached a year-to-date high not seen since the heady buyout boom days of 2007. The percentage of global M&A activity financed by high yield bonds and leveraged loans is on the rise.

Zep Refinances $325M Loan Facility

Industrial cleaning chemicals company Zep Inc. announced Tuesday it has refinanced $325 million in loans that provide more flexible covenants as well as an option to upsize the loan and issue letters of credit and swingline loans.

Scientific Games to Launch $2.085B Loans Offering

A banker’s meeting is scheduled for Sept. 3 for the launch of a $2.085 billion loan facility for Scientific Games Corp., which is using the proceeds to partially fund its announced $5.1 billion acquisition of Bally Technologies.

Euro HY More Stable Than US: Fitch

The European high yield market will show more stability than the U.S., according to a report published by Fitch Ratings. Outstanding European high yield volumes “contrast favorably” with the U.S. market.

Fitch: Insurance Companies Increasing Allocations to CLOs

U.S. life insurance companies substantially increased their holdings of collateralized loan obligations between 2011 and 2013, according to Fitch Ratings.

THL Credit Closes on $643M CLO

THL Credit Advisors announced Monday it had closed on its largest-ever collateralized loan obligation in a $643 million deal led by GreensLedge Securities.

JPM: Cov-Lite At Highest-Ever Loan Market Share

Covenant-lite loans now comprise an all-time high of 58% of the loan issues tracked on the JPMorgan Leveraged Loan Index.

Maverick Drilling Obtains $500M Facility from Wells

Maverick Drilling & Exploration, an Australian oil firm focused in on-shore U.S. developments in the Gulf Coast region, announced it has received a new five-year, $500 million credit facility that will be used to support acquisitions.

Investors Add $537M to HY Funds

Investors have put another $537 million into high yield bond funds in a continued show of support for the asset class in the aftermath of large outflows. Loan funds saw outflows of $150 million.

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Margaret Patel

Senior Portfolio Manager

Firm: Wells Capital Management

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