Leveraged Finance >>>
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.
The Ohio Police & Fire Pension Fund is boosting its holdings of high-yield debt, including floating-rate bank loans, while reducing equities to limit volatility. Click HERE for more.
Central European Media Enterprises may skip a chance to refinance 273 million euros ($365 million) of 11.625 percent bonds due September 2016 that lost make-whole protection this week after a ratings cut by Moody’s. Click HERE for more.
Kratos Defense & Security Solutions may refinance a $625 million bond early, triggering a $45 million prepayment penalty, to take advantage of low interest rates. Click Here For More
Comstock Resources is seeking to lower the interest rate and expand the size of its $500 million revolving line of credit in the fourth quarter. Click Here For More
Entercom Communications Corp. may seek to reduce interest costs on its term loan after Nov. 27, when it no longer has to pay a premium to refinance, according to the company’s chief financial officer. Click here to continue reading
Frontier Communications is forgoing debt reduction to invest in infrastructure and maintain its dividend to shareholders, according to CFO John Jureller. Frontier has enough cash flow to repay at maturity a $200 million 8.25 percent bond due May 2014, as well as $105.1 million outstanding on 6.625 percent notes due March 2015 and $96.9 million of 7.875 percent bonds [...]
Hertz Global Holdings plans to pay down $1.5 billion to $2 billion in debt over three years using free cash flow as it tries to achieve investment-grade metrics. The company may choose to refinance some of the debt at lower rates as an alternative way to reduce its interest expense. To read more, click here.
Realogy Holdings, the most indebted real estate services company in North America, plans to reprice a $1.9 billion term loan B in March 2014, hoping to cut funding costs by boosting its credit profile. To read more, click here.