Leveraged Loans

Lev Loan, HY Volumes Faltered in 2014

Fewer below investment grade issuers tapped the leveraged finance market for funding last year, data from Dealogic indicates.

Citgo $1.5 Bonds Road Show Set

Citgo Petroleum is planning a road show Thursday as it prepares to price a $1.5 billion, five-year senior secured notes issue that will help fund capital purchases as well as a dividend for the state-run Venezuelan parent firm Petróleos de Venezuela. Price talk also emerged Tuesday for a $1 billion companion loan proposal.

Investors Add to HY Funds for 1st time in Eight Weeks

Investors added to their holdings of junk bond funds for the first time in eight weeks, but they pulled money out of loan funds for the 27th consecutive week.

Platform Specialty Launches $2B Debt Offering

Today Platform announced the launch of an approximate $920 million multi-currency senior notes offering, one day after the Miami, Fla.-based company launched a proposed $1.1 billion loan facility through its MacDermid Inc. subsidiary.

S&P: Default Rate Falls for First Time Since Summer

According to S&P, the trailing 12-month speculative-grade corporate default rate decreased to 1.5% in December from 1.6% in November. It was the first month-to-month decline since the 1.4% rate was recorded in July, the lowest point of the default rate in 2014.

Global Knowledge Launches $245M in Proposed Loans

Global Knowledge Training, a newly acquired firm held by private equity firm Rhone Capital, has put forward a first- and second-lien loans proposal totaling $245 million, according to sources familiar with the deal.

Dell Earns Rating Upgrade from Fitch

More than a year after leading a $24.4 billion buyout of his namesake company, Dell founder and chief executive Michael Dell appears to be delivering on a plan to return the company to investment grade status.

Investors Add to HY ETFs, Partly Offsetting Withdrawals from Mutual Funds

Investors added $717 million to high yield bond ETFs the week ended Dec 24, but that was not enough to offset the $1.05 billion withdrawn from high yield bond mutual funds, according to Lipper. Loan mutual funds and ETFs, meanwhile, saw another $1.29 billion walk out the door.

Risk Retention Rules Published in Federal Register

Final rules requiring sponsors of securitizations to retain “skin in the game” were published in the Federal Register Wednesday. That means sponsors of collateralized loan obligations have exactly two years, until Dec. 24, 2016, to comply.

THL Credit Taps Specialty Finance Pro for its Board of Directors

James Kern has decades of experience in the asset management industry with a focus in specialty finance. He currently serves as managing partner of Majestic Ventures 1, a consulting and investment partnership.


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