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Tuesday, 12 December 2017

Jonathan Schwarzberg' s stories

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  • An olive branch is seen during harvest

    Regulators to soften US loan rules

    Top News | 08 December 2017

    US regulators said they are open to revising restrictions on leveraged lending, offering an olive branch to a Republican-controlled Congress keen to roll back banking regulations.

  • GNC on the hook after failed refinancing

    Loans | 08 December 2017

    Vitamin and supplement maker General Nutrition Centers’ third failed attempt to refinance an existing US$1.1bn term loan leaves the company with only a few months to avoid a potential technical default if it is unable to refinance before the loan turns current next March with a year until maturity.

  • EXCLUSIVE-US regulators offer Congress olive branch on loans

    Ticker | 07 December 2017

    US regulators said they are open to revising restrictions on leveraged lending, offering an olive branch to a GOP-controlled Congress keen to roll back banking regulations.

  • A GNC store

    GNC relaunches refinancing with all-loan structure: TRLPC

    Ticker | 27 November 2017

    Vitamin and supplement maker General Nutrition Centers (GNC) is relaunching a refinancing deal with an all-loan structure and higher proposed interest rates, sources said.

  • Opportunistic deals face investor push-back

    Loans | 24 November 2017

    Opportunistic leveraged loans for US companies, including digital research company Research Now and supplement maker General Nutrition Centers, are struggling after push-back from investors and two lower-rated companies pulled deals last week citing adverse market conditions.

  • Borrowers rush to refi despite weaker market

    Loans | 17 November 2017

    US companies are rushing to complete opportunistic refinancings and repricings in the leveraged loan market as slumping secondary prices reflect turbulence in the high-yield bond market and indicate a possible pricing correction in loans.

  • Office Depot

    Retail woes test Office Depot financing

    Top News | 27 October 2017

    A US$750m leveraged loan for publicly-traded US office supplies retailer Office Depot is testing sentiment towards the retail sector as online competition, the threat of further technological disruption, and rising default rates make investors think twice about lending.

  • The entrance to the Toys "R" Us Times Square store is seen in New York

    Playtime over for Toys 'R' Us

    Top News | 22 September 2017

    Toys ‘R’ Us has agreed a US$3.125bn debtor-in-possession financing as it seeks to restructure US$5bn of long-term debt.

  • McAfee lines up giant dividend payment

    Loans | 15 September 2017

    Software security firm McAfee is raising US$4.75bn of leveraged loans to finance a dividend payment of around US$2bn, which is one of the largest dividend payments on record, according to Thomson Reuters LPC data.

  • US leveraged loans ready for strong second half

    Loans | 25 August 2017

    The sizzling US leveraged loan market is expected to maintain its breakneck pace in the second half and potentially set new volume records, despite lower merger and acquisition activity, as the strength of investor demand continues to see off concern about mounting macroeconomic and geopolitical risks.

  • Petsmart store

    US retailers' woes worsen as loan prices slump

    Top News | 25 August 2017

    Pet supplies firm PetSmart is the latest US retailer to see its loan fall below 90% of face value as technology disruption threatens to boost borrowing costs in the struggling US retail sector and raises solvency and liquidity concerns.

  • Jumbo US buyout loans launch before summer slowdown

    Loans | 04 August 2017

    More than US$6.3bn of acquisition loans hit the US leveraged loan market last week as private equity firms launched three jumbo buyout loans to beat the summer slowdown and take advantage of favourable market conditions.

  • Appetite for second-lien increases as yields fall

    Loans | 14 July 2017

    The success of mobile phone insurance provider Asurion’s US$1.8bn second-lien loan may encourage more US companies to tap the market for US$1bn-plus junior loans to reduce their borrowing costs.

  • Senior leverage on buyouts surges to record levels

    Loans | 30 June 2017

    Senior leverage on buyouts reached record highs in the second quarter as companies including online education provider Ascend Software and secondary ticket seller Vivid Seats took on large chunks of first-lien debt to back their acquisitions.

  • Issuers walk as lenders resist aggressive refis

    Loans | 23 June 2017

    Virgin Media and plastic packaging company Berry Global have withdrawn their attempts to refinance loans to spreads in the 200bp-250bp over Libor range amid signs of resistance among leveraged lenders.

  • Hope springs eternal for LBO activity

    Loans | 23 June 2017

    US bankers say the summer may be busier than usual for sponsor-driven mergers and acquisitions, which would be good news for loan investors clamouring for leveraged buyouts to provide opportunities to put money to work.

  • Veritas comes full circle with repricing

    Loans | 16 June 2017

    Nearly a year to the day after banks finally sold the loans backing Veritas Software’s buyout at a discount of 85 cents on the dollar, the issuer has lowered the interest rate on the debt with a repricing exercise.

  • Institutional market lures middle market borrowers

    Loans | 09 June 2017

    Middle market lenders are losing higher-yielding assets to the institutional loan market as companies such as US Anesthesia Partners, attracted by the lower spreads, opt to tap the broadly syndicated market, leaving private credit managers to reinvest repayment proceeds at lower yields.

  • Love-hate reception for lev loans

    Loans | 19 May 2017

    Companies with strong earnings and good trading records, including telecoms provider CenturyLink and food company Post Holdings, are tapping the US leveraged loan market at ever-tighter spreads as investor demand remains strong for floating-rate assets.

  • Panera Bread

    Hearty demand for Panera financing

    Top News | 12 May 2017

    A US$3bn loan backing the US$7.2bn takeover of bakery chain Panera Bread by JAB Holding has already benefited from strong demand from lenders with a big appetite for the deal.

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