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Leveraged Finance

iHeart CFO Weighs Refi Options for $21B Debt Load

May 11, 2015

BY KELLY BLESSING iHeartCommunications will refinance debt opportunistically as it continues to restructure its balance sheet and improve operations, according to CFO Rich Bressler. “We never take our eye off the cap structure. You’ll continue to see us expeditiously move forward [and] be opportunistic,” Bressler said in phone interview May 7. The San

Frontier Plans $1-1.5B 7-Year Loan for M&A, CFO Says

February 20, 2015

BY KELLY BLESSING Frontier Communications will likely issue a seven-year term loan B of $1 billion to $1.5 billion as part of the financing backing its $10.54 billion purchase of landline assets from Verizon, according to CFO John Jureller. The Stamford, Connecticut-based telecom company will seek to raise $7.8 billion to $7.9 billion

Altice Readies $6 Billion of Debt for Oi Assets

January 26, 2015

Billionaire Patrick Drahi’s Altice started marketing more than $6 billion of junk bonds and loans to fund the acquisition of Oi SA’s Portuguese telecommunications assets. Altice is selling 10-year senior notes and eight-year senior secured notes in dollars and euros, as well as arranging a term loan of 825 million euros ($930 million),

2014 Year in Review

January 20, 2015

Greed turned to fear for leveraged capital markets in 2014. Geopolitical risk, oil’s slump and concerns about regulation helped derail the yield chase, and investors are much more jittery about 2015. This year looks much more like the volatile and bearish second half of 2014 than the bright first six months that recalled the

E&P Issuers Over a Barrel as Revolvers Face Cuts

January 20, 2015

BY KELLY BLESSING More energy exploration and production issuers may be forced to borrow at distressed levels as revolvers are cut due to the oil price slide, analysts say. “The weakest companies could face material borrowing-base reductions,” said Brian Gibbons, senior oil and gas analyst at CreditSights, in a phone interview Jan.

Finra Targets Loan Funds in Review of Liquidity Risk

January 12, 2015

The brokerage industry’s watchdog is intensifying scrutiny of funds that buy speculative-grade loans as concern mounts that smaller investors will struggle to get out of illiquid fixed-income assets when sentiment sours. Finra is targeting loan funds after individuals piled into the debt — which offers floating-rate coupon payments —as a way to protect themselves from rising

Pier 1, Dick’s Are Retail LBO Picks After PetSmart

January 6, 2015

For private-equity investors who missed out on PetSmart, there’s more where that came from. BC Partners offered $8.6 billion for the pet-supplies chain last month, beating at least two other financial suitors to clinch the biggest leveraged buyout of 2014. The bidding war signals an appetite for more LBOs this year as firms

Communications May Give Junk Bonds a Needed Buzz

January 5, 2015

BY KELLY BLESSING Refinancing by communications and consumer companies will be bright spots in an otherwise lackluster year for high-yield bond issuance, according to investors. M&A may add to sales in a market that underwriters expect to contract by as much as 20 percent. “There will be pretty decent refi activity earlier in

RadioShack Seeks Credit Pact After Breach Claim

December 8, 2014

RadioShack will continue seeking an amendment to its credit agreement after lenders claimed the retailer defaulted on a $250 million loan agreement so that it can implement a turnaround plan, according to two people with knowledge of the matter. The company will ask Salus Capital Partners to renegotiate terms of its loan to allow it to close more underperforming

Level 3 Eyes $2B Loan Refinancing, May Target Bonds

November 24, 2014

BY KELLY BLESSING Level 3 Communications is likely to refinance a $2 billion loan signed last month, said CFO Sunit Patel. “Over the next year, we should hopefully be able to refinance some of the debt with lower interest rates,” Patel said in a phone interview Nov. 21, referring to a loan used