Leveraged Finance >>>
MDC Partners aims to use free cash flow on acquisitions to boost earnings and cut indebtedness, said CFO David Doft. It plans to take the ratio of net debt to Ebitda under 2.5 times, from 3.1, in two to three years, Doft said. Click HERE for more.
Freescale Semiconductor plans to repay its second-most expensive debt as the cost of doing so drops in December, said Steven Goel, the company’s treasurer. Click HERE for more.
Toll Brothers is postponing a rise to investment grade by borrowing $1.7 billion to make an acquisition and refinance debt due next year. Click HERE for more.
Investors are demonstrating their eagerness to own dollar junk bonds by pushing yields to the least relative to high-grade debt since before the credit crisis. Click HERE for more.
Penn Virginia may sell assets to pay down a revolving line of credit as it seeks to cut indebtedness and gain positive free cash flow by 2016. Click HERE for more.
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The State of Ohio’s Highway Patrol Retirement System allocated $22 million in assets to senior secured loans in August as it seeks higher yield. Click HERE for more.
Kinetic Concepts plans to buy back $112 million of bonds due 2019 when it has excess cash provided that the debt trades at an attractive price, said Nathan Speicher, the issuer’s vice president of investor relations and treasury. Click HERE for more.