Leveraged Loans

CLOs Have Relatively Low Exposure to Oil & Gas: S&P

Based on a review of about 700 U.S. CLOs rated by S&P, the average exposure to energy companies is only about 3.3%; that’s a much lower concentration than these companies have in overall junk bond and leveraged loan markets, at 17%.

Fitch Ratings Cuts Caesars Entertainment to Single-C

Regardless of whether a missed interest payment on second lien notes is made, the rating agency "believes that a default of some sort is inevitable."

HY Outflows Double Over Week

Corporate high-yield investors withdrew $1.89 billion from bond funds this week, driven by worries over energy-based issues as crude oil prices continued their plunge. Bank loan mutual funds and ETFs, meanwhile had a 22nd consecutive week of net outflows with $1.05 billion withdrawn.

Sage Products Flexes on Final Loan Terms

Disposable medical equipment provider Sage Products came to final terms on a $380 million loan package which featured a price flex and the addition of a future step-down for the first-lien portion of the add-on facilities.

How this Summer's Loan Selloff Boosted CLO Issuance

Octagon Credit Investors took advantage of a dip in loan prices over the summer to quickly print a CLO at the request of one of its own investors, using the proceeds to snap up collateral, largely in the secondary market.

Tenneco Issues $225M Notes at Par

Automotive products manufacturer Tenneco Inc. on Tuesday sold $225 million notes in a drive-by offering, according to KDP Investment Advisors.

Two HY Issuers Tap Market for $680M

Westmoreland Coal, of Englewood, Colo., went to market Tuesday with a $400 million, seven-year bond offering to finance a tender offer for existing notes. HUB International of Chicago planned a $280 million drive-by notes offering through Morgan Stanley to fund acquisitions announced this week.

CPM Launches $440M Loans Proposal

Agricultural processing firm CPM Holdings is heading to the loan market seeking to place $440 million in new secured credit facilities to refinance existing debt and fund a sponsor dividend, according to ratings agency reports.

Spectrum Prices $250M in Notes

The 10-year, 6.125% notes priced at par, the company announced Monday, hours after it announced it was planning to place the notes as well as a €150 million loan to pay for its acquisition of the European pet foods division of Procter & Gamble.

Spectrum Brands Offering $437M in M&A Debt

Spectrum Brands, a diverse consumer brands portfolio majority owned by The Harbinger Group, announced Monday it was offering $250 million in a drive-by notes offering and a €150 million loan for a planned acquisition and for general corporate purposes.

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Lauren Basmadjian

Firm: Octagon Credit Investors

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