Latest leveraged loan news

• Jumbo deals back in lev loan market with BMC buyout

  

  BMC Software, the US IT firm, has revealed the loan leg of the funding for its leveraged buyout by KKR, a $4.4bn facility in dollars and euros. It is the first multi-billion leveraged loan deal for four weeks, after a battery of large offerings early in May.

  • 04:45 PM

• TI Automotive grows leveraged loan to quit high yield

  

  UK car parts maker TI Group Automotive Systems, owned by Bain Capital, wants out of the high yield bond market, planning to redeem its only issue by increasing its term loans.

  • 18 Jun 2018

• PetSmart downgraded by S&P after Chewy transfer

  

  S&P Global Ratings knocked a notch off pet food retailer PetSmart’s corporate credit rating on Thursday, citing the firm’s ‘unsustainable’ capital structure and the increased risk of a distressed debt exchange after a portion of its subsidiary Chewy was transferred to private equity sponsors.

  • 14 Jun 2018

• MGM set to refi, media firms ramps content production

  

  Metro-Goldwyn-Mayer (MGM), which controls the distribution of movies and TV content such as the James Bond franchise and The Handmaid’s Tale, is in the market with a new $2.5bn refinancing package this week, as traditional US media companies ramp up their borrowing to fund new content to compete with new competitors such as Netflix.

  • 13 Jun 2018

• US high yield in dry spell as loans race on

  

  Just one issuer had tapped US high yield investors by Thursday this week, following the quietest May since 2010 and with leveraged loans now outweighing high yield bonds for the first time since 2008.

  • 12 Jun 2018

• Casino plots €1.5bn asset sale

  

  French supermarket group Casino has announced a €1.5bn asset disposal plan, which should take pressure of holding company Rallye’s bonds. The asset sales are an attempt to deleverage amid sharp volatility in the company’s shares.

  • 12 Jun 2018

• France to set higher bank capital buffers amid corporate debt boom

  

  French banks will have to comply with a countercyclical capital buffer requirement as a means of promoting financial stability amid a rapid increase in corporate debt levels.

  • 12 Jun 2018

• LMA slams EU rule proposal on loan sales to non-banks

  

  A new proposed European Parliament and Council directive aimed at non-EU lenders and non-bank institutions will cause “significant uncertainty and disruption” to the primary and secondary syndicated loan markets, the Loan Market Association has warned.

  • 11 Jun 2018

• Unilabs probes hungry lev loan market for chunky add-on

  

  Medical diagnostics firm Unilabs launched a benchmark size extension of its loan debt on Monday, as a range of investors clamour for paper despite issuance volumes running ahead of last year’s record pace.

  • 11 Jun 2018

• High yield ETF loses 40% of assets after Charles Schwab switch

  

  The iShares 0-5 Year High Yield Corporate Bond exchange traded fund (SYHG), which tracks short dated US high yield credit, has unwound almost 40% of its asset base in the last week and a half after investor Charles Schwab pulled its money to put into another high yield fund.

  • 08 Jun 2018

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