The Federal Deposit Insurance Corp. approved a final rule requiring lenders to retain at least a 5% stake in loans they securitize unless they meet the definition of "qualified residential mortgages; there's no such carve-out for corporate loans.
Proceeds will be used to repay all of an existing $250 million unsecured term loan and a portion of the $850 million of outstanding borrowings under its new $1.3 billion senior unsecured revolving facility.
Caesars Entertainment announced today that it has entered negotiations with its first-lien bank loan holders for new terms to reduce some of the $20 billion debt throughout the companys subsidiary operations. This action follows talks that Caesars began a month ago with bondholders of the unsecured debt holdings of its Caesars Entertainment Operating Co. (CEOC).
Loan mutual funds and ETFs saw $945.7 million walk out the door in the week ended Oct. 15, according to Lipper.
Serving small-cap and middle-market firms, and providing financing that complements rather than displaces corporate bank structures is how business develop corporations can succeed in meeting the demand for borrowing that large banks don't fulfill, says Raj Vig, managing partner at TCP Capital Corp.
In Standard & Poor's quarterly speculative-grade ratings report, the ratings agency noted that downgrades outnumber upgrades 57 to 46 to continue a year-long trend.
Price talk has emerged for a $350 million term loan that is part of a planned $1.03 billion debt offering by Essar Steel Algoma in a recapitalization plan.
Regulators will unveil a long-awaited final rule next week that requires lenders to retain some of the risk for loans they securitize, a critical part of the Dodd-Frank Act that the agencies have struggled to implement.
Essar Steel Algoma has launched a US$975 million debt offering of loans and notes pieced together for a refinancing and recapitalization plan arranged by an Ontario superior court for the struggling Canadian integrated flat carbon steel producer.
Wheelabrator Technologies reach final terms on a $1.71 billion loan package Tuesday, and will be allocating the loans today that will be used to fund its acquisition by Energy Capital Partners.