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Leveraged buyout volume could rise by 25 to 70 percent in 2013, pending resolution of the fiscal cliff. Investment banks are approaching consulting firms such as Alvarez & Marsal, which advises both buyers and sellers on LBOs, for due diligence on companies intended to be sold in the first quarter of next year. To continue reading click here
High-yield companies sold at least $2.6 billion of debt this week, down 81 percent from the prior period and below the 2012 average of $6.9 billion, according to data compiled by Bloomberg. Bombardier postponed a $1 billion offering as the cost to borrow rose to the highest since early September. To continue reading full article click here
Vanguard Health Systems has no definitive plan or need to access the debt markets, said Phillip Roe, the company’s executive vice president, CFO and treasurer, responding to speculation by analysts that it may need to issue to cover a spending gap. The company has significant liquidity to fund its operating needs and committed capital expenditure needs, Roe said in a telephone interview [...]
Leveraged Finance Podcast series presents: High Yield: Where’s the Value? – FREE PODCAST. Where is the relative value for investors and what are the biggest risks for the next 12 months? Featuring: Margie Patel, Senior Portfolio Manager, Wells Capital Management Gershon Distenfeld, Senior Vice President, AllianceBernstein Matthew Philo, Senior Managing Director, MacKay Shields Marty Fridson, [...]
Loans obtained in the U.S. by speculative-grade borrowers have risen to $233 billion, surpassing 2011 levels as investor demand for debt with the highest claims on a company’s assets grew amid fiscal uncertainty and a struggling global economy. Borrowers last month got more than $47 billion of the debt that was sold to non-bank lenders, such as CLO s [...]
Large institutional investors are participating more in middle market loans because of a lack of new issuance elsewhere, said Kevin Burke, head of loan sales and trading for GE Capital Markets. Tighter pricing and looser structures are following, Burke said. Invesco and Eaton Vance participated in a $352 million loan for Centerplate that was syndicated Oct. 16, [...]
Beazer Homes is benefiting from a resumption of lending to the U.S. housing industry as banks open the taps for a builder that hasn’t generated enough cash to cover interest expenses for five years. Beazer, which reported net losses in eight of the last nine quarters, replaced a $22 million credit line due to expire Oct. 1 with a $150 [...]
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Stock in Stillwater Mining, a producer of platinum-group metals in Montana, fell the most in 11 months after the company said it would sell $300 million of convertible bonds to repay existing debt. Stillwater dropped 9.1 percent to $11:02 at the close, the most since Nov. 1, 2011. Stillwater will also give its underwriters an over-allotment option to buy [...]
