It is also referred to as levered cash flow and abbreviated as LFCF. TreppWire enables readers to stay up-to-date on market activity while providing a competitive advantage over others.Levered free cash flow is the amount of cash that a company has remaining after accounting for payments to settle financial obligations (short and long term), including principal repayments. Originally published in TreppWire, which is distributed every morning as a client-only email newsletter. The information provided is based on information generally availa ble to the public from sources believed to be reliable. Current Markit data puts it significantly below par from a pricing perspective. The first lien term loan was held by 252 CLO vehicles in May, with no trading activity within the month. Xella, a German manufacturer of insulation and wall-building materials, is represented in the CLO universe through its first lien term loan, LSF10 XL Investments - Term Loan B (L+367 Due Apr 2028). €285m of the firm’s term loan has been repaid with the proceeds, while €595m was distributed to fund the PIK note partial repayment. This action was undertaken following Xella’s decision to distribute the bulk of the €968m generated from the sale of its insulation business URSA. B3 instrument ratings on the firm’s first lien term loan and first lien revolving credit facility were also affirmed by Moody’s. Moody’s affirmed LSF10 XL Investments’ (Xella) Corporate Family Rating at B£, as well as its probability of default rating at B3-PD. Moody’s Affirms Xella’s CFR and Senior Secured Facilities at B3 with Outlook Stable Current Markit data puts both term loans approximately at par from a pricing perspective. No trading activity occurred within the month. The first lien term loan was held by 28 CLO vehicles in April, while the second lien term loan was held by 29 CLO vehicles. Sequa Corporation, an American industrial company focused on the production of aerospace products, printing, and other industrial machinery, is represented in the CLO universe through an $896MM first lien term loan, Sequa Mezzanine Holdings - Sequa Mezzanine Holdings Extended T/L (7/20) (L+ Floor 100 Due Nov 2023), and a $350MM second lien term loan, Sequa Mezzanine Holdings - Second Lien Term Loan (07/20) (L+1075 Floor 100 Due Apr 2024). These changes occurred following the firm’s recent divestiture of its Precoat metals division, raising approximately $1.28 billion, with $967 million of the post-tax proceeds being utilized to reduce existing first lien and second lien debt. Moody’s has upgraded Sequa Corporation’s Corporate Family Rating to Caa1 from Caa2 and its probability of default rating to Caa1-PD from Caa2-PD, while confirming Caa1 ratings on its first lien credit facility. Moody’s Upgrades Sequa Corporation’s CFR to Caa1, Confirms Caa1 Ratings on First Lien Term Loan with Outlook Stable The move has allowed PIMCO to continue its trend of picking up discounted loans from market participants, with recent acquisitions of leveraged loans from Barclays and BofA.Īccording to Bloomberg, PIMCO has picked up these leveraged loans for around 0.85 cents of the euro, highlighting the market view of reducing their risk tolerance due to the current economic forecasts.Īccording to Trepp data, PIMCO has 4 active CLOs in the market under the Balboa Bay Loan Funding naming convention totaling around $1.5 billion in original par value, though all CLOs thus far have been issued in USD. PIMCO (Pacific Investment Management and Co), bought 1 billion euros of loans from Apollo Global Management. PIMCO Buys 1 Billion Euros of Leveraged Loans Find Trepp's full list, along with the managers who hold the largest exposure to each loan in the TreppCLO product. Here, see a preview of the loans that faced the largest movement in prices last week. Read below for the overview and see how these developments might impact leveraged loan prices. If you are interested in seeing the coverage of the CLO headlines in your inbox every morning, click here. I n Trepp's weekly CLO market round-up, we recap daily TreppWire stories that highlighted the latest headlines impacting the leveraged loan and corporate CLO markets. Other companies upgraded and affirmed their loan ratings. To start, PIMCO bought 1 billion Euros of leveraged loans. Last week, CLO market news surrounded the purchasing of leveraged loans and loan rating changes.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |