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Leveraged Finance

Tegna to Fund April 2016 Bond Maturity Using Revolver

December 21, 2015

BY CAROL KO, BLOOMBERG BRIEF Broadcast company Tegna plans to repay an April 2016 bond maturity with a $1.4 billion revolver, according to CFO Victoria Harker. It has $193 million of 10 percent notes due April 1. The bonds last traded at 101.4 on Dec. 17. “Our revolver is our

TD Asset Tiptoeing Into High Yield as Spreads Beckon

October 19, 2015

BY ALLISON MCNEELY, BLOOMBERG NEWS TD Asset Management, which presciently moved into the safety of bonds ahead of the recent stock market tumble, is making another contrarian bet: high-yield bonds. Bruce Cooper, who oversees C$338 billion ($260 billion) as chief investment officer of the asset management arm of Toronto-Dominion Bank,

Dex Media Creditors Said to Demand Talks

October 12, 2015

BY LAURA J. KELLER, BLOOMBERG NEWS A group of Dex Media‘s junior bondholders is demanding company executives meet to talk about a debt restructuring after failing to make an interest payment last month. The creditors’ legal counsel, Akin Gump Strauss Hauer & Feld, made the demand for debt talks in

Artisan’s Krug Looks to Outsmart Rating Firms

September 21, 2015

BY CHARLES STEIN, BLOOMBERG NEWS Bryan Krug, who achieved a seven-year winning streak at the Ivy High Income Fund, has done it again. The junk bond leader, who runs the $831 million Artisan High Income Fund, has beaten 98 percent of rivals this year, extending his dominance, according to data

Goldman Said Agitating Carlyle’s Getty for Debt Swap

September 14, 2015

BY LAURA J. KELLER AND JODI XU KLEIN, BLOOMBERG NEWS Goldman Sachs’s investment arm is among the firms pushing Carlyle Group to agree to a debt exchange for its Getty Images as the photo archiver hunts for money, according to two people with knowledge of the matter. As a condition

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.