Smita's Feed
May 15, 2012

Chesapeake hikes loan as credit rating fades

By Jennifer Ablan and Smita Madhur

(Reuters) – Chesapeake Energy Corp increased a planned loan even as its credit rating deteriorated on Tuesday, adding pressure on the natural gas producer to deliver crucial asset sales.

The company, which has sought to soothe investors angered by recent disclosures about its CEO’s potential conflicts of interest, hiked a planned $3 billion bridge loan to $4 billion amid strong demand for the junk-rated debt it needs to cover a cash shortfall brought on by the weakest natural gas prices in a decade.

May 11, 2012

RLPC: Arch Coal upsizes TLB, adds step-down

NEW YORK, May 11 (Reuters) – Arch Coal upsized its
term loan B by $400 million and added a pricing step-down to the
facility, source told Thomson Reuters LPC.

The now $1.4 billion credit is priced at 450bp over Libor
with a 1.25 percent Libor floor. The original issue discount
firmed at 99 after being talked in the 98.5-99 range.

May 11, 2012

RLPC: Formula One unveils $1.8B refi tied to IPO

NEW YORK, May 11 (Reuters) – Formula One launched
its $1.8 billion loan, which will refinance its existing debt in
conjunction with the company’s upcoming initial public offering
(IPO), sources told Thomson Reuters LPC.

The loan includes a $50 million revolving line of credit, a
$450 million term loan A, which is to be sold mainly to bank
lenders, and a $1.3 billion term loan B due June 2018, which is
to be sold to institutional accounts.

May 9, 2012

RLPC: Attachmate sets revisions to recap loan

NEW YORK, May 9 (Reuters) – Attachmate has
sweetened the terms on its $1.5 billion recap loan, sources told
Thomson Reuters LPC. The issuer has increased the rate,
shortened the tenor and tightened the call language on the
first- and second-lien term loans it has been shopping to
institutional loan investors.

Attachmate’s $1.1 billion first-lien term loan will now
mature in 5.5 years, down from six years. It is priced at 575bp
over Libor with a 1.5 percent Libor floor and a discount of 98
cents on the dollar. This loan now has 102 and 101 soft call
protection in years one and two, respectively. It amortizes at
7.5 percent, 7.5 percent, 7.5 percent, 7.5 percent, 10 percent
and 60 percent.

May 9, 2012

RLPC: Crescent Capital prices $308.25M CLO

NEW YORK, May 9 (Reuters) – RBS has priced a $308.25 million
collateralized loan obligation (CLO) for Crescent Capital Group
LP after upsizing the deal slightly from $306 million
at launch in April, sources told Thomson Reuters LPC.

The CLO, which is called Atlas Senior Loan Fund, includes a
$191 million Aaa/AAA tranche priced at a coupon of 132bp over
Libor; a $25 million AA tranche priced at a coupon of 250bp over
Libor; a $15 million A tranche priced at a coupon of 350bp over
Libor; a $10 million A tranche priced at 5.149 percent; a $15
million BBB tranche priced at a coupon of 450bp over Libor; a
$16.25 million BB- tranche priced at a coupon of 625bp over
Libor; a $7 million B tranche priced at a coupon of 750bp over
Libor; and a $29 million equity tranche.

May 9, 2012

RLPC: Harbor Freight sweetens terms on TL

NEW YORK, May 9 (Reuters) – Harbor Freight has
revised the terms on its dividend recap loan, sources told been
Thomson Reuters LPC. The issuer has downsized its $1 billion
senior secured term loan to $750 million. It also has shortened
the tenor on the facility to 5.5 years from seven years.

The rate on the loan has bumped up to 425bp over Libor with
a 1.25 percent Libor floor and a discount of 99 cents on the
dollar. At launch, the loan was guided at 400bp over Libor with
a 1.25 percent Libor floor a discount of 99 cents on the dollar.

May 8, 2012

RLPC: Crescent Capital’s CLO to price Wednesday

NEW YORK, May 8 (Reuters) – RBS has tweaked slightly a
collateralized loan obligation (CLO) it is marketing for
Crescent Capital Group LP, sources told Thomson Reuters
LPC. The deal is now $308.25 million, upsized slightly from $306
million at launch in April. It is expected to price early
tomorrow morning.

The CLO, which is called Atlas Senior Loan Fund, now
includes a $191 million Aaa/AAA tranche guided at a coupon of
132bp over Libor; a $25 million AA tranche guided at a coupon of
250bp over Libor; a $15 million A tranche guided at a coupon of
350bp over Libor; a $10 million A tranche guided at 5.2 percent;
a $15 million BBB tranche guided at a coupon of 450bp over
Libor; a $16.25 million BB- tranche guided at a coupon of 625bp
over Libor; a $7 million B tranche guided at a coupon of 750bp
over Libor; and a $29 million equity tranche.

May 8, 2012

RLPC: AmWINS sets price guidance on buyout loan

NEW YORK, May 8 (Reuters) – AmWINS Group has set
price talk on its buyout loan, which was launched today out of
Credit Suisse, sources said.

The issuer is guiding its first-lien term loan at 450bp over
Libor with a 1.25 percent Libor floor and a discount of 99 cents
on the dollar. The second-lien term loan is guided at 800bp over
Libor with a 1.25 percent Libor floor and a discount of 98 cents
on the dollar.

May 8, 2012

Formula One seeks rate cut on term loan

NEW YORK (Reuters) – Less than a month after it cleared its refinancing through the leveraged loan market, Formula One FOON.UL is said to be launching a transaction that would cut the rate on its institutional term loan, buyside sources told Thomson Reuters LPC.

The refinancing transaction will be launched Thursday and will be contingent on a successful initial public offering of the company.

May 8, 2012

RLPC: Formula One seeks rate cut on term loan

NEW YORK, May 8 (Reuters) – Less than a month after it
cleared its refinancing through the leveraged loan market,
Formula One is said to be launching a transaction that
would cut the rate on its institutional term loan, buyside
sources told Thomson Reuters LPC.

The refinancing transaction will be launched Thursday and
will be contingent on a successful initial public offering of
the company.