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Leveraged Finance

‘Compelling’ Value in High-Yield Energy, Investors Say

November 17, 2014

BY KELLY BLESSING After a 5.8 percent drop in junk energy bonds since mid-August, investors and strategists see relative value. “The baby is getting thrown out with the bathwater,” said Mike Kirkpatrick, high-yield senior portfolio manager at Seix Investment Advisors. “From a long term perspective, there are some good opportunities in the sector,” said Kirkpatrick, who manages $16 billion in assets and is market weight high-yield energy. Energy

Banks Burned by Riskiest Loans as Investors Sour

November 17, 2014

Wall Street banks are either absorbing losses or getting stuck holding some of the riskiest loans they agreed to underwrite before the biggest rout in more than two years. BAML is among banks that syndicated a $1.3 billion loan for Micro Focus International at a deeper discount than planned. Jefferies

Agencies See Problems in Leveraged Lending, Plan Increasing Frequency of Reviews

November 17, 2014

  Federal regulators, finding serious deficiencies in underwriting standards and risk management of leveraged loans, say they will increase reviews of those transactions by banks. The Fed, the FDIC, and the Office of the Comptroller of the Currency released a report on the annual Shared National Credits review, which looks at the largest and most complex credits shared by multiple

Scientific Games Finds Funds to Sweeten Borrowing

November 10, 2014

BY LAURA J. KELLER Scientific Games, whose banks were unable to syndicate initial funding for its purchase of Bally Technologies, has found $30 million of annual savings that may help woo investors to a $2.9 billion junk-bond sale for more permanent financing. The slot-machine maker can use the cost benefits from the $5.1

Investors Push Back on Terms as Volatility, Risk Aversion Rises

October 27, 2014

The European leveraged loan market is choppier than three months ago and greater risk aversion means borrowers are offering concessions on some syndications. “Investors want to invest and there is a lack of paper,” said Paul Gibbon, managing director, leveraged capital markets, at UBS. “At the same time investors have recognized the market has changed and they are pushing back

Loan Fund Managers Find Value, Liquidity in Selloff

October 21, 2014

BY KELLY BLESSING After last week’s rout, which sent leveraged loan prices to their lowest since December 2012,investors say there are reasons to buy and sufficient liquidity. “Fundamentals really haven’t changed, this should be a buying opportunity,” said Kevin Egan, senior portfolio manager and co-head of credit research at Invesco, which manages more than

Vista Turns to Jefferies for Potential TransFirst LBO

October 14, 2014

— Christine Idzelis and Matthew Monks Jefferies and two other lenders not overseen by U.S. banking supervisors are offering to finance a potential $1.5 billion buyout of TransFirst that would leave the payments processor with a debt load exceeding regulators’ guidelines, according to three people with knowledge of the deal.

Altegrity Sees Loans Plunge as S&P Warns of ‘Imminent’ Default

October 7, 2014

Altegrity, the security firm, has about six months until it runs out of money as the loss of background-check contracts negate most of a July deal with lenders to extend maturities for five years.“You’re on your way to a selective default; it’s imminent,” said Rod Olivero, an analyst at S&P. “There does need tobe some sort

Leveraged Capital Q2 – July 2014

July 21, 2014

Introduction Speculative-grade issuers took advantage of excess liquidity and a continued chase for yield to place record-setting volumes of debt in the first half of 2014.   U.S. and European junk companies paid all-time low rates, while also achieving looser covenants and longer tenors. The Fed and regulators took note, flagging lax lending standards and complacency in

B&G May Borrow for Acquisitions, CEO Says

March 10, 2014

B&G Foods may take advantage of low funding rates for debt financed takeovers this year, said CEO David Wenner. Read More…