In this summary Advantage Data aims to highlight the challenges faced in sourcing and utilizing market data for valuation of illiquid and middle market loans. We will consider the overall methods of aggregating and applying data to loans in this space and how the issues surrounding the lack of readily available information can be overcome.
This past Friday, Avaya Inc., announced that it had filed for Chapter 11 bankruptcy protection in attempt to reduce its load of $6.3 billion in debt. The telecommunications company has been burdened by debt since an $8.2 billion buyout in 2007 by private equity companies, Silver Lake Partners and TPG Capital. Looking at intraday broker loan quotes on Avaya's L+525 2020, today's market opened at a 83 7/8 bid and 84 5/8 offer. Since then, the market has trended down to most recently a 83 1/2 bid and 84 offer. The L+750 DIP remains constant at 102 3/4 and 103 1/2.
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 529,400+ U.S. and international corporate bonds
- Over 6,200+ CDS reference entities
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 14 asset classes from debt to CDS to loans to mid-market
- Used by top buy and sell-side firms worldwide