Category: 2018

High yield PMs sharpen pencils for 2019 as selloff highlights risks around growth, trade, oil

High yield investors are becoming pickier as a looming recession, global trade tensions and falling oil prices continue to weigh on high yield spreads despite historically low year-end supply. Increased dispersion between credits is set to be a defining theme for 2019, 10 buysiders told Debtwire. After a sustained selloff in the third quarter that shuttered primary…

Read more High yield PMs sharpen pencils for 2019 as selloff highlights risks around growth, trade, oil

Staples bonds rise alongside quarterly EBITDA, sales – Update

[Editor’s note: This updates Debtwire’s Staples story from yesterday to add reporting in paragraph five on the company’s upcoming dividend plans.] Staples bonds ticked up after the company reported an EBITDA jump in its 3Q18 quarterly earnings report, according to two sources familiar with the matter. The Sycamore Partners-owned retailer’s USD 1bn 8.5% senior unsecured notes…

Read more Staples bonds rise alongside quarterly EBITDA, sales – Update

Indigo Natural Resources bonds dip amid energy uncertainty despite positive 3Q18 earnings

Broader weakness in the oil and gas sector has weighed on Indigo Natural Resources’ bonds over recent days, despite the company reporting a spike in revenue, EBITDAX and production for the third quarter, according to two sources familiar with the matter. Indigo’s USD 650m 6.875% senior unsecured notes due 2026 initially ticked up nearly a point…

Read more Indigo Natural Resources bonds dip amid energy uncertainty despite positive 3Q18 earnings

XOJET downsizes TL as Rhone writes larger equity check; VistaJet shows earnings growth

XOJET’s incoming sponsor, Rhone Capital, has upsized the equity contribution backing its buyout of the charter flight provider, after a more than a month of syndication weighed down by structural subordination concerns, said two sources following the deal. As such, lead arranger JPMorgan this morning unveiled revised terms including a downsized loan and wider pricing,…

Read more XOJET downsizes TL as Rhone writes larger equity check; VistaJet shows earnings growth

Mercer International ends HY drought with deal to expand amid rising pulp prices

The high yield market broke its fast for bond deals this week with Mercer International’s unsecured bond offering, which is getting more favorable buyside reception than the last crop of high yield deals following a turbulent month for markets, according to five sources following the transaction. Though Mercer operates in the volatile paper pulp sector, the bond…

Read more Mercer International ends HY drought with deal to expand amid rising pulp prices

Anchor Glass customer pullback continues to weigh down EBITDA, loan trading levels

Anchor Glass Container’s 3Q18 EBITDA fell 19% year-over-year as revenue declined by 9%, said three sources familiar with the matter. The company is still feeling the residual effects from 2Q18 headwinds, especially the loss of volume from one its major customers, Dr Pepper Snapple Group, two of the sources said. The volatility has spread into the CVC…

Read more Anchor Glass customer pullback continues to weigh down EBITDA, loan trading levels

FXI bonds dip as does 3Q EBITDA

FXI Holdings (aka Foamex Innovations) bonds fell this week after the foam provider reported an EBITDA dip due to rising chemical costs and increased rent from a recent sale leaseback, said three sources familiar with the matter. Still, amidst the rising cost curve the company was able to boost revenue in the quarter, the sources added. Adjusted…

Read more FXI bonds dip as does 3Q EBITDA