RLPC: First actively managed senior loan ETF launches
NEW YORK, April 4 (Reuters) – The leveraged loan world
welcomed the first ever actively managed exchange traded fund
(ETF) focused on senior bank loans today.
State Street Corp and the Blackstone Group’s
new senior loan ETF began trading today on the NYSE Arca under
the symbol SRLN.
Pre-cap loans a moveable feast for sponsors
NEW YORK (Reuters) – Bull markets produce innovation. The latest novelty in U.S. leveraged loans is a pre-capitalization or pre-cap financing, which allows companies to keep existing financing and capital structures in place if they are sold.
Pre-cap loans reappeared in 2012 after debuting in 2005. Six were completed in the U.S. last year and they look set to remain a feature of 2013.
RLPC: Pre-cap loans a moveable feast for sponsors
NEW YORK, Jan 4 (Reuters) – Bull markets produce innovation.
The latest novelty in U.S. leveraged loans is a
pre-capitalisation or pre-cap financing, which allows companies
to keep existing financing and capital structures in place if
they are sold.
Pre-cap loans reappeared in 2012 after debuting in 2005. Six
were completed in the U.S. last year and they look set to remain
a feature of 2013.
RLPC: Freedom’s loan dips after Cerberus sale sign
NEW YORK, Dec 19 (Reuters) – Freedom Group, the
maker of the Bushmaster AR-15 semiautomatic rifle used in the
Sandy Hook Elementary shooting, is seeing its term loan B
decline after its private-equity owner Cerberus Capital
Management put the gunmaker on the auction block.
Freedom Group’s TLB is trading more than 2 points lower,
down to 98-99 today, from its above par price prior to last
Friday’s shooting.
Chesapeake sets price talk on $3 billion bridge
NEW YORK (Reuters) – Chesapeake Energy Corp has set price talk on its $3 billion bridge loan, sources told Thomson Reuters LPC.
The loan, which is led by Goldman Sachs and Jefferies, is talked at 700bp over Libor with a 1.5 percent Libor floor. The loan is being sold at a discount of 96 cents on the dollar. Commitments are due Tuesday.
RLPC: Chesapeake sets price talk on $3B bridge
NEW YORK, May 14 (Reuters) – Chesapeake Energy Corp
has set price talk on its $3 billion bridge loan, sources told
Thomson Reuters LPC.
The loan, which is led by Goldman Sachs and Jefferies, is
talked at 700bp over Libor with a 1.5 percent Libor floor. The
loan is being sold at a discount of 96 cents on the dollar.
Commitments are due Tuesday.
US leveraged loans yield more than HY bonds
NEW YORK, Sept 7 (Reuters) – Senior secured US leveraged
loans are offering higher yields than riskier high-yield bonds
for the first time ever, according to research by Bank of
America Merrill Lynch, in a further sign of market dislocation.
Leveraged loans are normally considered safer than bonds and
are priced lower due to seniority in capital structures,
security and priority recovery in the event of a default.
Ron Perelman’s lowball offer deserves skepticism
By Lisa Lee
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
Shareholders in M&F Worldwide shouldn’t rush to take Ron Perelman’s latest deal. The billionaire wants to buy the 57 percent of the company he doesn’t already own. His offer includes a premium, but the shares traded higher until recently. With M&F Worldwide’s boss involved in running Perelman’s investments too, skepticism is warranted.
Family takeover sells other Wal-Mart owners short
By Lisa Lee
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
NEW YORK — Sam Walton will soon be back. The Wal-Mart founder’s descendants are poised to see their stake in the $190 billion U.S. retailer creep above 50 percent, with little fanfare. That’s thanks to the company’s latest $15 billion share buyback program. The watershed brings governance risks, and investors deserve better.
Food inflation favors corporate strongmen
By Lisa Lee
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
Fickle weather, decreasing farmland and more mouths are pushing up prices of wheat and other important ingredients and soft commodities. Companies feeding the hungry masses are running out of places to slash costs and increasingly being forced to pass the inflation on to customers to avoid smaller profits. Big brands and proactive market leaders, like McDonald’s and Pepsi, stand to survive the storm best.
-
About Lisa
-
Follow Lisa
