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5 Things to Know (8/13/18)

  • Bankers and investors are looking to Verifone’s buyout financing and a deal backing Verscend’s acquisition of Cotiviti to set the post-Labor Day tone for leveraged loans.
  • At least three US companies including BJ’s Wholesale Club are seeking to cut borrowing costs after a surge in new money issuance saw opportunistic repricings and refinancings slow in July.
  • Thomson Reuters LPC’s Loan Market Scorecard provides a snapshot of key statistics in the leveraged loan and high yield bond markets.
  • Investors continue to inject capital into US middle market direct lending strategies at a pace that could result in 2018 fundraising surpassing the record tallies seen in 2016 and 2017.
  • Machinery maker Caterpillar Inc is refinancing US$10.5bn in credit facilities, pushing out maturities on the three tranches by a year.

More syndicated loan coverage on LoanConnector.

What to Watch (8/13/18)

  • More than US$1trln in cross-border M&A deals have been announced this year, a record high.
  • Leverage levels on US large corporate buyouts have increased so far in the third quarter to an average of 6.7x total debt to Ebitda from 6.2x for 2Q18.
  • Investors added US$199.4m to loan funds and US$827.6m to high-yield bond funds in the week ending August 8, according to Lipper.
  • Commitments are due Monday at 5 p.m. for Cetera Financial Group’s US$1.115bn first- and second-lien credit facility. UBS leads.
  • Partners Group has hired Tom Stein, head of capital markets at Guggenheim Capital Partners, for its private debt group, according to a company spokesperson.

More syndicated loan coverage in Gold Sheets