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Wednesday, 21 February 2018

Jonathan Schwarzberg' s stories

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  • Price cuts extend to lowest-rated B3 loans   

    Loans | 24 March 2017

    Low-rated US buyout loans are pricing with razor-thin margins not seen since the financial crisis of 2008 as a dearth of new deals allows companies to dictate terms in a borrower’s market.

  • Hilton

    US lev loan refi wave tops US$200bn

    Top News | 17 March 2017

    More than US$200bn of US leveraged loans have been refinanced or repriced so far this year and, with two weeks to go before the end of the quarter, volume is approaching the US$245m of redone loans written in the second quarter of 2013, the last peak of activity.

  • Valeant Pharmaceuticals logo

    Valeant rallies support with key refi

    Top News | 10 March 2017

    Valeant Pharmaceuticals has taken advantage of a welcoming US leveraged market to refinance, repay and extend the maturity on its creaking US$30bn debt pile with a mix of new loans and bonds as the troubled Canadian drugmaker’s equity price remains under pressure.

  • Cyxtera adds protection to loans against looming tax changes

    Loans | 10 March 2017

    Data centre operator Cyxtera is the first leveraged loan issuer to try to protect itself from moves by the US government to cut tax deductibility on interest payments that would make buyout financing more expensive.

  • Coal companies return to leveraged market

    Loans | 03 March 2017

    Rising coal prices and a more favourable outlook for the industry under the Trump administration are allowing US coal companies to sign new leveraged loans after being shut out of the market since mid-2015, despite a declining long-term outlook for the industry.

  • Premiere Global Services logo

    Once struggling loans draw red-hot demand

    Top News | 24 February 2017

    Web conferencing provider Premiere Global Services is considering a return to the loan market to reprice its debt and even add a little more to pay a dividend after struggling to sell the same buyout-related debt last year, illustrating growing demand for US leveraged loans.

  • US Foods delivery truck

    Lev loan issuers dump covenants at record pace

    Top News | 17 February 2017

    Investors’ appetite for leveraged loans is allowing companies to line up debt with few safeguards on an unprecedented scale.

  • ABC Supply shelves repricing

    Loans | 10 February 2017

    Construction supply company ABC Supply has postponed its attempt to lower pricing on a US$1.875bn term loan after investors pushed back on aggressive pricing, in the first sign that investors are being more selective on repricing requests.

  • Alternative lenders gaining ground

    Loans | 10 February 2017

    Red-hot investor demand for US leveraged loans is helping institutions not bound by federal lending guidelines to lead and sell aggressive deals that traditional arranging banks are unable to provide.

  • TransDigm logo

    Short seller delays TransDigm refi

    Top News | 27 January 2017

    A US$3.5bn loan refinancing and repricing for aircraft components maker TransDigm has been delayed after a report by short seller Citron Research said that the company’s “dangerous” business model was potentially vulnerable to criticism from President Donald Trump.