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.
Moodys Investors Service published criteria for judging the quality of loan covenants. The effort comes at a time when loan covenants are weak.
FTS International is shopping a $550 million term loan and is selling $500 million in senior secured notes due 2022 as part of a refinancing effort.
Quad/Graphics is launching a $1.6 billion secured credit facility and selling $300 million in new junk bonds. It is refinancing debt and funding a $100 million acquisition.
Price talk on Signode Industrials $750 million bond offering has emerged. The industrial packaging company is selling the bonds in bonds to help it finance its $3.2 billion buyout by the Carlyle Group.
High yield bond funds took in $493 million for the week. Leveraged loan funds have taken in $127 million. Bond funds flows returned to positive territory.