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Leveraged Loans

Momentive Gets OK to Tap DIP Financing

Momentive Performance Materials won court approval to tap up to $430 million of its $570 million in in debtor-in-possession financing.

Numericable Deal Brings $16B in HY

French cable company Numericable Group S.A. could bring nearly $16 billion in bonds and loans to the market for its acquisition of Vivendi’s 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).

S&P: CLO New-Issue Pipeline Grows to $17.14B

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 & Poor’s.

Investors Favor HY Funds

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.

HY Covenant Quality Improves Slightly

North American high yield bond covenant quality improved slightly between February and March but remains weak, according to Moody’s Investors Service.

Moody’s Begins Scoring Loan Covenants

Moody’s Investors Service published criteria for judging the quality of loan covenants. The effort comes at a time when loan covenants are weak.

FTS Selling $1.05B in Debt

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 Plans $1.9B in Debt

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.

Signode HY Price Talk Reaches 6.5%

Price talk on Signode Industrial’s $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.

Money Flows Back to High Yield

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.