School yearbook and affinity publishing firm Visant Holding Corp. is going to market with an $875 million loan refinancing package, as part of a deleveraging strategy aided by a recent sell-off of one of its divisions.
Mallinckrodt plc is on the market with a $900 million bond offering to help finance its $5.6 billion acquisition of Questcor Pharmaceuticals. It is also on the market with a $500 million loan.
Dollar Tree will be using a mix of loans and bonds in its $9.5 billion debt commitment in its plans to acquire Family Dollar Stores, according to regulatory filings detailing the deal announced Monday.
With Safeway shareholders expected today to approve the proposed merger with the Albertsons, the new combined company is prepping a $4.5 billion loans offering that will launch Tuesday, according to sources.
High yield bond funds saw the largest weekly outflows in more than a year with exchange-traded funds taking a large share of the money out of the asset class. Leveraged loan funds saw outflows as well.
CITGO Petroleum issued $650 million in 6.25% senior secured notes due 2022 as part of a larger $2.3 billion refinancing effort. The company also closed on a $650 million term loan B.
European collateralized loan obligations underperformed other types of securitization in the region in the first half of 2014, but Barclays expects CLOs to catch up on some of the ground they lost.
The ratings agency says managers of 2.0-vintage CLOs are quickly increasing second-lien loan holdings to replace their shrinking bond exposure in the unsecured and subordinated strata of their collateralized loan obligation portfolios.
In a reversal from first-quarter trends, Babson Capital reports that spreads tightened slightly in both the U.S. and Europe for AAA paper in CLO 2.0 issues while lower-rated mezzanine tranches saw widening spreads of 20 bps.
Investors continue to take cash from high yield bond funds this week, setting the stage for a weekly outflow total that could surpass last weeks large $1.7 billion weekly outflow.