Numericable set a new record for the largest high yield bond deal ever sold today. The French cable and telecom service provider sold $13.58 billion in a five-part, dual-currency bond deal that is part of a larger $16.7 billion bond offering with its largest shareholder Altice.
The parent firm of TravelClick, a global marketing and reservation services firms to hotels, is shopping a $590 million loan proposal to help finance a buyout by private equity group Thoma Bravo.
Babson Capital Management Chairman and Chief Executive Tom Finke used his keynote address at a CLO industry conference event in New York Tuesday to present a takedown of criticisms of the collateralized loan obligation market.
Hearthside Foods is selling $945 million in debt to help finance its $1 billion buyout by Goldman Sachs and Vestar Capital Partners.
Numericable cut its loan offerings, increased bond tranches and set price talk for $15.5 billion in new debt. The company expects to price the bonds by Wednesday. Numericable agreed to acquire SFR for 13.5 billion ($18.7 billion).
Momentive Performance Materials won court approval to tap up to $430 million of its $570 million in in debtor-in-possession financing.
French cable company Numericable Group S.A. could bring nearly $16 billion in bonds and loans to the market for its acquisition of Vivendis telecom subsidiary SFR. Numericable agreed to acquire SFR for 13.5 billion ($18.7 billion) and a 20% stake in the enlarged Numericable Group. The deal would value SFR at approximately 15.6 billion ($21.6 billion).
The pipeline of new collateralized loan obligations increased over the past week to $17.14 billion from $15.83 billion the previous week, according to Standard & Poors.
Investors sent $640 million to junk bond funds this week, giving high yield funds their largest week of inflows since February. Leveraged loans saw relatively week fund flows.
North American high yield bond covenant quality improved slightly between February and March but remains weak, according to Moodys Investors Service.