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  • Syndicated Loan Market Commentary 08/11/2010
    Today was messy. With both the Fed and Bank of England cutting growth forecasts, fear is back in vogue. Globally, equities were down around 2.7% as the thought of taking on more risk made people nervous. The big worry in the market has shifted and it is no longer the sovereign debt woes that have plagued the PIIGS. We now have something new called the fear of “Japanisation”, which is the concern that the US and UK economies may emulate the low growth and deflationary economic environment seen in Japan in the 1990’s. This is a topic that has been discussed and debated in academia but now we have journalists reporting on it, so we now run the risk of this causing widespread panic. People are attracted to bad news, so, be careful and don’t by into the hype just yet but remain skeptical.
     
    There is no question that the loan market was heavy today. The secondary was quiet with most people distracted by the happenings in both the loan and high yield primary, but, there was a good mix of buyers and sellers in the market. The theme was that people are more risk adverse than they were on Monday but buyers of credit are out there. The market weakness provides is a great opportunity to find paper for sale at a good price. However, most people are going to be sidelined watching prices trickle lower as they will adopt the mentality of “why buy today when it will be cheaper tomorrow.”
     
    But, there are billions of dollars worth of loans expected to be refinanced and taken out in the coming weeks, so the market technical’s will help turn this down trend around rather quickly. Investors are cautious right now and this does not bode well for the equity markets, but investors need to put capital to work and are hell bent on finding yield, so money will continue flocking our way. The headlines and economic data coming out are scary and in long-term things could get worse, but at least in the near-term you have an opportunity to squeeze out some decent returns. Keep your eyes focused on the Economic calendar as the next likely catalyst that could shift the markets sentiment back to positive will be either the initial jobless claims out tomorrow morning or July retail sales on Friday. Have a good night.
     
     
    Headlines
    • Fed outlook weighs on European shares; banks fall
    • BarCap cuts jobs, slowdown set to squeeze banks  
    • Slowdown but no meltdown for China economy in July
    • BoE forecasts leaves scope for further easing 
    • UK jobless down less than expected, employment up    
    • U.S. trade gap widens sharply in June
    • U.S. job openings flat at 2.9 million in June                  
    • Wall St tumbles at open after Fed, data    
    • Credit spreads widen on recovery woes
    • Cisco revenue misses Wall Street view
    • GM could file IPO as soon as Friday
    • Wall Street giving its money to Republicans now                     
     
    Must Read Articles
     
    News
    • Las Vegas Sands' proposed amendment was put to a vote yesterday as planned, but this morning creditors were still waiting to hear the final result. The amendment is reportedly just shy of attaining the required 51% creditor approval. the outcome of the proposed amendment was still too close to call ahead of Tuesday's 5:00 p.m. deadline, with rumors of a blocking group, a counter-proposal and disagreement over how many votes are already in the book muddying the proceedings. Several investor sources said that as of 9 a.m. this morning Credit Suisse was still reaching out to lenders, having attained roughly 47% of the required vote. This morning, the blocking group was said to believe the amendment was close to netting the 51% approval.
    • Toys R Us extended the maturity of its revolver to Aug 10 2015 and increased the borrowing capacity from $1.63 billion to $1.85 billion, according to a statement by the company. The transaction was led by Banc of America Securities LLC, Wells Fargo Retail Finance LLC, and JPMorgan Securities, Inc as joint lead arrangers and joint book-running managers. Deutsche Bank Securities, Inc. and Citigroup Global Markets, Inc. also served as joint book-running managers on the transaction, the company said. Drawn pricing will initially be set at LIB+275 until January 30, 2011. Thereafter, it will vary from LIB+250 to LIB+300 based on utilization. The credit facility is available for general corporate purposes and the issuances of letters of credit. It is secured by a first lien on certain company inventory and accounts receivable, as well as certain Canadian real estate.
    • American General Finance Corp's (AGFC) new term loan eased about 50bp to 99-99.5 today after AIG Group said it will sell 80% of the company to Fortress Investment Group. Moody's Investors Service lowered the company's corporate family rating and bank loan to B3 and B2, respectively, citing its view that the pending sale of the firm "results in a lower expectation of support from AIG." American General entered into a $3 billion term loan priced at LIB+550 with a 1.75% Libor floor. The loan benefits from 101 call protection. AGFC is the residential mortgage unit of AIG.
    • Bankrupt U.S. auto parts supplier Visteon Corp has been in talks with at least three banking groups on exit financing worth about $700 million. Morgan Stanley and Barclays Capital are each leading competing groups to provide the financing for the major supplier of Ford Motor Co to emerge from bankruptcy more than a year after it filed for Chapter 11. A consortium composed of Goldman Sachs, Deutsche Bank, and Wells Fargo is also in talks with Visteon to provide financing. The $700 million exit financing for Visteon would comprise of a $200 million asset-backed loan and another $500 million term loan. Visteon, the former parts unit of Ford which was spun off from the automaker in 2000, filed for Chapter 11 in May last year, one of the casualties of the global auto industry crisis that also sent General Motors and Chrysler intro bankruptcy.
    • Jarden's loans are better on news the company is seeking to extend the tenor of its T-1, T-2, and T-3 loans by three years to match the maturity of its T-4 loan. The T-3 rose to 99-100, while the T-1 and T-2 rose to 98.75-99.75. The company is looking to extend the maturities to 2015 to match that of the T-4. In addition, pricing on all three tranches will be bumped up to LIB+325, the same as that of the T-4. The company is also seeking permission to issue bonds to repay bank debt.
    • Bank of America Merrill Lynch, JP Morgan and Goldman Sachs are launching tomorrow a refinancing for Toys-Delaware, a subsidiary of Toys R Us. Toys R Us announced today that Toys-Delaware will raise $1 billion in senior secured term loans and senior secured notes. Toys-Delaware intends to use the cash proceeds to repay its existing $800 million secured term loan facility and its existing $181 million senior unsecured credit facility, the company said in a statement. The loans and notes will not be guaranteed by Toys R Us. Toys R Us also announced today that it extended the maturity of its revolver to Aug. 10 2015 and increased the borrowing capacity to $1.85 billion from $1.63 billion.
     
    On the Break
    • Pinnacle Foods Corp's new $442 million term loan D is quoted 100.25-101 after breaking for trading this afternoon. The loan is priced at LIB+425 with a 1.75% Libor floor. The facility was talked at LIB+425-450. Senior secured and total leverage are 3.4 times and 5.9 times, respectively. The loan refinances the company's term loan C. The facility rating is Ba3/B, while the corporate family rating is B2/B. Barclays, Bank of America Merrill Lynch and Credit Suisse are the leads.
    •  
    New Issue
    • Bayonne Energy Center has tapped the market for a $421.2 million, eight-year term loan for a 512-megawatt gas-fired electric power plant in New Jersey, sources said. WestLB and Credit Agricole are lead arrangers and were joined by around eight other banks. The project loan was 1.1 times oversubscribed. Pricing is LIB+325 with a 75bp commitment fee. Amortization is scheduled to begin after the construction period which is around two years. Closing is slated for end of the month. The plant will provide electricity to New York City and is sponsored by ArcLight and Hess Corp.
    • Price talk on Chemtura Corp's $300 million, six-year term loan is LIB+400 with a 1.5% Libor floor and a 98.5-99 OID. Moody's Investors Service today assigned a (P)Ba1 rating to the term loan and a (P)Ba3 corporate family rating. Bank of America Merrill Lynch, Citi, Wells Fargo, Barclays and Goldman Sachs launched yesterday the $575 million exit loan for Chemtura Corp. The deal also includes a $275 million, five-year asset-based revolving credit facility. Senior secured leverage is 0.9 times, while total leverage is 2.3 times. Chemtura announced it will raise $450 million in senior notes due 2018 as part of the exit financing package. Chemtura's U.S. operations filed for Chapter 11 bankruptcy protection in March 2009. The company is aiming to exit bankruptcy protection by the end of September.
    • Nutritional supplements maker NBTY Inc has begun approaching a handful of large institutional shops for its $1.7 billion LBO loan. No firm launch date or price talk has been set yet but a retail launch is expected post Labor Day. Pricing would likely be in the LIB+400 area, along with a 1.75% Libor floor. Senior secured leverage is said to be three times, while total leverage is believed to be 4.8 times. Barclays leads the loan. The company will also raise $900 million senior unsecured notes. Carlyle Group will contribute $1.6 billion in equity. Under the terms of the merger agreement, Carlyle will acquire all of the outstanding common shares of NBTY for $55 per share in cash, representing a premium of approximately 57% over NBTY's average closing share price during the 30 trading days ended July 14.
     
    Ratings
    • Moody's Investors Service downgraded the corporate family and senior unsecured ratings of American General Finance Corp. (AGFC) to B3 from B2, after American International Group, Inc. announced that it will sell 80% of AGFC and its immediate parent, American General Finance Inc. (AGF), to certain funds and affiliates of Fortress Investment Group LLC. AGFC's rating outlook is developing. The downgrade of AGFC's ratings reflects Moody's view that the pending sale of the firm results in a lower expectation of support from AIG. Previous to today's rating action, AGFC's long-term ratings incorporated one notch of uplift for implicit AIG support. Moody's assumes no support associated with AIG's post-sale 20% minority interest in AGF.
    • Moody's Investors Service assigned a B1 rating to First Data Corporation's proposed $500 million Senior Secured First Lien Notes and affirmed the company's existing ratings with a stable outlook. First Data's B3 corporate family rating (CFR) reflects our view that the capital structure will not materially change with the proposed issuance of $500 million of secured notes, which will effectively extend a small portion of the $12.4 billion senior secured term loan due September 2014. However, we view the amendment to have favorable long-term credit implications as it provides the company with the flexibility to improve its capital structure. By allowing the company to extend a portion or all of its term loan while issuing up to $3.5 billion of junior debt, which we expect would be used to term out the existing term loan and/or junior debt, the amendment serves as the first step in proactively refinancing the term loan due September 2014, which represents the company's nearest maturity.
    • Moody's Investors Service assigned a provisional (P)Ba1 rating to a proposed $300 million, six-year, senior secured term loan credit facility for Chemtura Corporation (Chemtura). Moody's also assigned a provisional (P)B1 rating to proposed $450 million senior unsecured notes due 2018, a provisional (P)Ba3 Corporate Family Rating (CFR) and Probability of Default Rating, and a SGL-3 Speculative Grade Liquidity Rating. The outlook for the ratings is stable. Moody's understands that the proposed debt offerings will primarily be used to repay the DIP loans of $300 million, financing fees, and distributions under Chemtura's plan of reorganization when the company exits from bankruptcy. The provisional ratings are assigned pending the emergence from bankruptcy and the closing of the proposed exit financing. The company is expected to emerge from bankruptcy in early October 2010.
     
    High Yield
    Announced
    • American Tower Corp "AMT" Baa3/BB+/BBB- (s/s/s) USDtbd (USD500m initially but may have modest growth) 10y via joint books Citi/CS/JPM/RBS. CoC put at 101. UOP: to (i) finance acquisition of ETIPL and other recent and potential acquisitions, including the refinancing of a portion of borrowings under the Revolving Credit Facility and (ii) for general corporate purposes. Pricing today.
    • First Data Corp "FDC" USD500m 144A/Reg S sr sec first lien notes due 2020 (10y). NC5. Expected ratings B1/B+. Via Citi/CS/BAML/DB/GS/HSBC joint books. No reg rights. Investor call today at 11am. Pricing today. UOP: Repay $487.5 of FDCs senior secured term loans. Biz: provides electronic commerce and payment solutions for businesses, including credit and debit card transaction processing. HQ: Atlanta, GA.
    • Tower Automotive Holdings USA LLC/TA Holdings Finance Inc USD450m 144A sr sec 1st lien notes due 2017 (7y). NC4. Via JPM/Citi/GS joint books. Repay debt.
    • QEP Resources Inc (QEP) USD500m notes due March 2021 (10.5y). MWC. Expected ratings BA1/BB+ (stable/stable). Via DB/BAML/BMO/JPM/WFS joint books, STI, USB, MUS, BBVA, RBS, TD, SocGen, GS as co-managers. UOP: repay debt. Biz: natural gas and oil E&P with operations focused in the Rocky Mt and Midcontinent regions. Also gathers, processes and stores natural gas. HQ: Denver, Co.
    • Toys "R" Us - Delaware Inc announced that it intends to raise approximately USD1bn in sr sec term loans and 144A sr sec notes. UOP: repay its USD800m sr sec term loan and USD181m sr unsec credit facility. Biz: toy retailer. HQ: Wayne, NJ.
     
    Price Talk
    • Intl Lease Finance Corp 144A 4s/6s/8s 3-part sr sec first lien notes. With contingent reg rights. All NCL. BofAML/Citi/JPM active books. CS/UBS passive books on 4y, Barc/BNP passive books on 6y, and DB/WFS passive on 8y. Expected ratings Ba3/BBB-/BBB-. First priority lien on a segregated collateral pool, consisting of 122 aircraft and related equipment and leases. UOP: refi portion of the AIG loans. Total now USD3.9bn, upsized from original USD2.5bn total. Pricing today.
      • USD1.35bn 4y, price guidance 6.625% area. Up from $900m.
      • USD1.275bn 6y, guidance 6.875% area. Up from 800m.
      • USD1.275bn 8y, guidance 7.25% area. Up from $800m.
    • Price talk of 6.375%-6.50% (T+375bp) is out on Peabody Energy Corp (BTU) USD650m SEC registered sr notes due 2010 (10y). NCL. Ba1/BB+ (stable/stable). Via BAML/MS/HSBC/Citi/RBS joint books. Books close at 1.30pm. Pricing today.
    • OPTI Canada Inc USD400m sr sec 1st lien notes two-part. Via CS. No reg rights. Books close at 2pm today. Pricing this afternoon.
      • USD100m add-on to its 9% 1B "second out" notes due 12/15/12. NC4mos (MWC T+50bp) (12/15/10) then at 102, 06/15/12 at 100. Fungible with the USD425m issue priced 11/16/09. Price talk 99.50 (plus AI from 06/15).
      • USD300m 1C "third out" due 08/15/13. NC1 (08/15/11), then at 102, 02/15/13 at 100. Special change of control at 105. Price talk 9.75% coupon at 97 to 98 (approx 10.50%-11% yield).
    • Price talk of 9%-9.25% yield (with modest OID) is out on First Data Corp (FDC) USD500m 144A/Reg S sr sec first lien notes due 2020 (10y). NC5. B1/B+ (stable/stable). Via Citi/CS/BAML/DB/GS/HSBC joint books. No reg rights. Books close at 2:30pm today. Pricing this afternoon.
    • Price talk of 7%-7.125% all-in-yield (with approximately 1 point OID) is out on QEP Resources Inc (QEP) USD600m (upsized from USD500m) SEC registered sr notes due March 2021 (10.5y). BA1/BB+ (stable/stable). Via DB/BAML/BMO/JPM/WFS joint books. Books close at 2pm for pricing shortly thereafter.
     
    Priced
    • Pinnacle Foods Finance LLC/Corp USD400m 144A sr notes due 9/1/2017 (7y). NC3 (1st call at par plus 3/4 coupon). B3/CCC+. Via Barc/BAML/CS joint books. With reg rights. 8.25% at 100.00. +613bp vs 2.375% 7/31/2017. Del 8/17 (T+5). 144A CUSIP: 72347QAF0.
    • First Data Corp "FDC" USD510m 144A/Reg S sr sec first lien notes due 08/15/20 (10y). NC5 (MWC T+50bp). B1/B+ (stable/stable). Via Citi/CS/BAML/DB/GS/HSBC joint books, WFS,, BNPP, KKR, Mizuho, Scotia as co- managers.. No reg rights. 8.875% at 98.387, yield 9.125%. +644bp vs 3.50% 05/20. Del 08/20 (T+7). 144A
    • PRELIM PRICING:USD700m 5.05% 9/1/20. At 99.88, yld 5.065%. T+237.5bp. 3/1/11 first pay. Settle 8/16 (T+3). MWC T+37.5bp. See . American Tower Corp "AMT" Baa3/BB+/BBB- (s/s/s) USDtbd (USD500m initially but may have modest growth) 10y via joint books Citi/CS/JPM/RBS. CoC put at 101.
    • OPTI Canada Inc USD400m 144A sr sec 1st lien notes two-part. Via CS. No reg rights. Del 08/20.
      • USD100m face add-on to its 9% 1B "second out" notes due 12/15/12. NC4mos (MWC T+50bp) (12/15/10) then at 102, 06/15/12 at 100. B2/B (negative/stable). Fungible with the USD425m issue priced 11/16/09. Priced at 99.51, yield 9.228%. +869bp vs 3.625% 12/31/12. Settles with AI from 06/15). 144A CUSIP: 68358BAA5.
      • USD289.5m proceeds (USD300m face) 1C "third out" due 08/15/13. NC1 (08/15/11), then at 102, 02/15/13 at 100. B3/B (negative/stable). Special change of control at 105. 9.75% at 96.50, yield 11.162%. +1,039bp vs 4.25% 08/15/13.
    • Intl Lease Finance Corp (AIG) B1/BB+/BB (stable/negative/evolving) USD500m SEC registered 7y sr unsec notes due 9/1/17 (7y). NC life. Via Citi/BAML/JPM (active)/BNP/CS/GS/UBS (passive) joint books. Co-mgrs: Barc, DB, WFS. 8.875% at 99.353, yield 9%. Del 08/20.
    • Peabody Energy Corp (BTU) USD650m SEC registered sr notes due 09/15/2020 (10y). NCL (MW+50). Ba1/BB+ (stable/stable). Via BAML/MS/HSBC/Citi/RBS joint books. Sr cos: BNP, CA-CIB, PNC, SocGen, WFS. Co-mgrs: Barc, BBVA, BMO, MUS, Sant, StanChart, Daiwa, USB. 6.75% at 100.00. Del 8/25.
     
    What to Watch Tomorrow
    • Initial claims (Department of Labor) 8:30 a.m. ET
    • Treasury to auction $16 billion 30-year bonds
    • Grupe Aeroplan Inc. Q2 earnings, conference call 8 a.m. ET
    • EnerSys Q1 earnings, conference call 9 a.m. ET
    • Cinedigm Digital Cinema Corp. Q1 earnings, conference call 9 a.m. ET
    • Kaiser Aluminum Corp. at Jefferies industrial and a&d conference 9 a.m. ET
    • Kratos Defense & Security Solutions, Inc. at Jefferies industrial and A&D conference 9 a.m. ET
    • Advance Auto Parts, Inc. conference call 10 a.m. ET
    • Brinker International, Inc Q4 earnings, conference call 10 a.m. ET
    • Quantum Corp. at Morgan Keegan technology conference 10:15 a.m. ET
    • OSI Systems, Inc. at Jefferies industrial and a&d conference 10:30 a.m. ET
    • CommScope, Inc. at Morgan Keegan technology conference 10:45 a.m. ET
    • AGCO at Jefferies industrial and a&d conference 11 a.m. ET
    • Barrington Broadcasting Group Q2 earnings, conference call 11 a.m. ET
    • Boise Cascade Q2 earnings, conference call 11 a.m. ET
    • Crown Media Holdings, Inc. Q2 earnings before market open, conference call 11 a.m. ET
    • Elizabeth Arden, Inc. Q4 earnings, conference call 11 a.m. ET
    • Gray Television, Inc. Q2 earnings, conference call 11 a.m. ET
    • Invista BV Q2 earnings, conference call 11 a.m. ET
    • Nuveen Investments Q2 earnings, conference call 11 a.m. ET
    • O’Charley’s Inc. Q2 earnings before market open, conference call 11 a.m. ET
    • Yankee Candle Co., Inc. Q2 earnings, conference call 11 a.m. ET
    • Aircastle Ltd. at Jefferies industrial and a&d conference 11:30 a.m. ET
    • Navarre Corp. Q1 earnings before market open, conference call 12 p.m. ET
    • Royal Gold, Inc. Q4 earnings before market open, conference call 12 p.m. ET
    • Wendy’s/Arby’s Group, Inc. Q2 earnings before market open, conference call 12 p.m. ET
    • Activant Solutions Inc. Q3 earnings, conference call 1 p.m. ET
    • Cambium Learning Group, Inc. Q2 earnings, conference call 4 p.m. ET
    • Bally Technologies, Inc. fiscal earnings after market close, conference call 4:30 p.m. ET
    • Blockbuster Inc. Q2 earnings after market close, conference call 4:30 p.m. ET
    • Education Management Corp. Q4 earnings after market close, conference call 5 p.m. ET
    • Red Robin Gourmet Burgers, Inc., Q2 earnings 4 p.m. ET, conference call 5 p.m. ET
    • Darling International Inc. Q2 earnings after market close
    • GEO Group Q2 earnings after market close
     
    16th Annual Thomson Reuters LPC Loan Conference
    Wednesday September 22, 2010
    Marriott Marquis, New York City
     
    Now in its 16th year, the Thomson Reuters LPC Loan Conference has become one of the industry's premiere annual events. Join investors, lenders, financial sponsors and treasurers as they discuss the outlook for a continually evolving loan market.
     
    Click Here to view our detailed agenda and to access registration information.
     
    Aug 11 6:20 PM | Link | Comment!
  • Syndicated Loan Market Commentary 08/10/10
    Overnight weak economic data from China and England weighted on the markets. China showed more signs of slowing growth as July imports came in weaker than expected, pushing the Shanghai Composite index down close to 3%. Also, July house prices rose less than expected at 10.3% y/y, the slowest pace since January. In England house prices fell as well and retail sales growth slowed abruptly. The pace of economic growth is slowing globally and investors are getting increasingly nervous. U.S. equities opened lower and stayed low up until the Fed’s rate decision which, to no surprise, remained unchanged and they kept the “extended period” language. But, what got the market excited was the announcement that they will “keep constant the Federal Reserve's holdings of securities at their current level by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities.The Committee will continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.” Equities pared most of their losses and the S&P and Dow finished at 1,121.06 (+0.6%) and 10,644.25 (+0.51%) respectively.
     
    The loan market started heavy and high beta names, that typically track equities, were quoted an eighth to a quarter lower. The LCDX was out of the gate down a quarter to 96 7/8 – 97 1/8. Most accounts have enough cash and those that need to shore up some have been selling higher dollar, lower coupon paper. There has not been much of a new issue calendar to get involved with so a lot of that money has been put to work by buying strong credits with positive earning that could benefit from some price appreciation as market technical’s push loan bids higher. The high yield primary is on fire. Just today Pinnacle, SPX, DirecTV, and Chemtura issued bonds to repay/refinance their bank debt. Investors crave yield and they are flocking to the high yield bond market. Issuers will continue to bring deals to market since there is an excess demand for the stuff. We will also continue to see issuers refinance out of their bank debt since high yield bonds are much less restrictive, allowing them more flexibility to navigate through this stagnating economy. In my mind this is a red flag for further trouble down the road, but for right now, the coast is clear so it pays to be involved.
     
    After the Fed announcement, loans noticed a bit of a pop, and the LCDX 14 had a brief rally. Pabst Brewing Company, the makers of one of my all time favorite beers, PBR, broke for trading above its OID and was quoted in the 98.5 context. So, if anyone wants to go out and celebrate this occasion, let me know, beers on me. Also, EnergySolutions $560 million term loan broke for trading as well and they too, traded atop their OID. In all, the positive trend in the loan market continues. On the day, loans were mostly positive moving up around an eighth of a point, heledp slightly by FDC’s earnings, which were better than expected. The same themes we have seen will continue to play out. So, keep your eyes on the high yield market as that is where the action is. Have a good night.
     
     
    Headlines
    • China trade surplus soars as domestic demand flags
    • Weak UK data highlight BoE dilemma, pound falls  
    • Spain PM cautious on growth, eyes budget spending
    • Oil slips as China imports slow, dollar rises
    • Fed takes fresh steps to support fragile recovery
    • U.S. House of Representatives passes aid bill    
    • U.S. stocks pare losses, bonds rise after Fed    
    • US productivity weakens in second quarter        
    • Economists cut U.S. forecasts, see more Fed action
     
    News
    • Pinnacle Foods, Goodyear Tire & Rubber, SPX Corp and Regal Entertainment each announced senior note offerings this morning, showing the continued strength of the high yield new issue market.
    • Innerwear maker Hanesbrands Inc said it agreed to acquire privately held GearCo Inc, known as Gear For Sports, a seller of branded apparel in collegiate bookstores, for about $55 million in cash. Hanesbrands will also assume $170 million of debt, which it expects to retire. The deal for Gear For Sports, which sells apparel under several brands including Hanesbrands' Champion label, will add about 20 cents to Hanesbrands' earnings per share in the first year and 30 cents per share in the second year after closing, it said. Gear For Sports reported sales of $225 million in its fiscal 2010 year ended in June.
    • Visteon Corp late reported a 2Q net loss of $201 million, which includes a $122 million charge for certain post-petition interest expenses, compared to a net loss of $112 million in 2Q09. Product sales totaled $1.89 billion, up from $1.48 billion a year earlier, and free cash flow increased by $85 million to $92 million. The company plans to move forward with its confirmation hearing on August 31.
    • Standard & Poor's Rating Services said today it has assigned its 'BBB-' rating to International Lease Finance Corp's (ILFC) proposed $2.5 billion secured notes. ILFC has indicated that it will use the proceeds from the notes to repay secured borrowings from an affiliate of parent American International Group Inc.
    • United Airlines says July consolidated passenger revenue per available seat mile is estimated to have increased 22.0%
    • First Data Corp has received the requisite approval on its amendment ahead of today's 5:00 p.m. commitment deadline. Credit Suisse launched Aug. 4 an amendment that will allow First Data Corp to issue additional secured debt to pay down its term loans. The amendment allows for a basket of $3.5 billion in junior debt to repay senior or senior subordinated debt. It also gives First Data the ability to extend its existing revolving credit facility and term loans in the future. Also, under the amendment, the issuer's $1.5 billion incremental facility will be reduced to $1 billion. Consenting lenders will receive a 10bp fee.
    • Fairmont Hotels & Resorts Inc is seeking an amendment and extension on its about $1 billion multi-currency deal led by Citi, sources said. The hotel chain is asking to extend its facility by three years to August 2013. In return, lenders get a 100bp fee for rolling over $100 million of their existing commitments, 87.5bp for $75 million, or 75bp for less than $75 million. And for incremental commitment amount, lenders get additional 150bp. In addition, the company plans to repay the Singapore term loan of its facility with proceeds of the sale of Raffles 1886, and non-Singapore TL will be repaid with excess proceeds.
    • Credit Suisse launched today an amend-to-extend for Smart & Final. The issuer is looking to extend its $386 million first-lien term loan by two years to May 2016 at a 100bp spread bump of LIB+400. The extended tranche would have 50bp MFN protection. Smart & Final is also looking to extend its second-lien loan by two years to November 2016. The existing piece has a PIK feature. On the extended tranche, the PIK option would be eliminated and the coupon would be LIB+875 in cash, with a step-up to LIB+900 after two years. The extended second-lien would also have 50bp MFN protection.
    ·         The blocking group opposing Las Vegas Sands' proposed amendment has garnered votes that take up around 49.99% of the total facility (or 63% of the term loan and delayed draw term loan tranches), according to an email sent out to investors by the blocking group. The outcome of Las Vegas Sands' proposed amendment is still too close to call ahead of today's 5:00 p.m. deadline, with rumors of a blocking group, a counter-proposal and disagreement over how many votes are already in the book muddying the proceedings. Unhappy with the 75bp price bump, a lender group was said to have already sent a counter-proposal back to the company. That proposal, however, will not be considered unless the amendment, in its current form, fails to get approved. However, another investor was told the company would not consider a counter-proposal, instead preferring to walk away altogether.
     
    On the Break
    ·         Pabst Brewing Co's $100 million term loan broke for trading in the 98.5 context. Pricing on the loan flexed up to LIB+500 from LIB+475 and the OID widened to 98 from 99. The loan benefits from a 1.5% Libor floor. GE Capital leads a $100 million loan backing the company's buyout by food investor C. Dean Metropoulos. The five-year loan includes a $10 million revolving credit facility and a $90 million term loan. The purchase price is said to be $250 million, according to published reports.
    ·         EnergySolutions' new $560 million term loan B broke for trading this afternoon in the 98-98.5 range. The OID was previously widened to 97.5 from 98-98.5. The six-year loan is priced at LIB+450 with a 1.75% Libor floor. It benefits from 101 soft call protection. JP Morgan, Credit Suisse and Citi launched the deal July 15. Proceeds are to refinance the company's existing TLB and synthetic LC facility.
     
     
    Earnings
    • First Data's loans are slightly better this morning after the company posted a rise in 2Q10 revenue in 2Q10. The TLB-2 rose to 86.625-87.25, up from 86.25-86.75 yesterday. Today, the company posted consolidated revenue of $2.6 billion in the quarter, up 18% from the year-earlier period. Adjusted revenue increased 4% to $1.6 billion. Adjusted EBITDA in the quarter was $513 million, down from $589 million a year ago as higher compensation accruals, a $29 million contract termination fee and a $17 million write-off of receivables negatively affected the number. The company generated $594 million in operating cash flow in the quarter.
     
    New Issue
    • Bank of America Merrill Lynch, Citi, Wells Fargo, Barclays and Goldman Sachs are launching this morning a $575 million exit loan for Chemtura Corp. The deal includes a $275 million, five-year asset-based revolving credit facility and a $300 million, six-year term loan. Senior secured leverage is 0.9 times, while total leverage is 2.3 times.
    • Pinnacle Foods Corp is holding a lenders call today at 11:30 a.m. following its earnings call to put in place a $442.3 million senior secured term loan D to refinance its term loan C. The TLD carries price talk of LIB+425-450 with a 1.75% Libor floor and no OID. Senior secured and total leverage are 3.4 times and 5.9 times, respectively. Commitments are due tomorrow at 5:00 p.m. The facility rating is Ba3/B, while the corporate family rating is B2/B. Barclays, Bank of America Merrill Lynch and Credit Suisse are the leads.
    Ratings
    • Standard & Poor's Ratings Services said today that its has assigned issue-level and recovery ratings to Mountain Lakes, N.J.-based Pinnacle Foods Group LLC's proposed $442 million senior secured Term loan D due 2014 and $400 million senior unsecured notes due 2017. The issue-level rating on the proposed secured Term Loan D is 'B+' (one notch higher than the corporate credit rating) with a recovery rating of '2', indicating our expectation for substantial (70% to 90%) recovery in the event of a payment default. The issue-level rating on the proposed senior unsecured notes is 'CCC+' (two notches lower than the corporate credit rating) with a recovery of '6', indicating our expectation for negligible (0% to 10%) recovery in the event of a payment default. At the same time, we raised the issue-level rating on the company's existing senior secured debt (including a $150 million revolving credit facility due 2013 and $1.25 billion Term loan B due 2014 with an outstanding balance of about $1.2 billion as of June 30, 2010) to 'B+' from 'B' (one notch higher than the corporate credit rating). We revised the recovery rating to '2', indicating our expectation for substantial (70% to 90%) recovery in the event of a payment default, from '3'.
     
    High Yield
    • Pinnacle Foods Finance LLC/Corp USD400m 144A sr notes due 2017 (7y). NC3 (1st call at par plus 3/4 coupon). Equity claw: 3y 35%. Ratings TBD. Via Barc/BAML/CS joint books. With reg rights. Earnings call at 10am today. Investor call at 11.30am today. Pricing this afternoon. UOP: along with USD442.3m sr sec term loan D to refinance its term loan C due 2014. Biz: manufactures and markets branded food pdts. HQ: Mountain Lakes, NJ.
    • The Goodyear Tire & Rubber Co "GT" USD750m SEC registered sr notes due 08/15/20 (10y). NC5 (MWC T+50bp). Equity claw: 3y 35%. Ratings TBD (existing ratings B1/B+/B). Via DB/Barc/MS joint books, BNPP, HSBC, Natixis, WFS as co- managers. Off the shelf. Investor call at 10am today. Pricing this afternoon. UOP: along with cash and revolver to redeem USD325 million in principal amount of 8.625% sr notes due 2011 (at 104.313) and approx USD388m 7.857% notes due 2011 (MWC T+35bp); and for GCP, which may include the repayment of other debt. Biz: tire manufacturer. HQ: Akron, OH.
    • Regal Entertainment Group Price talk of 9.25% area yield USD275m SEC registered sr notes due 2018 (8y). NC4. Via CS/Barc/BAML/DB joint books. Off the shelf. Investor call 11am this morning. Books closed at 1pm today. Pricing this afternoon. UOP: repay its 6.25% sr cvt sr notes due 2011 and 9.375% sr sub notes due 2012. Biz: motion picture exhibitor in the world. It is headquartered in Knoxville, TN.
    • Building Materials Corp of America increased to USD450m (from USD350m) 144A sr notes due 08/15/18 (8y). NC4. B1/BB+ (stable/stable). Via DB/Citi/BAML joint books. No reg rights. 6.875% at 98.493, yield 7.125%. +477bp vs 4% 08/15/18. 144A.
    • SPX Corp (SPW) USD350m 144A sr unsec notes due 2017 (7y). NC life. Existing ratings Ba2/BB. Via JPM/BAML/DB joint books, Citi/Scotia as sr co- managers, MUS, Commerz as co-managers. With contingent reg rights. Investor call at 11am today. Pricing this afternoon. UOP: repay bank debt terminate swaps. Biz: global manufacturer and provider of infrastructure products and services. HQ: Charlotte, NC.
    • DirecTV Holdings LLC/DirecTV Financing Co "DTV" Baa2/BBB-/BBB- (s/s/s) USD benchmark SEC registered 5.5s/10.5s/30s 3-part sr notes. Citi/JPM (active)/CS/GS (passive) joint books. CoC put at 101. Optional redemption 3mos prior to maturity at par on 10.5y and 30y tranches. UOP: gcp, which may include the repayment of all of the outstanding borrowings under the Term Loan A and B portions of sr sec credit facility, a distribution to Parent for its share repurchase plan and other corporate purposes.
    • Chemtura Corp USD450m 144A Reg S sr notes due 2018 (8y) NC4 (MWC T+50bp). Equity Claw: 3y 35% Ratings TBD. Via Citi/BAM/Barc/WFS/GS joint books. W/rr. Roadshow starts today. Pricing late ths week. UOP: Repay and replace existing DIP facility, repay certain other indebtedness, and to make certain payments, including fees and expenses. The proceeds will be placed in escrow pending court confirmation of the plan. Biz: global manufacturer and marketer of specialty chemicals, agrochemicals, and pool, spa and home care products. HQ: Philadelphia, PA.
    • Price talk was in 9.25% area Regal Entertainment Group (RGC) USD275m SEC registered sr notes due 2018 (8y). NC4 (MWC T+50bp). Equity claw: 3y 35%. B3/-- (stable/--). Via CS/Barc/BAML/DB joint books. Books close at 1pm today. Pricing Off the shelf. 9.125% at 100.00, yield 9.125%. +676bp vs 4% due 8/15/2018. 144A CUSIP: 758766 AE9.
    • Price talk of 7.875% area is out on Targa Resources LP (NGLS) USD250m 144A sr notes due 2018 (8y). NC4 (MWC T+50bp). Equity claw: 3y 35%. (Expected rating B2)/B+ (--/stable). Via BAML/DB/JPM/RBS/WFS joint books, Barc/UBS/RBS co-leads, BNPP, BBVA, Comerica, ING, USB as co- managers. Books close at 2pm today. Pricing this afternoon.
    • Price talk of 6.875%-7% is out on SPX Corp USD350m 144A sr unsec notes due 2017 (7y). NC life. (Existing rating Ba2)/BB+ (--/stable). Via JPM/BAML/DB joint books, Citi/Scotia as sr co- managers, MUS, Commerz as co-managers. With contingent reg rights. Books close 2.30pm. Pricing 08/10 afternoon.
    • Price talk of 8.125%-8.25% is out on Pinnacle Foods Finance LLC/Corp USD400m 144A sr notes due 2017 (7y). NC3 (1st call at par plus 3/4 coupon). Equity claw: 3y 35%. B3/CCC+ (stable/--). Via Barc/BAML/CS joint books. Books close at 3pm. Pricing this afternoon.
    • Price talk of 8.25% area yield (inclusive of a 0-1 point OID) is out on the new issue for The Goodyear Tire & Rubber Co USD750m SEC registered sr notes due 08/15/20 (10y). NC5 (MWC T+50bp). Equity claw: 3y 35%. (existing B1)/B+ (-- /negative). Via DB/Barc/MS joint books, BNPP, HSBC, Natixis, WFS as co- managers. Books close 3.30 pm. Pricing 08/10 afternoon.
    • Price talk of 11.25%-11.5% is out on Gentiva Health Services Inc (GTIV) USD305m sr notes 2018 (8y). NC4. Equity claw: 3y 35%. B2/B- (stable/stable). Via Barc/BAML/STI joint books. With reg rights. Books close end of day Wednesday. Pricing Thursday morning.
    • SPX Corp (SPW) increased to USD600m (from USD350m) 144A sr unsec notes due 09/01/17 (7y). NC life (MWC T+50bp). Ba2/BB+ (stable/stable). Via JPM/BAML/DB joint books, Citi/Scotia as sr co- managers, MUS, Commerz as co-managers. With contingent reg rights. 6.875% at 100. +472bp vs 2.375% 07/31/17. Del 08/16 (T+4). 144A CUSIP: 784635AM6.
    • Targa Resources LP (NGLS) USD250m 144A sr notes due 10/15/2018 (8y). NC4 (MWC T+50bp). B1/B+ (stable/stable). Via BAML/DB/JPM/RBS/WFS joint books, Barc/UBS/RBS co-leads, BNPP, BBVA, Comerica, ING, USB as co- managers. 7.875% at 100.00, yield 7.875%. +557bp vs 4% 8/15/2018. Del 8/13 (T+3). 144A CUSIP: 87612B AE2.
     
    What to Watch Tomorrow
    • U.S. international trade, June (Census Bureau, Bureau of Economic
    Affairs) 8:30 a.m. ET
    • Metro home prices/State resales, Q2 (National Association of Realtors)
    10 a.m. ET
    • Treasury to auction $24 billion 10-year notes
    • Treasury to auction $25 billion 56-day cash management bills
     
    16th Annual Thomson Reuters LPC Loan Conference
    Wednesday September 22, 2010
    Marriott Marquis, New York City
     
    Now in its 16th year, the Thomson Reuters LPC Loan Conference has become one of the industry's premiere annual events. Join investors, lenders, financial sponsors and treasurers as they discuss the outlook for a continually evolving loan market.
     
    Click Here to view our detailed agenda and to access registration information.
     
    Aug 10 6:46 PM | Link | Comment!
  • Syndicated Loan Market Commentary 08/03/2010
    Overnight Asia held on and continued to rally gaining 1% as fears were eased yesterday over the sovereign debt crisis after both HSBC and BNP reported solid earnings. Europe ended lower after dismal economic data came out of the US that raised doubts on the recovery. Spending, housing and factory orders all came in under expectations and the bears started growling; the flight to safety was back on. Also, P&G’s earnings disappointed the street and showed that the consumer is still pinching pennies and buying less name brand goods. So, sentiment was hurt again and equities closed lower; the S&P finished at 1120.46 (-0.48%) and the Dow closed at 10,636.38 (0.36%).
     
    The loan market was pretty uneventful today as we continue to be in the shadow of the high yield market; which again was on fire with 7 new deals coming to the market. Flow names were active today as liquid issues continue to be attractive as fears over the U.S. recovery came back into question. Tribune’s term loan was active today following an investor call and moved lower while creditors scramble to come up with a new plan. Overall in the secondary we saw decent two way flows but the results of the day were mixed with loans trading up and down a quarter point.  Indices were however, quite active today, and big volume was seen in both the HYCDX and the LCDX. The HYCDX 14 closed unch’d, 98 ½ - 98 3/4 and the LCDX 14 fell an eighth to 96 7/8 – 97 1/8.  
     
    The outlook on the loan market should remain positive despite signs of a cooling in manufacturing. We got a big run up from inventories getting restocked, but the issue now is that the goods are not flying off the shelves. We are going to need to see a pick in consumer spending before we get another cycle of fundamental improvement. So, keep a close eye on the jobs market; that will be the catalyst. However, there is no need to call for the double dip; we will probably get another round of stimulus to help make the economic data look better. But, the loan market should continue to see prices driven higher as technical’s will be playing a bigger role.
     
     
    News
    • Sanofi-Aventis chief Chris Viehbacher should avoid paying much more than about $70 per share, or a total of $19 billion, to land U.S. biotech group Genzyme, shareholders in the French group say. Two shareholders told Reuters they would not be happy with the drugmaker paying much over $70 a share, or around $18.7 billion, while a third said he was concerned about some valuations being put on Genzyme, which run to over $80 a share. Viehbacher, who took over 20 months ago, is shaking up the Paris-based firm by cutting costs and diversifying operations and buying Genzyme would be the biggest move he has made so far in his hunt to buy new sales to offset revenues lost as a result of patent expirations.
    • General Growth Properties Inc today announced it has filed an amended plan of reorganization, disclosure statement and amended investment agreements with the United States Bankruptcy Court for the Southern District of New York. The company said it does not expect to need the previously contemplated term loan because it plans to reinstate $1.3 billion of Rouse Bonds due 2012 and 2013. The reinstatement of the notes will in part satisfy GGP's financing needs upon emergence from bankruptcy.
    • ArvinMeritor Inc today announced plans to sell its body systems business for a purchase price of approximately $35 million. The divesture will substantially complete the sale of its light vehicle systems business.
    • Late yesterday Lions Gate Entertainment Corp announced its board rejects Carl Icahn's unsolicited tender offer to purchase up to all of the issued and outstanding common shares for $6.50 per share.
    • YRC Worldwide's revolver rose to 61.25 bid from the 59 context this morning after the company announced it has entered into an amendment on its credit agreement that converts $150 million of its outstanding revolver borrowings to term loans. Also, as per the amendment, the company would retain 100% of the estimated $30 million of net proceeds from initial closing of the sale of YRC Logistics and the company's revolver would be reduced by 50% of those proceeds. Then, the company would receive 75%, rather than 25%, of the next $20 million of net cash proceeds from sale and leaseback transactions and the company's revolver would be reduced by 50% of those proceeds. In addition, the company would receive 25% of subsequent proceeds from the sale of real estate and sale and leaseback transactions and the company's revolver and term loan under the credit agreement would be ratably reduced by 75% of such proceeds. Adjusted EBITDA now includes a new add-back for charges, expense and losses from permitted dispositions and discontinued operations. For the second quarter of 2010 the company's adjusted EBITDA under this amendment was $40 million as compared to the covenant requirement of $5 million.
    • Tribune Co's loans fell more than a point today after a lenders call that took place this morning. The term loan B declined to 62.5-63.5, the term loan X is 61.25-62.25, the incremental loan is currently 55-57, the delayed-draw term loan is 62-63, and the revolver is 64.5-66. No details regarding the subject of the call were forthcoming.
     
    Earnings
    • Dean Foods' 2Q10 adjusted EBITDA fell to $207 million, down 16%, from $248 million a year ago. Sales increased 10.2% to $2.96 billion from the year earlier period.
    • Hawker Beechcraft today reported 2Q10 revenue of $639.3 million, down 21.7% from the year earlier period. Adjusted EBITDA was $15.3 million, compared to $105 million a year ago. The company has $307 million in cash and $236.5 million available under its revolver.
     
    New Issue
    • Warner Chilcott's $2.25 billion debt financing consists of a $500 million term loan A, a $1 billion term loan B and $750 million in unsecured notes. Price talk on the TLB is LIB+425 with a 2.25% Libor floor and a 98.5 OID. The TLB has 101 call protection. JP Morgan launched the financing today to back a $2.15 billion dividend to Warner Chilcott's shareholders. Warner Chilcott will also amend its existing credit to allow for the dividend recap financing.
    • Price talk on Clopay Ames True Temper's $500 million term loan is LIB+450-500 with a 1.75% Libor floor and a 98 OID. Goldman Sachs launched the loan today. It backs Griffon Corp's $542 million acquisition of Ames True Temper (ATT) from Castle Harlan Partners. Clopay Ames True Temper is a newly formed wholly-owned subsidiary of Griffon. The financing also includes a $150 million asset-based facility. In addition, Griffon will provide $75 million in cash. The corporate family and term loan rating is B2. The ABL facility is rated Ba2. The combined assets of ATT and Griffon's Clopay Building Products and Performance Plastics subsidiaries will secure the borrowings under the financing commitments. Griffon expects to have cash in excess of $200 million available for general corporate purposes after the completion of the deal. Griffon currently conducts its operations through Telephonics Corporation, Clopay Building Products Company and Clopay Plastic Products Company.
     
    Price Flex
    • Pricing on Fairmount Minerals' term loan B has was cut to LIB+450 from talk of L+475-500. The1.75% Libor floor and a 98.5 OID remain intact. Pricing on the TLB, the TLA and the revolver steps down to LIB+425 when leverage is less than 2.75 times and after the receipt of June 30, 2011 financial statements. Pricing on the term loan A has firmed at talk of LIB+450 with a 1.75% Libor floor and a 98.5 OID. Pricing on the revolving credit facility has firmed at LIB+450 with a 98.5 OID. Recommitments were due today at 5:00 p.m. Barclays Capital, KeyBanc, Bank of America Merrill Lynch and PNC lead the $775 million deal. The corporate family rating is B1/BB-, while the facility rating is B1/BB. Proceeds are to back the company's buyout by American Securities.
     
    Ratings
    • Moody's Investors Service assigned an initial B2 corporate family and probability of default rating to Clopay Ames True Temper Holding Corp. ("Clopay"), which is a newly formed wholly-owned subsidiary of Griffon Corporation. Moody's also assigned a Ba2 rating to Clopay's $150 million new asset based revolving credit facility ("ABL") and a B2 to the $500 million new senior secured term loan facility. The rating outlook is stable. On July 19, 2010, Griffon Corporation, announced it had entered into a definitive agreement to acquire Ames True Temper (B3, Stable) for a total purchase price of $542 million. Proceeds from the $500 million term loan facility and $96 million in cash are expected to used to fund the acquisition of Ames True Temper ("Ames"). The transaction is not expected to create operating synergies between the two companies as Ames will continue to operate independently with the existing management team in place.
    • Standard & Poor's Ratings Service has assigned its 'CCC+' issue-level and '6' recovery ratings to Tenet Healthcare Corp's $600 million senior unsecured notes due 2020. Proceeds from the notes will finance a portion of the company's tender offer for up to $800 million of its 7.375% notes due 2013.
    • Moody's Investors Service affirmed the ratings of Multiplan Inc, including the corporate family and probability of default ratings at B2. Concurrently, Moody's assigned a Ba3 rating on both the company's proposed $75 million, 5-year revolving credit facility and $1.3 billion 7-year senior secured term loan B, and a Caa1 rating to the proposed $675 million senior unsecured notes due 2018. The ratings outlook is stable. On July 9, 2010, BC Partners and Silver Lake agreed to acquire Multiplan, Inc. from the Carlyle Group and Welsh Carson for $3.1 billion. Proceeds from the proposed credit facility and senior unsecured notes, along with cash equity from both financial sponsors and management's roll-over of equity, will be used to complete the acquisition. Multiplan's B2 Corporate Family Rating continues to reflect the company's relatively high leverage, history of acquisitions and LBO transactions and, lack of organic growth within the Primary PPO network segment. Further adding pressure to the ratings is the continuing uncertainty with respect to healthcare reform implications on insurers that could also give rise to challenges. Supporting the ratings are Multiplan's successful integration of prior acquisitions, high EBITDA margin, and the new combined company's scale and covered lives, albeit within a niche market.
     
    High Yield
    • PRICED: Tenet Healthcare USD600m 10y NC5 Sr Notes Yield 8%Tenet Healthcare Corp (THC) USD600m 144A sr notes due 2020 (10y). NC5. Price talk of 8% area. Equity claw: 3y 35%. Caa1/CCC+. Via Barc/BAML/GS/Citi joint books, WFS, Scotia as co-managers. With reg rights. Investor call at 11.30am today. Pricing this afternoon. UOP: along with cash on hand to fund the tender offer for its USD800m 7.375% sr notes due 2013 (USD1,055 total consideration, includes USD30 consent fee). Biz: owns and operates acute care hospitals, ambulatory surgery centers and diagnostic imaging centers. HQ: Dallas, TX.
    • Pride International Inc filed to offer USD benchmark 10y sr notes via joint books GS/Citi/WFS/BofAML/Natixis. Outstanding ratings are Ba1/BBB-/BB+. MWC. CoC put at 101. UOP: general corporate purposes, which may include payments with respect to our three drillships under construction and other capital expenditures. 30y tranche added, guidance out as 8% area. 10y guidance 7% area. Area on both is +/- 12.5bps.
    • Marina District Finance Company Inc (Borgata) USD725m 144A sr sec notes 2- part. B2/BB (stable/stable). Via BAML/WFC/JPM/BARC/RBS/UBS joint books. Daiwa, Cap One co-managers. With reg rights. USD due 10/15/15 (5y). NC3. Talk 9.75% area (w/approx 1pt OID). USD due 08/15/18 (8y). NC4. Talk +25bp-37.5bp vs 5y tranche (w/approx 1pt OID). Books closed at 4pm today. Will price midday tomorrow. Will Settle T+2 (08/06).
    • PHH Corp (PHH) USD250m 144A sr notes due 2016. UOP: repay revolver. Biz: leading outsource provider of mtg and vehicle fleet management services. HQ: Mount Laurel, NJ.
    • PRICED: Petrohawk Energy Corp (HK) USD825m 144A sr unsec notes due 08/15/18 (8y). NC4 (MWC T+50bp). Equity claw: 3y 35%. B3/B+ (stable/stable). Barc/JPM/ BAML/RBC/ WFS/CS/BMO/BNPP joint books, CA, MS as sr co-managers, CapOne, Citi, Miz, Natixis co-managers.. With reg rights. 7.25% at 100. +434bp vs 3.50% 05/15/20. Del 08/17 (T+10).
    • Diamond Resorts Corp USD425m 144A sr sec notes due August 2018 (8y). NC4. Special call: 10% per year at 103 the 1st 4yrs. Via CS/BAML/Guggenheim joint books. With reg rights. Roadshow this week. Pricing next week. UOP: repay bank debt. Biz: provides resort management services.
    • PRICED: Trilogy Intl USD370m 6y NC3 Sr Sec Notes Yield 10.50%. Trilogy International Partners LLC/Trilogy International Finance Inc USD370m 144A/Reg S sr sec notes due 08/15/16 (6y). NC3. Rated Caa1/CCC+ (stable/stable). Via GS/DB/JPM joint books. No reg rights. 10.25% at 98.902, yield 10.50%. Del 08/10 (T+5). 144A
     
     
    August 4
    • Institute for Supply Management non-manufacturing report 10 a.m. ET
    • Treasury to auction $25 billion 56-day cash management bills
    • National Financial Partners Corp. conference call 8 a.m. ET
    • Sirius XM Radio Q2 earnings, conference call 8 a.m. ET
    • IntercontinentalExchange, Inc. Q2 earnings, conference call 8:30 a.m.ET
    • SPX Corp. Q2 earnings, conference call 8:30 a.m. ET
    • TRW Automotive Holdings Corp Q2 earnings 7 a.m. ET, conference call 8:30 a.m. ET
    • Clean Harbors, Inc. Q2 earnings, conference call 9 a.m. ET
    • EXCO Resources, Inc. conference call 9 a.m. ET
    • Innospec Inc. conference call 9 a.m. ET
    • Lionbridge Technologies, Inc. Q2 earnings, conference call 9 a.m. ET
    • Mueller Water Products, Inc. conference call 9 a.m. ET
    • SunGard Q2 earnings, conference call 9 a.m. ET
    • CapLease, Inc. Q2 earnings before market open, conference call 9:30 a.m. ET
    • Liberty Global, Inc. conference call 9:30 a.m. ET
    • Alliant Techsystems Inc. Q1 earnings before market open, conference call 10 a.m. ET
    • Alpha Natural Resources, Inc. Q2 earnings before market open, conference call 10 a.m. ET
    • Cincinnati Bell Inc. Q2 earnings before market open, conference call 10 a.m. ET
    • DG FastChannel, Inc. Q2 earnings before market open, conference call 10 a.m. ET
    • DuPont Fabros Technology, Inc. conference call 10 a.m. ET
    • El Paso Corp. Q2 earnings, conference call 10 a.m. ET
    • Franklin Street Properties Corp. conference call 10 a.m. ET
    • Hertz Corp. conference call 10 a.m. ET
    • Knology, Inc. Q2 earnings, conference call 10 a.m. ET
    • Nexstar Broadcasting Group, Inc. Q2 earnings before market open, conference call 10 a.m. ET
    • Orient Express Hotels Ltd. conference call 10 a.m. ET
    • RehabCare Group, Inc. conference call 10 a.m. ET
    • Speedway Motorsports, Inc. Q2 earnings, conference call 10 a.m. ET
    • Vonage Holdings Corp. Q2 earnings, conference call 10 a.m. ET
    • Wabash National Corp. conference call 10 a.m. ET
    • American Capital Ltd. conference call 11 a.m. ET
    • Ameristar Casinos, Inc. Q2 earnings 9 a.m. ET, conference call 11 a.m. ET
    • Arch Chemicals, Inc. Q2 earnings, conference call 11 a.m. ET
    • Brigham Exploration conference call 11 a.m. ET
    • Buckeye Technologies Inc. Q4 earnings, conference call 11 a.m. ET
    • CBL & Associates Properties, Inc. conference call 11 a.m. ET
    • FelCor Lodging Trust Inc. conference call 11 a.m. ET
    • HSN, Inc. Q2 earnings before market open, conference call 11 a.m. ET
    • Hughes Communications, Inc. Q2 earnings, conference call 11 a.m. ET
    • Otelco Inc. conference call 11 a.m. ET
    • BreitBurn Energy Partners LP Q2 earnings, conference call 1 p.m. ET
    • Calumet Specialty Products Partners, LP Q2 earnings before market open, conference call 1 p.m. ET
    • American Pacific Corp. Q3 earnings after market close, conference call 4:30 p.m. ET
    • Clearwire Corp. Q2 earnings 4 p.m. ET, conference call 4:30 p.m. ET
    • Cott Corp. Q2 earnings after market close, conference call 4:30 p.m. ET
    • Amkor Technology, Inc. Q2 earnings after market close, conference call 5 p.m. ET
    • Cardtronics, Inc. Q2 earnings after market close, conference call 5 p.m. ET
    • Global Cash Access Holdings, Inc. Q2 earnings after market close, conference call 5 p.m. ET
    • MedAssets, Inc. Q2 earnings 4 p.m. ET, conference call 5 p.m. ET
    • ON Semiconductor Q2 earnings after market close, conference call 5 p.m. ET
    • Pacer International, Inc. Q2 earnings after market close, conference call 5 p.m. ET
    • Smith & Wesson Holding Corp. Q4 earnings after market close, conference call 5 p.m. ET
    • Terremark Worldwide, Inc. Q1 earnings, conference call 5 p.m. ET
    • United Online, Inc. Q2 earnings after market close, conference call 5 p.m. ET
    • Amerco Q1 earnings after market close
    • Ashford Hospitality Trust, Inc. Q2 earnings after market close
    • Atwood Oceanics, Inc. Q3 earnings after market close
    • Avis Budget Group, Inc. Q2 earnings after market close
    • Bristow Group Inc. Q1 earnings after market close
    • Carriage Services, Inc. Q2 earnings after market close
    • Concho Resources Inc. Q2 earnings after market close
    • Cross Country Healthcare, Inc. Q2 earnings after market close
    • CVR Energy, Inc. Q2 earnings earnings after market close
    • GCI Q2 earnings after market close
    • Goodrich Petroleum Corp. Q2 earnings after market close
    • Hersha Hospitality Trust Q2 earnings after market close
    • HudBay Minerals Inc. Q2 earnings after market close
    • ION Geophysical Corp. Q2 earnings after market close
    • Jack in the Box Inc. Q3 earnings after market close
    • KapStone Paper and Packaging Corp. Q2 earnings after market close
    • Kendle International Inc. Q2 earnings after market close
    • Macquarie Infrastructure Co. Q2 earnings after market close
    • Ormat Technologies, Inc. Q2 earnings after market close
    • Plains All American Pipeline, LP; PAA Natural Gas Storage, L.P. Q2 earnings after market close
    • Providence Service Corp. Q4 earnings after market close
    • Psychiatric Solutions, Inc. Q2 earnings after market close
    • SandRidge Energy, Inc. Q2 earnings after market close
     
    16th Annual Thomson Reuters LPC Loan Conference
    Wednesday September 22, 2010
    Marriott Marquis, New York City

     
    Now in its 16th year, the Thomson Reuters LPC Loan Conference has become one of the industry's premiere annual events. Join investors, lenders, financial sponsors and treasurers as they discuss the outlook for a continually evolving loan market.
     
    Click Here to view our detailed agenda and to access registration information.
    Aug 04 2:18 PM | Link | Comment!
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