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 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.
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.
A bankers 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.
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.
U.S. life insurance companies substantially increased their holdings of collateralized loan obligations between 2011 and 2013, according to Fitch Ratings.
THL Credit Advisors announced Monday it had closed on its largest-ever collateralized loan obligation in a $643 million deal led by GreensLedge Securities.
Covenant-lite loans now comprise an all-time high of 58% of the loan issues tracked on the JPMorgan Leveraged Loan Index.
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 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.