With leveraged loan market back online, LBOs for CoAdvantage, Del Frisco’s, Waystar, OEConnection to take out BDC-held debt
Both the leveraged loan and high-yield bond markets wasted no time getting back to business despite August’s tenuous market conditions, with issuers stepping forward last week with a mix of opportunistic and M&A-related transactions. Foreshadowing what is expected to be a busy September, the high-yield market saw its first drive-by execution on the Tuesday after Labor Day in seven years as issuers rushed to capitalize on the plunge in U.S. Treasury yields with heightened trade tension last month, even as it reversed course last week with one of the biggest one-day yield gains in three years.
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LBOs to take out existing debt at Insurity, Loparex, Pregis and Press Ganey; holders include TSLX, BDVC, Audax, ORCC, FSK and Sierra
It was back to business last week for loans and bonds alike, with loan arrangers holding 22 lender meetings or calls to support $15.82 billion of deal flow. High-yield was similarly busy with nine credits for $3.88 billion marking the busiest post-July 4 week in several years, a testament to strong market conditions amid still-low underlying rates despite a small spike on Thursday afternoon and ongoing inflows to the asset class. An overwhelming majority was refinancing related, but new-money opportunities through M&A deals are already on tap for high-yield this week.
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LFI BDC Portfolio News 6-24-19: Talen Energy Supply to repay term debt held by FS Energy & Power Fund
High-yield extended its June rebound with increasing vigor over the past week amid retail cash inflows and declining interest rates, and the new-issue machine kept churning out maturity-extension focused refinancings, peppered by a few M&A situations. The loan secondary, by contrast, was little changed, with new issues at an ebb pre-holiday and the specter of falling rates dampening enthusiasm among end investors.
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Allied Universal to widen margin on most 1L debt; existing holders include BDVC, OCSL
Bifurcated market conditions continued to reign in new-issue loans despite modest deal flow and a panoply of deal revisions that reflect the challenging nature of the current calendar; in the month to date B3 issuers comprise 44% of rated volume, the highest percentage since December. Bonds charged forward with a bunch of refi-related prints tight to talk, but the two buyout financings met some inevitable pushback on issuer-friendly terms.
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Avantor repricing to narrow yield on debt held by BDVC, OCSI, OCSL, FSK
High-yield took center stage last week as investors shrugged off outflows and cozied up to a busy new-issue calendar bolstered by falling U.S. Treasury yields that helped support an attractive refinancing window, which drew big names such as HCA, Sirius XM Radio, Vistra Energy and even Intelsat. New-issue loans, on the other hand, were mixed as bifurcated market conditions that have existed for much of the year are coming into sharper focus.
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