"In the middle of difficulty lies opportunity"
Albert Einstein (1879 - 1955)

Leveraged Loans Weekly Wrap: Daisy Group...

PRIMARY: The lead banks on business comms provider Daisy Group’s STG 265m senior facilities are sounding out accounts about a pricing flex on the TLB. “They are talking about increasing the TLB margin by 50bps to L+575bps and adding a 97 OID,” said one. The STG 225m seven-year TLB was originally guided at L+525bps. Pricing on...Read more

Structured Finance Weekly Wrap: ECB announces...

ECB/ABSPP:  The European Central Bank has started buying structured finance bonds under its ABS outright purchase programme. The central bank tweeted today: “Following publication of legal act on the implementation of the ABS purch. programme, the Eurosystem has started the purchases on 21/11/2014”. Yesterday the ECB published...Read more

High Yield Weekly Wrap: Hapag-Lloyd and...

Activity in the European primary market was muted as the negative news flow continued to result in some volatility. Just Hapag-Lloyd and Belden priced deals this week, which began with Campofrio postponing its EUR 500m bond after fire damaged a major plant. Secondary remained active however driven by a busy week for earnings news....Read more

Special Situations Weekly Wrap: Towergate...

Insurance group Towergate’s senior secured creditors - holders of the STG 85m RCF and STG 234m 8.5%/ STG 396m FRN due 2018 – have organised and selected Sullivan & Cromwell as legal advisor. The law firm represents an informal group of 35 institutions – including banks, hedge funds and CLOs - constituting around 65% of the...Read more

Catalent Pharma USD 180m TLB add-on talked at...

Pharma packaging group Catalent Pharma Solutions has launched a USD 180m equivalent add-on to its existing USD 1.745bn equivalent TLB. The new loan is talked at 99.0-99.5 OID and commitments are due close of business on Monday 24 November. The add-on will be fully fungible with the existing TLB, which is denominated in dollars and euros and...Read more

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