Natalie's Feed
May 22, 2015

Altice’s Suddenlink acquisition financing raises concerns

LONDON (Reuters) – Acquisitive European telecoms firm Altice (ATCE.AS: Quote, Profile, Research, Stock Buzz) surprised the market with yet another large M&A deal last week, revealing plans to buy US regional cable firm Suddenlink Communications for $9.1 billion.

The move – its first across the Atlantic – follows the company’s purchase of rival firm SFR (NUME.PA: Quote, Profile, Research, Stock Buzz) last year, which was financed with some $21.9 billion-equivalent in debt, across bonds and loans and in both euros and US dollars.

May 22, 2015

LPC/IFR-Altice’s Suddenlink acquisition financing raises concerns

LONDON, May 22 (Reuters) – Acquisitive European telecoms
firm Altice surprised the market with yet another
large M&A deal last week, revealing plans to buy US regional
cable firm Suddenlink Communications for $9.1 billion.

The move – its first across the Atlantic – follows the
company’s purchase of rival firm SFR last year, which
was financed with some $21.9 billion-equivalent in debt, across
bonds and loans and in both euros and US dollars.

Oct 16, 2014

Shadow banks taking market share in U.S. loan market

LONDON (Reuters) – Shadow banks are winning market share from US banks in the US leveraged loan and high yield bond markets as stricter regulation forces borrowers to cast the net wider to finance buyouts.

    Jefferies is the most high profile non-bank lender that private equity firms are turning to as heavyweight arranging banks shy away from loans that could incur penalties if deemed to breach leveraged lending guidelines.

Oct 16, 2014

IFR/LPC-Shadow banks taking market share in US loan market

LONDON, Oct 16 (Reuters) – Shadow banks are winning market
share from US banks in the US leveraged loan and high yield bond
markets as stricter regulation forces borrowers to cast the net
wider to finance buyouts.

Jefferies is the most high profile non-bank lender that
private equity firms are turning to as heavyweight arranging
banks shy away from loans that could incur penalties if deemed
to breach leveraged lending guidelines.

Sep 30, 2014

Lenders cowed by Fed rebuke on US leveraged loans

LONDON, Sept 30 (Reuters) – The Federal Reserve’s rebuke to
Credit Suisse for failing to adhere to US leveraged lending
guidelines is having an industry-wide effect as banks bow to
regulatory pressures and start pulling back from underwriting
highly leveraged loans.

The regulator’s move is likely to ensure that the frothy US
leveraged loan market will become more conservative, with lower
leverage ratios and less aggressive terms and conditions than
have been seen in the past 18 months, loan bankers said.

Dec 11, 2013

Wall Street willing to offer Freedom Group more debt -sources

NEW YORK, Dec 11 (Reuters) – Some creditors of Freedom Group
Inc, maker of the Bushmaster rifle used in the Newtown,
Connecticut, school massacre, are willing to offer the company
more debt, despite the fact many of its private equity fund
investors want out.

Private equity fund manager Cerberus Capital Management LP,
which vowed to sell Freedom Group a year ago in the wake of the
shooting, had turned to an undisclosed financial institution for
a $200 million mezzanine loan to pay off some investors, people
familiar with the matter said on Monday.

Sep 20, 2013

Dell, Hilton lower debt costs amid strong demand

* Dell scraps second lien bond for cheaper loans

* Dell sets price talk on first lien bond, pricing Monday

* Hilton switches to larger, longer dated

* Hilton $3.5 billion CMBS deal eyed for early October

(Adds Hilton pricing details, quote)

By Natalie Harrison and Natalie Wright

NEW YORK, Sept 20 (IFR/RLPC) – Dell Inc (DELL.O: Quote, Profile, Research) and Hilton
Worldwide [BLKSHW.UL] look set to fund their respective
management buyout and refinancing at significantly lower costs
than expected thanks to strong demand for their leveraged loans.

Computer giant Dell scrapped a US$1.25 billion second lien
high yield bond on Friday in favor of cheaper loans, while
Hilton similarly increased the size of its loan
financing.[ID:L2N0HG13S][ID:nL2N0HG0LB]

Sep 20, 2013

Dell and Hilton optimize debt costs in red-hot markets

* Dell scraps second lien bond for cheaper loans

* Dell sets price talk on first lien bond, pricing Monday

* Hilton switches to larger, longer dated

* Hilton $3.5 billion CMBS deal eyed for early October

(Adds Hilton debt financing, Dell price talk, quotes)

By Natalie Harrison and Natalie Wright

NEW YORK, Sept 20 (IFR/RLPC) – Dell Inc (DELL.O: Quote, Profile, Research) and Hilton
Worldwide [BLKSHW.UL] look set to fund their respective
management buyout and refinancing at significantly lower
financing costs than expected following particularly strong
demand for their leveraged loans.

Computer giant Dell scrapped a US$1.25 billion second lien
high yield bond on Friday in favor of cheaper loans, while
Hilton has similarly increased the size of its loan
financing.[ID:L2N0HG13S][ID:nL2N0HG0LB]

Feb 13, 2013

Arqiva in $5.8 billion loan and bond refinancing

LONDON, Feb 13 (Reuters) – British broadcast transmission
provider Arqiva’s owners have injected 867 million pounds ($1.4
billion) fresh equity to allow a 3.7 billion pound loan and bond
refinancing to go ahead.

The seven shareholders injected the new equity to pay down
debt, allowing Arqiva to get a BBB investment grade credit
rating and issue bonds to refinance loans taken out in 2007 and
which mature in 2014.

Feb 5, 2013

Italy’s Seat PG seeks second debt restructuring

MILAN/LONDON, Feb 5 (Reuters) – Italian directories company
Seat Pagine Gialle will ask creditors for a debt
restructuring after conceding that its interest burden and the
deepening recession have made its targets to 2015 unachievable.

Only five months ago the Turin-based company, which employs
more than 4,000 people, completed a lengthy debt restructuring,
apparently winning sufficient breathing space to continue to
operate and refocus its business for online competition.